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Victoria’s Secret is scheduled to close more locations this year, even after closing more than 200 hundred locations in 2020.
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The lingerie brand will lose an additional 28 to 46 locations in the United States, its parent company, L Brands, released in a earnings report on Wednesday.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| LB | L BRANDS INC. | 52.36 | +0.71 | + 1.37% |
However, it is a different story for Bath & Body Works, which is also owned by L Brands. The chain of bath shops will open 49 new locations in the United States and one in Canada.
L Brands CEO Andrew Meslow told investors that while the company has seen improvements to its Victoria’s Secret brand, the company “has experienced consistent strength at Bath & Body Works”.
SECRET PAIS DE VICTORIA CUTTING 850 CORPORATE JOBS
The company posted a net income of $ 860.3 million, or $ 3.03 per share, in the fourth quarter, compared to a loss of $ 192.3 million, or $ 0.70 per share, during the same period. last year.
Same-store sales for Bath & Body Works increased by 22%, while same-store sales for Victoria’s Secret decreased by 3%.
L Brands is still moving forward with plans to separate the two businesses.
“As a result of the ongoing collective initiatives, the company is well positioned to continue to generate value for our shareholders,” said Meslow.
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