Victoria's Secret store closures planned in Canada, U.S.

A Victoria's Secret store in New

A Victoria's Secret store in New

TL;DR Victoria's Secret is closing stores all over North America, including 3 in Canada.

Sales at stores open at least a year decreased by 7 percent during Victoria's Secret's most recent quarter, according to L Brands.

It has been under increased competition in recent years from such newer online and store rivals as Third Love and Aerie that emphasize more inclusive sizing, comfortable fits and body-positive imaging. The company said late Wednesday that it would close 53 stores this year, citing a "decline in performance". Victoria's Secret same-store sales have fallen for the past three years.

The once popular PINK brand saw sales reduce to lower than normal double digits for the fourth quarter while Victoria's Secret lingerie line remained flat even during the heavy gifting season. The lingerie chain now has some 957 USA stores. The Columbus, Ohio company also operates Bath & Body Works. Burgdoerfer credited the strong performance in part to White Barn candles into some new and existing stores.

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.

The numbers say as much about what's been going on outside of Victoria's Secret as within it.

The results beat the company's own forecasts for the quarter, which it had revised downward midway through 2018.

The lingerie company said it will shutter the locations this year, reducing its North American footprint by 3 percent.

"The most important thing, in our view, is the merchandise", he said. On Thursday, L Brands' stocks dropped almost 7 percent.

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