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Victoria's Secret closing 53 stores after poor holiday sales
02 March 2019, 12:38 | Vera Richards
Victoria’s Secret to close 53 stores A general view of atmosphere of the Victoria's Secret
The owner of Victoria's Secret and Bath and Body Works plans to close 53 Victoria's Secret stores this year as people turn to other brands.
Slumping "in store" sales is causing the parent company to take quick action by closing 53 North American Victoria Secret stores.
Sales for Victoria's Secret have fallen seven percent in the store's most recent quarter as customers seek out lingerie start-ups and big retailers. That number includes 50 Victoria's Secret locations in the USA and three in Canada.
The brand says they typically close approximately 15 stores in a year. 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. Burgdoerfer said closure decisions are made based on factors including current and projected performance, cash flow and local market factors.
The company has not publicly identified which specific stores will be closing, but L Brands said the closing stores represent less than 5% of the total store count at this time. "And we are intensely focused on improving results".
The store faces competition by such newer lingerie retailers as Adore Me, which opened its first USA store in the Mall past year.
The announcement comes after a rough year for Victoria's Secret.
Net income came in at $540 million, or $1.94 per share, for the quarter, down from $664 million, or $2.33 per share a year earlier. This marked its 16th consecutive quarter of double-digit positive growth. "That's what it is", he said in the interview.
On Thursday morning, L Brands stock dropped 6.6 with the opening bell on Wall Street.
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