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A popular retailer is closing more stores than usual after announcing a drop in profits.
L Brands, the parent company of Victoria's Secret, PINK, Bath & Body Works and White Barn, announced Wednesday a quarterly business numbers and 2018.
In this context, the brand announced its decision to close 53 stores in North America in 2019, after a series of 30 closures from 2018.
Stuart Burgdoerfer, chief financial officer of L Brands, said on Thursday: "We close stores every year, so managing our business is an ongoing process – we look at current and planned performance, sales, profits, we're looking at the dynamics commercial areas and the manner in which store openings and closures affect nearby stores and, to a lesser extent, our online business, and based on these historical and forecast results, not only for the store in question, but also for nearby stores, judging what would be the cash-flow results of projected sales profits would also be in relation to what it might cost to go out of a store. And based on these criteria we are closing stores. "
The brand indicates that it generally closes about 15 stores a year.
In its fourth quarter report, L Brands stated that earnings per share for the fourth quarter of 13 weeks ended February 2, 2019 were down $ 1.94 from $ 2.33 for the 14-week quarter closed on February 3, 2018.
The company said it has not published the list of stores that will be closed.
According to the company's website, L Brands currently owns 957 stores in the United States.
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