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Victoria's Secret closing 53 stores in 2019

Victoria's Secret closing 53 stores in 2019”

Victoria's Secret announced its plans to close 53 stores this year as women ditch the celebrity model brand for startups and superstores.

Victoria's Secret's parent company has announced that they will be closing dozens of stores across North America.

"Keep in mind that comps remain negative despite very high promos, which means true brand demand is even worse than reported as some consumers buy things when they are given away for free or marked down by more than 50-75 per cent", he said.

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According to Bloomberg, the company stated, "Given the decline in performance at Victoria's Secret, we have substantially pulled back on capital investment in that business versus our history".

This is the latest challenge for the brand. In November, Victoria's Secret's CEO resigned.

Other competitors likely taking a share of the Victoria's Secret sales include Rihanna's lingerie company Savage X Fenty, ThirdLove, and American Eagle Outfitters Inc.'s Aerie. "And we are intensely focused on improving results". The lingerie chain now has some 957 US stores. The company closed 30 stores previous year as it tried to escape weak malls.

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L Brand's net sales rose to $4.85 billion for the quarter ended Feb.3, compared to $4.82 billion in the year-ago period. This marked its 16th consecutive quarter of double-digit positive growth.

L Brands forecast total company profit, excluding some items, in a range of $2.20 to $2.60 for this year, well below the average estimate from analysts of $2.71.

"The most important thing, in our view, is the merchandise", he said.

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Wall Street reaction to the earnings announcement appeared negative Thursday, with shares in L Brands trading eight per cent lower at 10:30 a.m. than Wednesday's closing level.



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