Victoria's Secret closing 53 stores this year

01 March, 2019, 06:46 | Author: Erin Carter
  • A Victoria's Secret store in New

Sales at stores open at least a year fell 7% during Victoria's Secret's most recent quarter, parent company L Brands said Wednesday.

According to CNBC, L Brands executives made the announcement on a conference call Thursday while discussing the company's fourth quarter performance.

Closure activity doubled that rate in 2018, with the company shuttering 29 Victoria's Secret stores in the USA and one Canadian location of its Pink brand, which targets teenagers and young women.

Victoria's Secret is the latest retailer to announce store closures.

"Given the decline in performance at Victoria's Secret, we have substantially pulled back on capital investment in that business versus our history, " L Brands said in written earnings commentary.

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Elsa Hosk walks the runway during the Fantasy Bra during 2018 Victoria's Secret Fashion Show at Pier 94 in NY. It has been under increased competition in recent years from such newer online and store rivals as Third Love and Aerie that emphasize more inclusive sizing, comfortable fits and body-positive imaging.

Victoria's Secret's path to a turnaround looks challenging, too.

"We are taking a fresh, hard look at everything in the business", Burgdoefer said of planned changes to fix Victoria's Secret.

A popular retailer is closing more stores than usual after reporting declining profits. Excluding items, L Brands earned $2.14 per share, beating analysts' expectations of $2.07 per share. Startups like Adore Me and ThirdLove have broken Victoria's Secret's grip on the industry by selling better-fitting bras and using everyday women, not models, in advertising. They don't have a great option.

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