Victoria's Secret will close 53 stores as more women desert the brand for lingerie startups and big retailers
Sales at stores open at least a year fell 7% during Victoria's Secret's most recent quarter, parent company L Brands said Wednesday. The company's other flagship brand, Bath and Body Works, did well. Other retailers, including Walmart and Best Buy , have performed strongly in recent months. And the economy is strong. But Victoria's Secret and its teen brand PINK have struggled.
8 million customers over the two past years to rivals like Amazon and American Eagle's Aerie, according to an estimate from Neil Saunders, analyst at GlobalData Retail.Victoria's Secret's path to a turnaround looks challenging, too. L Brands' forecast for 2019 disappointed Wall Street, sending its stock down 7% in early trading Thursday. It has plunged more than 40% in the past year.
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