Victoria's Secret will close 53 stores

Jermaine Castillo
March 3, 2019

Victoria's Secret will close 53 stores located throughout North America after poor holiday sales.

"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. "We look at trade area dynamics and how store openings and closings affect nearby stores and, to a lesser extent, our online business", said Stuart Burgdoerfer, L Brands CFO.

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Longstanding retail mainstays JCPenney and Gap announced store closures Thursday as the companies' sales have dropped.

To add it on, Victoria's Secret has a new competitor, Target, who is on the move to take up a portion of the lingerie and sleepwear industry. "And we are intensely focused on improving results". The store has been so popular that it was part of the reason that LaSenza, the other lingerie store right next door, shut down. Total sales at Bath & Body Works were $1.950 billion, up from $1.793 billion.

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The brand closed 30 stores in 2018, separate from the 53 stores it plans to close in 2019.

All three companies reported declining same-store sales during the critical holiday period. The good news stopped there, however, as sales of $4.85 billion missed analyst expectations for revenue of $4.88 billion. This marked its 16th consecutive quarter of double-digit positive growth.

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The announcement comes after a rough year for Victoria's Secret. They also said they don't plan on releasing a full list of store closings planned for the next year. "That's what it is", he said in the interview. On Thursday, L Brands' stocks dropped almost 7 percent.

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