In their fourth-quarter report, L Brands said that earnings per share for the 13-week fourth quarter ended February 2, 2019, were down $1.94 compared to $2.33 for the 14-week quarter ended February 3, 2018.
In 2018, L Brand closed 30 stores - one in Canada, the other 29 in the U.S.
The company has not publicly identified which specific stores will be closing, but L Brands said the closing stores represent less than 5% of the total store count at this time.
Victoria's Secret is the latest retailer to announce store closures.
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L Brands Inc., owner of the lingerie chain, announced Wednesday that Victoria's Secret's USA brick and mortar square footage will decrease by about 3 percent.
Elsa Hosk walks the runway during the Fantasy Bra during 2018 Victoria's Secret Fashion Show at Pier 94 in NY. That number includes 50 Victoria's Secret locations in the USA and three in Canada.
The company has taken several hits over the past couple of years, with almost 30 stores shut down in 2018, Business Insider reports. We do not know exactly which stores will be closing, but we will update this post as more information becomes available. L Brands' forecast for 2019 disappointed Wall Street, sending its stock down 7% in early trading Thursday.
This year, the lingerie store announced that they will be closing over 50 stores, including three in Canada. "If they were going to pivot now, I don't think it would come off as authentic". Target launched a new underwear brand for women on Monday, which features bras that all cost under $22.