Operator
Good morning. My name is Cedric. And I ll be your conference operator today. At this time, I would like to welcome everyone to the L Brands First Quarter 2021 Earnings Conference Call. [Operator Instructions]
I would now like to turn today s call over to Ms. Amie Preston, Senior Vice President, Investor Relations and Company Affairs at L Brands. Thank you. You may begin.
Amie Preston
Senior Vice President, Investor Relations and Company Affairs
Thank you. Good morning. Welcome to L Brands first quarter earnings conference call for the period ending May 1, 2021. As a matter of formality. I need to remind you that any forward-looking statements we may make today are subject to our Safe Harbor statement found in our SEC filings and in our press release.
Dive Brief:
L Brands on Tuesday said that, after entertaining interest from several potential buyers, its board instead unanimously approved a tax-free spinoff of its Victoria s Secret business into a public company apart from its Bath & Body Works banner. The separation is expected to be completed in August, according to a company press release.
L Brands CEO Andrew Meslow will retain that position and lead Bath & Body Works following the spinoff. Victoria s Secret CEO Martin Waters will continue to lead the stand-alone Victoria s Secret business, which includes the namesake brand and Pink.
The conglomerate released preliminary first quarter results, reporting an overall 83% net sales rise to $3 billion, reflecting a 93% increase to $1.5 billion at Bath & Body Works and a 74% increase to $1.6 billion at Victoria s Secret. Comps rose 21%; 16% at Bath & Body Works and 25% at Victoria s Secret. L Brands operating income reached about $570 million $380 million at Bath & Body Works
Operator
Good morning, and my name is Maria, and I ll be your conference operator for today. At this time, I would like to welcome everyone to Revolve s First Quarter 2021 Earnings Call. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Erik Randerson, Vice President of Investor Relations at Revolve. Thank you. You may begin your conference.
Erik Randerson
Investor Relations Contact
Good afternoon, everyone, and thanks for joining us to discuss Revolve s first quarter results. Before we begin, I d like to mention that we have posted a presentation containing Q1 financial highlights to our Investor Relations website located at investors.revolve.com. I would also like to remind you that this conference call will include forward-looking statements. These statements include our current expectations regarding the continued impact of the COVID-19 pandemic on our business, operations and financial results and our outlook for operating expenses and
Dive Brief:
Further trimming its portfolio not long after selling off its newly acquired Janie and Jack children s label, Gap Inc. on Tuesday said it has a deal to sell its Intermix retailer to private equity firm Altamont Capital Partners.
Altamont will acquire the entire Intermix business, including all store leases, e-commerce and assets, according to a company press release. Terms of the deal, including purchase price, were not disclosed.
Intermix first opened as a boutique in New York City in 1993, according to Gap s website. Gap Inc. acquired it in 2012 and now runs 31 locations and an online business.
Dive Insight:
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