02 March, 2019
The giant lingerie retailer's parent company L Brands announced that it will close as many as 53 stores in North America.
Closure activity doubled that rate in 2018, with the company shuttering 29 Victoria's Secret stores in the USA and one Canadian location of its Pink brand, which targets teenagers and young women.
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In north-central Kaduna, lines were long but impatient while waiting for materials to arrive almost three hours late. Some of those who turned out, however, dismissed concerns about having to wait. "Everybody is excited to be here".
The company operates 2,943 company-owned specialty stores in the United States, Canada, the United Kingdom and China, and its brands are also sold in more than 650 franchised locations worldwide. The chain has about 1,100 stores in the U.S. How we go about it is we look at current and projected performance, sales, profit, cash flow. L Brands said it closed 30 Victoria's Secret stores in 2018, already up from its average of 15 store shutdowns a year. "And we are intensely focused on improving results". The company's other flagship brand, Bath and Body Works, did well.
L Brands' overall results for its fourth quarter, which includes the Christmas holiday period, were virtually flat as compared to one year earlier. The good news stopped there, however, as sales of $4.85 billion missed analyst expectations for revenue of $4.88 billion. This marked its 16th consecutive quarter of double-digit positive growth.
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".