L Brands, the parent company of Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, achieved net sales of $2.984 billion in Q2, an 8.3% increase over the $2.755 billion reported for the same period the previous year, and comparable store sales increased 3%. The company also announced that Denise Landman, CEO of PINK, will retire at the end of 2018.
While net sales and comp sales increased, other financial indicators were down for the quarter, which ended August 4, 2018. Earnings per share dropped to $0.36 from $0.48 for the same period in 2017; operating income fell to $228.1 million from $300.9 million; and net income dipped to $99.0 million from $138.9 million.
Amy Hauk, currently President of Merchandising and Product Development at Bath & Body Works, will replace Landman as CEO of PINK. Hauk joined Bath & Body Works in 2008 as SVP, General Merchandise Manager. Prior to that, she held senior merchant leadership positions at The Children’s Place, The Disney Store, Gap and Macy’s. Landman will remain in her current position through the end of the year to onboard Hauk and facilitate the transition.