Victoria's Secret is closing dozens of stores

Jeannie Matthews
March 2, 2019

L Brands, which operates the up-scale lingerie chain, is planning to close 53 stores this year.

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

The store announced that rising costs and plateauing sales mean that the brand was down by 45 percent for the 2018 fiscal year. The lingerie chain now has some 957 US stores.

Earlier in the day, JCPenney said it would close 27 stores in 2019, including 18 full-line department stores and 9 home and furniture stores.

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

Victoria's Secret now operates more than 1,100 stores worldwide.

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Mr. Burgdoerfer says the business made the decision by analyzing current and projected performance, sales, profits, cash flows and trade dynamics.

Declines in L Brands' intimate apparel business were partially offset by a 12 per cent sales increase at Bath & Body Works, which represents the largest portion of the company's portfolio. Analysts had expected sales of $4.88 billion, Total sales at Victoria's Secret were $2.531 billion, down from $2.668 billion past year. This marked its 16th consecutive quarter of double-digit positive growth.

In their fourth-quarter report, L Brands said that earnings per share for the 13-week fourth quarter ended February 2, 2019, were down $1.94 compared to $2.33 for the 14-week quarter ended February 3, 2018.

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

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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