Investors traded into L Brands Inc. after the company said fewer promotions in its Victoria’s Secret business slowed comparable sales, but resulted in better margins.Shares of the company, which also owns Bath & Body Works, rose 6.7 percent to $56.05 on Thursday.Victoria’s Secret’s November comps, including both its store and web business, slid 6 percent, after a 5 percent gain a year earlier. (For the year so far, the brand’s comps are down 10 percent compared with a 2 percent gain.)The brand is in the midst of what has been a painful evolution, which included the elimination of many promotions as well as the exit of swim and apparel, which shaved 1 percentage point off comp sales in November.In a recorded call on November results, Amie Preston, chief investor relations officer, said: “The merchandise margin rate was up significantly, driven by the reduction in promotional activity. Margin dollars were about flat to last year and in line with expectations.”Looking at L Brands overall, she noted, “Thanksgiving weekend results met our expectations with total sales from Thursday through Monday up in the low single-digit range.”Direct sales from the Thanksgiving weekend will be recognized in December.L Brands is being reimagined by chief executive officer Leslie Wexner — the company’s 80-year-old founder, who’s sometimes credited with inventing specialty retailing and remains a retail believer, with some caveats.“Retailing looks pretty good to me,” Wexner told investors recently. “Department stores are kind of in a death spiral….Some developers are smarter than others, but some are actually paying department stores that are lingering, [saying], ‘Leave now, so we can use the space.’ There’s a fair number of centers where department stores have closed and things got better.”Alternatively, he said the forward-looking specialty crowd is winning, pointing to categories of beauty, lingerie, sport and food.“It’s never been better at retail and department stores are really bad and old-fashioned, fashion specialty stores are really, really bad,” Wexner said.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion
@carmeloanthony is upping his fashion game once again, introducing a hat collection with @goorinbros. Called Fresh Greens by Melo x Goorin, the line consists of five unisex models, all of which are made in America from 100 percent wool. Each hat is lined with Anthony’s signature and the inscription “Knowledge of self, wisdom and understanding.” You can purchase the collection line at Goorin’s website as well as three off its stores in San Francisco, New York City and Las Vegas #wwdaccessories
“I am of tradition, but that doesn’t mean I have an old outlook on life,” Hubert de Givenchy told WWD in an interview in 1978. The legendary designer, who died last week at the age of 91, achieved wide success soon after launching his own couture boutique in the early ’50s, but he refused to pine for that time. For the first time since its original publication, read our interview with Givenchy on his awe for Audrey Hepburn and looking forward. Link in bio. #wwdarchives #fbf (📷: Pierre Schermann)
About last night: @alexachung and @supergausa toasted the launch of their capsule collection. “It’s the shape that I love, so rather than amend the last and make the sole crazy or do anything wild, we just did really subtle additions that I think make it look really luxe-y,” said Chung. #wwdfashion (📷: Marc Patrick)
Exclusive: @off____white’s @virgilabloh is launching an exclusive eyewear capsule collection @sunglasshut. The unisex collection, which is made up of three styles, first made its debut on the brand’s fall runway show in Paris. Get all the details on WWD.com – link in bio. #wwdnews #wwdfashion