Published: Sun, March 03, 2019
Finance | By Kristine Clayton

Victoria's Secret To Close Another 53 Stores This Year

Victoria's Secret To Close Another 53 Stores This Year

Victoria's Secret plans to close 53 stores this year after sales dropped 7 percent during the last quarter of 2018, when millions of shoppers headed to the mall for Christmas and Black Friday.

Victoria's Secret plans to close 53 stores this year as more women desert the brand for lingerie startups and big retailers.

According to CNBC, L Brands executives made the announcement on a conference call Thursday while discussing the company's fourth quarter performance.

Victoria's Secret is the latest retailer to announce store closures.

A Victoria's Secret spokesperson didn't return Advance request for comment about whether its store in the Staten Island Mall, New Springville is on its hit list. The store has been so popular that it was part of the reason that LaSenza, the other lingerie store right next door, shut down.

"We have not met our own expectations for overall performance, and we are intently focused on improving results", Burgdoerfer said.

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. The company closed 30 stores a year ago as it tried to escape weak malls.

All three companies reported declining same-store sales during the critical holiday period. Typically, the brand closes 15 stores per year historically.

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

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

L Brands Inc., owner of the lingerie chain, announced Wednesday that Victoria's Secret's USA brick and mortar square footage will decrease by about 3 percent.

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