Victoria's Secret closing more than 50 stores

Victoria's Secret

Victoria's Secret will be closing 53 stores across the United States and Canada after their parent company released their fourth quarter earning report.

Sales for Victoria's Secret have fallen seven percent in the store's most recent quarter as customers seek out lingerie start-ups and big retailers.

"Given the decline in performance at Victoria's Secret, we have substantially pulled back on capital investment in that business versus our history, " the company said in a statement. The owner, L Brands, is looking to close the worst performing stores.

A Victoria's Secret spokesperson didn't return Advance request for comment about whether its store in the Staten Island Mall, New Springville is on its hit list.

Same-store sales at the Victoria's Secret brand were down 3% during the quarter and overall in 2018.

"And based on those historic and projected results not just for the store in question but for nearby stores, we make judgments about what the projected sales profit cash flow results would be also in relation to what it may cost to exit a store".

The downsizing of its retail outlets does not come out of the blue - the brand closed 30 stores in 2018, twice the amount of its average annual closures of 15 stores.

All three companies reported declining same-store sales during the critical holiday period. He said Victoria's Secret will place a "dominant focus on the customer and on the merchandise" as it attempts to turn around its business. It also said it would discontinue reporting monthly sales results and would close 53 stores. "That's what it is", he said in the interview.

Shares of L Brands Inc. stock were down 4.20 percent as of 3:51 p.m. EST on Thursday.

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