L Brands to close stores as sales stagnate

Oscar PerryMar 03, 2019

Victoria's Secret plans to close 53 stores this year after sales dropped 7 percent during the last quarter of 2018, when millions of shoppers headed to the mall for Christmas and Black Friday.

L Brands has announced that they choose which stores to close based on a number of factors, including current and predicted performance along with local factors.

The impending closings are far more than the 15 stores the brand closes on average every year.

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

What's new. L Brands reported a fourth-quarter profit of $2.14 per share, beating forecasts for $2.08 cents, according to FactSet.

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Victoria's Secret could be closing their Idaho stores. The former president of Tory Burch, John Mehas was finally installed at Victoria's Secret Lingerie this year, along with a new brand head at PINK. "And we are intensely focused on improving results". That number includes 50 Victoria's Secret locations in the USA and three in Canada. This would leave the chain with a total of 103 stores in the country.

All three companies reported declining same-store sales during the critical holiday period.

Net sales for the year to February 2 were US$13.237 billion compared to $12.632 billion for the 53 weeks ended February 3 last year.

However, the company has not seen enough growth in the last quarter. Earlier this year it said it would reintroduce swimwear to its range after an absence of several years to increase foot traffic in stores. "That's what it is", he said in the interview.

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