Victoria Secret closing more than 50 stores in North America this year

Victoria Secret closing more than 50 stores in North America this year

Victoria Secret closing more than 50 stores in North America this year

Dozens of Victoria's Secret stores, including some in Canada, are being earmarked for closure as owner L Brands looks to shore up poor financial performance at the lingerie chain.

Other retailers, including Walmart and Best Buy, have performed strongly in recent months.

Some of the blame for the lack of foot traffic into a Victoria Secret store is the lack of diverse styles for women of different body shapes and types. With ever-progressing cultural attitudes, the Victoria's Secret brand looks outdated, and frankly out of touch. Victoria's Secret square footage in North America is projected to decline by about 3%, it said.

What's new. L Brands reported a fourth-quarter profit of $2.14 per share, beating forecasts for $2.08 cents, according to FactSet.

Overall, Victoria's Secret store footprint will shrink by some 3 percent. In November, the company's CEO resigned and, in December, its annual "Angel" fashion show posted the worst ratings in its history.

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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.

L Brands stock was trading down eight percent on Thursday.

Competition in the lingerie industry has increased in recent years.

"It's an attractive category", Burgdoefer said of the lingerie business. Lululemon and Walmart have followed suit and alluded to plans to reduce pricing. They don't have a great option.

L Brands has announced that they choose which stores to close based on a number of factors, including current and predicted performance along with local factors.

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