Victoria's Secret closing 53 stores this year

North American operations fell 35 percent during the fourth quarter and were down 45 percent for the 2018 fiscal year, according to officials with Victoria's Secret's parent company, L Brands.

Though Victoria's Secret said that they normally close around 12 stores every year, last year they had to close 29 Victoria's Secret stores in the United States and one Pink location in Canada.

A drop in sales of 3 per cent over the Christmas period, combined with a fall of in-store sales by 7 per cent, meant shares in the parent company dropped by nearly 9 per cent this week.

"The stores identified for closure either require significant capital, are minimally cash flow positive today relative to the company's overall consolidated average or represent a real estate monetization opportunity", JCPenney said in the release. The chain has about 1,100 stores in the U.S. The company closed 30 stores past year as it tried to escape weak malls.

Victoria's Secret has three stores in the Fresno area: One in River Park, one at Fashion Fair mall and another at Sierra Vista Mall. The Columbus, Ohio company also operates Bath & Body Works.

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

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

The numbers say as much about what's been going on outside of Victoria's Secret as within it.

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

L Brands's chief financial officer Stuart Burgdoerfer said in an earnings call Thursday that the impending closings were triggered by Victoria's Secret "not meeting our expectations".

(Copyright © 2015. All Rights Reserved.)
 
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