Victoria’s Secret Plans to Close 53 U.S. Stores in 2019
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Is Victoria’s Secret on its way out?
L Brands, the retail company that owns Victoria’s Secret and Bath & Body Works, just released their 2018 fourth-quarter earnings – and things aren’t looking so great for one of the brands. 🙈 Unfortunately, it looks like Victoria’s Secret may be experiencing some serious financial bra-blems. 😩
Victoria’s Secret has struggled in recent years, and 2018 was no exception. With a 7% decrease in store sales over the holiday months and in 2018 overall, Victoria’s Secret is evaluating every element of the brand and plans to close 53 of its U.S. stores in 2019, as noted in this presentation (pages 12 & 13). If all goes as projected, by the end of 2019, Victoria’s Secret will have closed a total of 75 U.S. retail stores since the beginning of 2018.
On a positive note, Bath & Body Works appears to be doing great! Store sales were up by 8% in the fourth quarter of 2018, and they’re also projected to open 51 new stores in 2019 (mentioned on page 9). Could it be related to their Annual Candle Day sale that happens every December? 🤔 If only Candle Day could happen twice a year, right? 😍