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

Victoria's Secret

Three Victoria's Secret stores in Canada are expected to close this year as parent company L Brands Inc. looks to improve on its financial performance.

The parent company of Victoria's Secret announced it's closing 53 stores, but hasn't said where yet. L Brands said it closed 30 Victoria's Secret stores in 2018, already up from its average of 15 store shutdowns a year.

Victoria's Secret has recently encountered criticism for its failure to adapt to consumer demand for more custom-fitted bras and inclusive advertising and messaging.

Victoria's Secret now operates more than 1,100 stores worldwide.

"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". Burgdoerfer credited the strong performance in part to White Barn candles into some new and existing stores. The company closed 30 stores past year as more people turned to online shopping than malls.

Tesla Stock Plunges While Analysts Question Model 3 Pricing Plan
As of the fourth quarter, Tesla said it recently opened 27 new locations, bringing its total of stores and service centers to 378. Thursday was the third time this year that Tesla lowered the price on the Model 3, which recently started at $42,900.

A popular retailer is closing more stores than usual after reporting declining profits.

Net sales for the year to February 2 were US$13.237 billion compared to $12.632 billion for the 53 weeks ended February 3 last year.

'People identify Victoria's Secret with what it's been for the last 20 years - very sexy and airbrushed models, ' said investment analyst Janine Stitcher. This marked its 16th consecutive quarter of double-digit positive growth. Earlier this year it said it would reintroduce swimwear to its range after an absence of several years to increase foot traffic in stores.

"If the merchandise is special, unique, reflects fashion, has newness ... there are terrific opportunities".

L Brands stock was trading down eight percent on Thursday.

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