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Victoria's Secret closing 53 stores this year

Victoria's Secret closing 53 stores this year

The US lingerie giant announced Wednesday in a fourth-quarter earnings commentary that it would be closing as many as 53 stores this year, citing a "decline in performance", as the reason for this.

According to financial statements, sales at Victoria's Secret stores open at least a year fell 7 percent during the most recent quarter.

Gap, JCPenney, and Victoria's Secret announced more than 300 store closures over the course of 24 hours this week.

To add it on, Victoria's Secret has a new competitor, Target, who is on the move to take up a portion of the lingerie and sleepwear industry.

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

Shares of L Brands Inc. stock were down 4.20 percent as of 3:51 p.m. EST on Thursday.




"We are taking a fresh, hard look at everything in the business", Burgdoefer said of planned changes to fix Victoria's Secret.

Victoria's Secret is the latest retailer to succumb to store closures as it faced a tough holiday season for sales.

Superstores like Walmart and Best Buy have been doing increased business recently, which points to a waning interest in whether millionaire models wear the brand.

Big retailers also threaten Victoria's Secret. Auden bras will cost $22 and under.

But after excluding significant one-off items, the company's adjusted net income this year was $786.7 million compared to $919.5 million for the 53-week period last year. Lululemon and Walmart have also expanded their efforts in the space. But shifting its identity could prove hard, said Janine Stichter, analyst at Jefferies.

"We close stores every year".

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