Sunday, 24 March 2019
Latest news
Main » Victoria's Secret closing 53 stores after poor holiday sales

Victoria's Secret closing 53 stores after poor holiday sales

02 March 2019

The announcement comes after the lingerie store's parent company, L Brands, released thier fourth quarter earnings report, stating that the stores earned $500 million less than the previous year. In November, Victoria's Secret's CEO resigned. Over 50 are being rounded up for closure in North America, including 3 in Canada. "We have not met our own expectations for overall performance", L Brands CFO Stuart Burgdoerfer said on the company's conference call. Perhaps with that in mind, Victoria's Secret has promised the return of its popular swimwear line online next month, which was originally discontinued in 2016.

Victoria's Secret will be saying goodbye to 53 stores across the United States and Canada after a hard holiday season, according to NBC12.

What's new. L Brands reported a fourth-quarter profit of $2.14 per share, beating forecasts for $2.08 cents, according to FactSet.

The brand has struggled in recent years and increasingly been accused of losing relevance among shoppers as its oversexualized ads and racy runway shows have failed to resonate in the era of #MeToo.

Startups like Adore Me and Thirdlove have proved that consumers are more compelled to buy their intimate wear from a brand that does not boast unattainable beauty standards - they also sell a wider range of better-fitting bras.

Itoje absence confirmed for England's trip to Wales
The halves' relative lack of experience will be targeted by England , which has showed a ruthless intelligence in its two wins. Williams shied away from going that far but did concede that the depth in the set-up is as good as he can remember.

The numbers say as much about what's been going on outside of Victoria's Secret as within it.

"It's an attractive category", Burgdoefer said of the lingerie business.

The company did not rule out ending the fashion show or using more inclusive marketing.

It also said it would discontinue reporting monthly sales results and would close 53 stores.

Victoria's Secret closing 53 stores after poor holiday sales