Victoria's Secret to close 53 more stores this year

Fashion retailer L Brands on Wednesday forecast 2019 earnings below estimates and reported lower quarterly sales for its Victoria's Secret business, sending its shares down 6 percent in after-hours trading.

Sales at stores open at least a year decreased by 7 percent during Victoria's Secret's most recent quarter, according to L Brands.

The brand has struggled in recent years - sales have slipped, and its provocative ads are being criticized by some as being tone-deaf in the era of #MeToo. "We have not met our own expectations for overall performance", L Brands CFO Stuart Burgdoerfer said on the company's conference call.

This is the latest challenge for the brand.

Victoria's Secret has recently encountered criticism for its failure to adapt to consumer demand for more custom-fitted bras and inclusive advertising and messaging.

Victoria's Secret has not released a list of closing stores and did not immediately respond to a message seeking comment about the future of local stores. "And we are intensely focused on improving results".

American Eagle reported a 32% increase in same-store sales at Aerie in the third quarter.

In 2018, the company closed 30 stores.

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

However, the company has not seen enough growth in the last quarter.

The company has not said which stores will close. "That's what it is", he said in the interview.

L Brands Inc., owner of the lingerie chain, announced Wednesday that Victoria's Secret's US brick and mortar square footage will decrease by about 3 percent.


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