TL;DR Victoria's Secret is closing stores all over North America, including 3 in Canada. Retailing giant Target is also throwing its hat into the lingerie mix, saying this week it would launch three private-label under and sleepwear brands.
The lingerie icon's parent company, L Brands, announced a 7% drop in sales over their last quarter and 40% in the previous year - although the company's flagship brand, Bath and Body Works, continued to do well. The lingerie chain now has some 957 US stores.
LB stock was down about 0.3% during regular trading on Wednesday following a mixed quarter that saw Victoria's Secret underwhelm.
Meanwhile, sales for the company's other brand, Bath and Body Works, were favorable, the company reported. This would leave the chain with a total of 103 stores in the country.
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.
In recent years, sales have slipped and the brand has struggeld to resonate with shifting consumer demands.
The announcement comes after a rough year for Victoria's Secret.
Net income fell to $540.1 million, or $1.94 per share, in the quarter ended February 2, from $664.1 million or $2.33 a share, a year earlier. The company added that shares fell an additional 6% after the bell on quarter that left something to be desired for L Brands, while its first quarter may fail to turn a profit. Net income for the previous year was $983 million with sales of $12.6 billion.
L Brands operates 2,943 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China.
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