Victoria’s Secret to close 53 stores in North America

Victoria's Secret

Victoria's Secret will close 53 stores

Sales at stores open at least a year fell 7% during Victoria's Secret's most recent quarter, parent company L Brands said Wednesday.

A customer passes by an L Brands Inc., Victoria's Secret retail store in Manhattan, New York, U.S., May 13, 2016.

In recent years, sales have slipped and the brand has struggeld to resonate with shifting consumer demands.

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".

Critics contend Victoria's Secret is particularly out of touch in the current #MeToo climate.

Although marketing trends in lingerie have changed, Victoria's Secret has mostly stuck to the same playbook that helped it dominate the industry: push-up bras and celebrity models.

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American Eagle reported a 32% increase in same-store sales at Aerie in the third quarter. Its Bath & Body Works brand had a strong quarter, amassing comps that were up by 12% compared to the year-ago quarter. Burgdoerfer credited the strong performance in part to White Barn candles into some new and existing stores.

The brand closed 30 stores in 2018, separate from the 53 stores it plans to close in 2019. Adjusted to take account of the extra week, sales rose 3 per cent in the latest year.

A popular retailer is closing more stores than usual after reporting declining profits.

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. "That's what it is", he said in the interview.

"If the merchandise is special, unique, reflects fashion, has newness ... there are terrific opportunities".

On Thursday morning, L Brands stock dropped 6.6 with the opening bell on Wall Street.

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