L Brands Inc (NYSE: LB) said it recorded 3 percent growth in the comparable sales for the five-week period ended April 2. Its press statement said its results were unfavorably impacted by about 1–2 points by the earlier Easter in the current year.
L Brands said net sales grew 5 percent to $1.03 billion in March from $981.2 million in the previous year month.
For the quarter-to-date or the nine-week period, the sales grew 5 percent to $1.876 billion from $1.787 billion in the same period last year. Comparable sales also advanced 4 percent in the same period.
L Brands CEO Leslie Wexner said, "Coming off a record year, now is the best time to make improvements ... going from best to even better. We are making these changes to accelerate our growth and to strengthen the business for the long term by narrowing our focus and simplifying our operating model. I am certain that these changes are necessary for our industry-leading brands to reach their significant potential ... nonetheless, decisions about people are the most difficult ones to make, and we are taking care to support associates who are being affected by these changes."
On Wednesday, shares of the company closed higher by 0.55 percent.
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