L Brands Inc Q1 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Simeon Avram Siegel - BMO Capital Markets Equity Research - Analyst : Congrats on the ongoing strength. And Stuart, I'll echo the well-reserved -- well-deserved congrats, and best wishes on the next chapter. So the flow-through on the stimulus sales was really impressive for both brands. So interestingly, higher at Victoria's. Can you speak to the right way to think about incremental margins at this point? Maybe what in that math is onetime versus more structural and a sustainable reset? And then the VS International operating loss shifting to breakeven was great to see. Congrats on those initiatives. How are you thinking about international profitability or pressure going forward?

Question: Susan Kay Anderson - B. Riley Securities, Inc., Research Division - Analyst : Nice job in the quarter. I'm curious for the PINK business. Did you see at all a pickup in sales, do you think, related to some students returning to the classroom this spring? And then also just curious what your expectations are for back to school or back to college this year. And at VS, I'm curious if there's new plans for expansion of the lounge category and if you expect to continue to grow sport within that again.