Victoria’s Secret has announced it will close 250 Victoria’s Secret and PINK stores across the United States and Canada due to the coronavirus outbreak.
The parent company which owns the lingerie store, L Brands, announced that it has seen a drop in sales by 46 percent in the first fiscal quarter, which ended May 2, due to the pandemic, according to CNBC in a piece published Wednesday.(RELATED: Take A Look Back At Adriana Lima’s Career With Victoria’s Secret)
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The company, which also owns “Bath and Body Works” saw total sales drop as well by 18 percent as those shops were forced to close amid shelter-in-place orders. However, with the demand up for items like antibacterial liquids and soaps, online sales jumped up by 85 percent. (RELATED: Celebrate Kate Upton’s Birthday With These Unforgettable Shots [SLIDESHOW])
“While Bath & Body Works has been a key source of strength for L Brands over the past decade, recently it’s shown signs of peaking,” Jefferies analyst Randy Konik shared with clients before the earnings report came out.
L Brands said due to the pandemic it will not be providing a second-quarter or full-year outlook. They are hopeful that the majority of their shops will be open by the end of July.
As previously reported, the lingerie company has been called out for its alleged “culture of misogyny” and “harassment.” The annual lingerie show was even canceled in November.
“Going forward we don’t believe network television is the right fit,” a leaked email last May from Leslie Wexner, chief executive of L Brands, shared at the time. “In 2019 and beyond, we’re focusing on developing exciting and dynamic content and a new kind of event—delivered to our customers on platforms that she’s glued to … and in ways that will push the boundaries of fashion in the global digital age.”