Victoria’s Secret to close more stores as Bath & Body Works grows

Victoria’s Secret is expected to close more locations this year, even after closing more than 200 hundred locations in 2020.

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The lingerie brand will lose between 28 and 46 additional locations in the United States, its parent company, L Brands, revealed in an earnings report on Wednesday.

However, it’s a different story for Bath & Body Works, which is also owned by L Brands. The bathing store chain will open 49 new stores in the United States and one in Canada.

L Brands CEO Andrew Meslow told investors that while the company has seen an improvement in its Victoria’s Secret brand, the company “has continued strength at Bath & Body Works.”

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The company reported fourth quarter net income of $ 860.3 million, or $ 3.03 per share, compared to a loss of $ 192.3 million, or $ 0.70 per share, during the same period a year ago.

Bath & Body Works same-store sales increased 22% while Victoria’s Secret same-store sales decreased 3%.

L Brands is still making progress with plans to separate the two activities.

“With the collective initiatives underway, the company is well positioned to continue to generate value for our shareholders,” said Meslow.

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