Markets

Victoria's Secret to close three Canadian stores amid global reduction

Victoria's Secret to close three Canadian stores amid global reduction

A customer passes by an L Brands Inc., Victoria's Secret retail store in Manhattan, New York, U.S., May 13, 2016.

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.

The group operates more than 950 Victoria's Secret stores in the US.

Closure activity doubled that rate in 2018, with the company shuttering 29 Victoria's Secret stores in the US and one Canadian location of its Pink brand, which targets teenagers and young women. Perhaps Victoria's Secret can take note.

L Brands's chief financial officer Stuart Burgdoerfer said in an earnings call Thursday that the impending closings were triggered by Victoria's Secret "not meeting our expectations".

Cohen Hearing erupts in argument over racism
Elijah Cummings scrambled to clear up the matter, after which Tlaib explained that it wasn't her intent to call Meadows a racist. She also said there would be no amount of money in the world she would take in order to work for a racist.

Though Victoria's Secret said that they normally close around 12 stores every year, last year they had to close 29 Victoria's Secret stores in the United States and one Pink location in Canada. Other lingerie and clothing startups claim to sell better-fitting bras and use body-inclusive advertising.

"It's an attractive category", Burgdoefer said of the lingerie business. Lululemon and Walmart have followed suit and alluded to plans to reduce pricing.

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. Razek told the interviewer that he didn't think the company's annual fashion show should feature "transsexuals" because the show is a "fantasy".

Analyst Randal Konik of Jefferies said L Brands' banners "are not wanted anymore". "If they were going to pivot now, I don't think it would come off as authentic".

This year, the lingerie store announced that they will be closing over 50 stores, including three in Canada.


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