Victoria's Secret to close more stores while Bath & Body Works grows
Bath & Body Works 'experienced consistent strength'
Victoria's Secret is slated to close more locations this year, even after shutting more than 200 hundreds of locations in 2020.
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The lingerie brand will lose between 28 to 46 additional U.S. locations, its parent company, L Brands, disclosed in an earnings report Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LB | LANDBRIDGE CO. LLC | 56.19 | -0.10 | -0.18% |
However, it's a different story for Bath & Body Works, which is also owned by L Brands. The bath shop chain will open 49 new locations in the U.S. and one in Canada.
L Brands CEO Andrew Meslow told investors that while the company saw improvement in its Victoria’s Secret brand, the company "experienced consistent strength at Bath & Body Works."
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The company reported a net income of $860.3 million, or $3.03 per share, in the fourth quarter, compared to a loss of $192.3 million, or $0.70 a share, during the same period a year ago.
Bath & Body Works' same-store sales increased 22% while Victoria's Secret's same-store sales declined 3%.
L Brands is still moving forward with plans to separate the two businesses.
"As a result of the collective initiatives underway, the company is well-positioned to continue driving value for our shareholders," Meslow said.