Victoria’s Secret has announced it is to close stores following a “decline in performance” over the second half of 2018.
The retailer’s parent company L Brands, announced it was to close 53 of North American Victoria’s Secrets stores following the 2018 results which saw in-store sales fall by 7%. Victoria’s Secret also reported a 3% decrease in comparable sales for the 52 weeks up to 2 February 2019.
L Brands, which also operates Bath and Body Works along with Victoria’s Secrets’ Pink brand, said it had seen net sales of $13.2bn across all of its brands for the 52 weeks leading up to 2 February 2019, compared to $12.6bn for the 53 weeks ended 3 February 2018.
A Victoria’s Secret statement, read: “Given the decline in performance at Victoria’s Secret, we have substantially pulled back on capital investment in that business versus our history.”
Victoria’s Secret, which usually averages 15 store closures a year, closed none of its UK stores for the second half of 2018 along with none of its Victoria’s Secret Pink stores. Four closures came at the lingerie brand’s UK ‘Beauty and Accessories’ stores.