Victoria's Secret To Close Another 53 Stores This Year

Victoria's Secret To Close Another 53 Stores This Year

Victoria's Secret To Close Another 53 Stores This Year

North American operations fell 35 percent during the fourth quarter and were down 45 percent for the 2018 fiscal year, according to officials with Victoria's Secret's parent company, L Brands.

A disappointing holiday showing preceded the planned cutbacks, with sales at stores open at least a year falling 7 percent during the quarter, parent company L Brands said late Wednesday. "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. That number includes 50 Victoria's Secret locations in the US and three in Canada.

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.

Victoria's Secret is one of the most popular places in the world to buy underwear. How we go about it is we look at current and projected performance, sales, profit, cash flow. The company's other flagship brand, Bath and Body Works, did well.

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

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However, the company has not seen enough growth in the last quarter.

'People identify Victoria's Secret with what it's been for the last 20 years - very sexy and airbrushed models, ' said investment analyst Janine Stitcher.

In 2018, L Brand closed 30 stores - one in Canada, the other 29 in the U.S.

"If the merchandise is special, unique, reflects fashion, has newness ... there are terrific opportunities". On Thursday, L Brands' stocks dropped almost 7 percent.

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