{"id":255733,"date":"2020-05-22T03:09:51","date_gmt":"2020-05-22T07:09:51","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=255733"},"modified":"2020-05-22T03:09:51","modified_gmt":"2020-05-22T07:09:51","slug":"victorias-secret-bath-body-works-stores-in-u-s-canada-to-be-closed-as-sales-decline","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/05\/22\/victorias-secret-bath-body-works-stores-in-u-s-canada-to-be-closed-as-sales-decline\/","title":{"rendered":"Victoria’s Secret, Bath & Body Works stores in U.S., Canada to be closed as sales decline"},"content":{"rendered":"
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According to L Brands, about 250 Victoria’s Secret stores will be closed, along with 50 shops of Bath & Body Works, which is also under the retail company. (File photo<\/a>: Alpha\/Flickr<\/a>, CC BY-NC 2.0<\/a>)<\/figcaption><\/figure>\n

The parent company of Victoria’s Secret, L Brands, announced that it is closing hundreds of its stores both in the United States (U.S.) and Canada, as the world continues to grapple with the coronavirus disease 2019 (COVID-19) pandemic.<\/p>\n

According to L Brands, about 250 Victoria’s Secret stores will be closed, along with 50 shops of Bath & Body Works, which is also under the retail company.<\/p>\n

Victoria’s Secret CEO Stuart Burgdoerfer told analysts through a call that they expect “a meaningful number of additional store closures” beyond the 250 shops they will be shutting down this year.<\/p>\n

“Meaning there will be more in 2021 and probably a bit more in 2022,” he said.<\/p>\n

On Wednesday, May 20, L Brands reported that its net sales plummeted to $1.65 billion in the first quarter ended on May 2, compared to the $2.63 billion recorded during the quarter ended on May 4 last year. Since March 17, L Brands said that almost all of its stores were closed due to the pandemic.<\/p>\n

“The company reported a loss per share of $1.07 for the first quarter ended May 2, 2020, compared to earnings per share of $0.14 for the quarter ended May 4, 2019,” the company said in a press release.<\/p>\n

“First quarter operating loss was $317.7 million compared to operating income of $153.3 million last year, and net loss was $296.9 million compared to net income of $40.3 million last year, it added.<\/p>\n

It noted that Bath & Body Works’ first quarter sales in the U.S. and Canada declined to $712.7 million, compared to $870.7 million in 2019. Victoria’s Secret sales, meanwhile, went down to $821.5 million, compared to the $1.51 billion it obtained last year.<\/p>\n

L Brands said that it will continue its plan to make Bath & Body Works a “pure-play public company,” while it prepares the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and Pink businesses to be a “standalone company.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The parent company of Victoria’s Secret, L Brands, announced that it is closing hundreds of its stores both in the …<\/p>\n","protected":false},"author":33,"featured_media":255735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-255733","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joanna-belle-deala","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/255733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=255733"}],"version-history":[{"count":2,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/255733\/revisions"}],"predecessor-version":[{"id":255747,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/255733\/revisions\/255747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/255735"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=255733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=255733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=255733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}