Economy

Victoria's Secret closing more than 50 stores after poor holiday sales

Victoria's Secret closing more than 50 stores after poor holiday sales

Victoria's Secret is closing dozens of stores this year.

With holiday sales down, L Brands saw sales lag 3 percent with a 7 percent decline of in-store sales. The lingerie chain now has some 957 US stores.

"While stores are an important part of the customer journey, the company is actively working on multiple initiatives to revitalize the Gap brand by re-engaging with customers and expanding its loyal customer base, leveraging the multigenerational, democratic appeal of the brand", Gap Inc. said in the release. And based on those historic and projected results not just for the store in question but for nearby stores, we make judgments about what the projected sales profit cash flow results would be also in relation to what it may cost to exit a store. The company's other flagship brand, Bath and Body Works, did well.

The company has taken several hits over the past couple of years, with almost 30 stores shut down in 2018, Business Insider reports.

Total same-store sales, including direct and stores, increased 3%.

A popular retailer is closing more stores than usual after reporting declining profits.

More news: McConnell Not Offering Trump Much Help On Emergency Declaration Vote

Analysts on average had expected the company to report quarterly adjusted earnings of $2.07 per share, on revenue of $4.88 billion, according to IBES data from Refinitiv.

The results beat the company's own forecasts for the quarter, which it had revised downward midway through 2018.

The company has not said which stores it plans to close.

"People identify Victoria's Secret with what's it been for the last 20 years - very sexy and airbrushed models", she said.

"The most important thing, in our view, is the merchandise", he said.


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