L Brands Inc., the parent company of Victoria's Secret, just announced they'll be shuttering doors on no less than 53 locations of the lingerie brand, citing a drop in sales and a disappointing holiday season.
Victoria's Secret has become "more promotional than we would like over the last several years", Ed Razek, the CEO of parent company L Brands, said in a call with analysts Thursday.
The store announced that rising costs and plateauing sales mean that the brand was down by 45 percent for the 2018 fiscal year. L Brands said it closed 30 Victoria's Secret stores in 2018, already up from its average of 15 store shutdowns a year.
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Dozens of Victoria's Secret stores, including some in Canada, are being earmarked for closure as owner L Brands looks to shore up poor financial performance at the lingerie chain.
Although a change in strategy appears necessary for the survival of Victoria's Secret, which has stuck to the same marketing strategy for decades, it may not sit well with consumers. "And we are intensely focused on improving results".
Meanwhile, sales for the company's other brand, Bath and Body Works, were favorable, the company reported.
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The store faces competition by such newer lingerie retailers as Adore Me, which opened its first US store in the Mall past year.
A popular retailer is closing more stores than usual after reporting declining profits.
JCPenney's 2018 fourth quarter net sales fell 9.5 percent from 2017, dropping from $4.05 billion to $3.67 billion, according to the release. This marked its 16th consecutive quarter of double-digit positive growth. On Thursday, L Brands' stocks dropped almost 7 percent.
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The numbers say as much about what's been going on outside of Victoria's Secret as within it.