Victoria's Secret to close more than 50 stores in US, Canada

Victoria's Secret

Victoria's Secret plans to close 53 stores this year as more women desert the brand for lingerie startups and big retailers.

According to Bloomberg, the company stated, "Given the decline in performance at Victoria's Secret, we have substantially pulled back on capital investment in that business versus our history".

Victoria's Secret has three stores in the Fresno area: One in River Park, one at Fashion Fair mall and another at Sierra Vista Mall. But Victoria's Secret and its teen brand PINK have struggled. Analysts had expected sales of $4.88 billion, Total sales at Victoria's Secret were $2.531 billion, down from $2.668 billion previous year.

The hard holiday period and planned store closures are the latest turmoil for the brand.

Victoria's Secret relied on heavy promotions to draw customers to its stores during the holidays - the types of discounts that generally hurt margins.

More news: Regina King wins supporting actress Oscar for 'Beale Street'
More news: Saudi Arabia deny Crown Prince's takeover bid report
More news: Bill Cosby Reportedly "Doing Amazing" In Prison Claims His Lawyer

Victoria's Secret's path to a turnaround looks challenging, too.

Wall Street reaction to the earnings announcement appeared negative Thursday, with shares in L Brands trading eight per cent lower at 10:30 a.m. than Wednesday's closing level.

The company operates 2,943 company-owned specialty stores in the United States, Canada, the United Kingdom and China, and its brands are also sold in more than 650 franchised locations worldwide.

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. They don't have a great option.

Earlier in the day, JCPenney said it would close 27 stores in 2019, including 18 full-line department stores and 9 home and furniture stores.

Related News:



Most liked

25 dead, dozens hurt after train conductors fight
Fire fighters and onlookers gather at the scene of the fiery train crash at the Egyptian capital Cairo's main railway station. Mr el-Sissi spoke a day after a passenger train collided with a cargo train, killing at least 12 people, including a child.

Univision anchor Jorge Ramos detained while interviewing Venezuela's Nicolas Maduro
Venezuela's government has accused Washington of attempting to orchestrate a coup. "They think the interview is theirs, not ours". Also in the Facebook video, Ramos explained that he and his team were separated after the interview was ended.

Close but it's Olivia Colman for best actress at Oscars
Olivia Colman was crowned queen of the Oscars as she beat Glenn Close to the best actress prize. "This is hilarious", she said. Haig wrote: "Last November, Olivia Colman was asked - amid her busy schedule - to do the audiobook for the Truth Pixie".

Huawei's folding 5G Mate X smartphone wants to be your tablet, too
With the Samsung coming in at a hefty $2,000, though, it's not hard to imagine Huawei's phone being similarly expensive. Although the Galaxy Fold's industrial design comes across very impressively in this video, our initial concerns remain.

Xiaomi just unveiled an incredibly cheap 5G smartphone at MWC 2019
As a reminder, the Mi Mix 3 features an all-screen design with minimal bezels and a slide-out mechanism for the selfie cam system. Additionally, Xiaomi launched the Mi LED Smart Bulb at its pre-MWC conference with a price tag of Euro 19.9 (roughly Rs. 1.600).

Raging fire guts hundreds of cars at government-run Indian airshow
Fortunately, no casualties have been reported so far. 3000 litres of foam normally used to fight aircraft fire was sprayed. A senior RTO official told Deccan Chronicle, "Those who lost their cars in the fire accident have nothing to worry about".

North Korean armored train enters China while Vietnam awaits Kim Jong Un
Travel by train has been a favorite mode of transport for Kim Jong Un, and his father, Kim Jong Il, and grandfather, Kim Il Sung. It is not known if he will travel by train from Pyongyang via China or fly to a nearby Chinese city.

Smollett's character off 'Empire' for end of season
Police spokesman Anthony Guglielmi tells The Associated Press that Smollett turned himself in early Thursday at central booking. He was ordered to give up his passport and will remain under supervision until his case is adjudicated.

Where the investigations related to President Trump stand
She added: "I find it hard to believe that his staff didn't brief him once again that this kind of a report was coming". Trump noticed the disturbance and paused his remarks to make sure everything was OK.

Trump Admin Plans To Cancel $929M For California High-Speed Rail
Newsom said preliminary work on the entire system would continue and that he would seek more federal and private funding. Tuesday's comments won't be the last; the administration has given California until March 5 to formally respond.

Meghan Markle in NY for "secret" baby shower
Meghan won't get the public admiration she craves by playing the victim and trying to manipulate the press coverage of her. Many celebs including Priyanka Chopra , Amal Clooney , Serena Williams and others were spotted attending the baby shower .

Pakistani PM says he’s willing to talk but warns India
Whether Pakistan was involved in the attack or not, it seems unlikely concerted action will now be taken against JeM. A civilian namely Mushtaq Ahmad is said to have received critical wounds during the exchange of gunfight, he said.

Military planes head for Venezuela with aid
On Friday the US Treasury announced that it was imposing sanctions on five intelligence and security officials close to Maduro. Critics of Maduro say his re-election past year was fraudulent, making the president's second term illegitimate.

Sanchez's Man United form will improve with a goal - Solskjaer
United travel to Chelsea in the fifth round of the FA Cup on Monday, a game which will be shown live on the BBC . He said: "I'm not going to say it's the last chance because we're going to go down to Paris and give it a go".

Miranda Lambert Makes Shocking Valentine's Day Announcement
With her wedding bling in full view, Lambert, 35 , was seen sporting jeans and a black jacket while clutching a shopping bag. It's unclear when Miranda and Brendan tied the knot , but her rep revealed that it was a while ago.





Most Commented