Victoria's Secret To Close Another 53 Stores This Year

Victoria's Secret To Close Another 53 Stores This Year

Troy Powers
March 2, 2019

Victoria's Secret's same-store sales also fell during the holidays, dropping 3% during the quarter. Over 50 are being rounded up for closure in North America, including 3 in Canada. L Brands CEO Stuart Burgdoefer said the company has been "more promotional than we would like over the last several years" in a call with analysts Thursday.

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.

Shares of L Brands, which also owns Bath & Body Works, closed Thursday's session down 4.6 percent, after falling as much as 8.9 percent during the day.

The closings come after a tough holiday period, in which comparable and in-store sales slid at Victoria's Secret and Pink stores. It has plunged more than 40% in the past year.

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The number of planned store closures is a significant increase over recent years.

"It's an attractive category", Burgdoefer said of the lingerie business. Target launched a new underwear brand for women on Monday, which features bras that all cost under $22.

Gap, JCPenney, and Victoria's Secret announced more than 300 store closures over the course of 24 hours this week, sending a clear signal that the fallout from the retail apocalypse is far from over. Razek told the interviewer that he didn't think the company's annual fashion show should feature "transsexuals" because the show is a "fantasy".

JCPenney said in a news release that it plans on closing 18 full-line stores this year, including three locations that had been announced recently, along with nine home and furniture stores.