A woman passes covered mannequins at a Victoria's Secrets boutique amid the coronavirus disease (COVID-19) outbreak in Singapore May 27, 2020. - REUTERS
L Brands Inc on Tuesday forecast a smaller-than-expected drop in quarterly sales on strong demand for its Bath & Body Works hand sanitizers and other personal care products, and said it would cut 15% of its corporate staff.
Shares of the company surged 17% in extended trading after the Victoria's Secret owner also said its cost-cutting efforts, including layoffs and inventory management, would help it save about $400 million annually.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
