L Brands Inc., the owner of Victoria Secret, announced plans to close 53 stores in North America this year.
A spokesperson for the US -based lingerie brand's parent company declined to tell The Canadian Press which locations will be shuttered in Canada, but says they are part of a plan to slash 53 stores worldwide.
"Our store closure plans are heightened in 2018 and we've pulled back on investing in new stores and the remodeling of stores substantially over the last several years", L Brands chief financial officer Stuart Burgdoerfer told investors during a conference call Thursday morning.
Victoria's Secret is one of the most popular places in the world to buy underwear. "Comparable sales performance for the closing stores was significantly below the remaining store base and these stores operate at a much higher expense rate given the lack of productivity". Its Bath & Body Works brand had a strong quarter, amassing comps that were up by 12% compared to the year-ago quarter. The company closed 30 stores past year as more people turned to online shopping than malls.
U.S. Treasury Sanctions Venezuelan Officials for Blocking Humanitarian Aid
Guaido continued on to Brazil, where he met with the new right-wing president, Jair Bolsonaro, and on Friday traveled to Paraguay. The sanctions block any assets they have in USA jurisdictions and bar Americans from conducting financial transactions with them.
Khloe Kardashian Cries Over A ‘Demolished Relationship’ In Emotional New ‘KUWTK’ Trailer
Fans have speculated that Woods's connection to the Smiths is what will save her from total Kardashian-stirred ruin. Khloe Kardashian is in tears in the show's new teaser trailer as she cryptically references a ruined relationship.
Parents, YouTube Kids App May Not Be As Safe As You Think
With a name like YouTube Kids , you might assume the content is safe for the target audience, youngsters. And now, YouTube Kids is under fire.
Victoria's Secret will be saying goodbye to 53 stores across the United States and Canada after a hard holiday season, according to NBC12. The good news stopped there, however, as sales of $4.85 billion missed analyst expectations for revenue of $4.88 billion.
'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. "That's what it is", he said in the interview. This marked its 16th consecutive quarter of double-digit positive growth.
L Brands Inc., owner of the lingerie chain, announced Wednesday that Victoria's Secret's US brick and mortar square footage will decrease by about 3 percent.