L Brands Inc., formerly known as Limited Brands Inc., said its first quarter ended May 4 was good in some respects, but fell short in others. First-quarter net income jumped 14.4 percent and profit for the period was $142.5 million, or 48 cents a diluted share, compared with the year-ago profit of $124.6 million, or 41 cents a share. But operating income declined at Victoria’s Secret and total operating income increased 6 percent, “a result we’re not satisfied with,” said Stuart Burgdoerfer, executive vice president.
Comp-store sales increased 3 percent, versus 7 percent in last year’s first quarter, a 57.1 percent decline.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"