L Brands (LB) reported second quarter results which were welcomed by investors. These strong results invite an update on the investment thesis after the latest thesis dates back in February, when I concluded that the company would be selling Victoria's Secret at a rock-bottom price. Despite the COVID-19 crisis and the fact that the Victoria's Secret deal fell through, there are reasons to become upbeat as the company has reported very impressive second quarter results, notably in terms of margins and on the online front.
Let's Go Back To February
In February, L