Victoria’s Secret Struggles OnThe lingerie retailer disappointed, again, with comparable-sales declines in June and no indication of relief in the immediate future.

[Collection]Victoria’s Secret just isn’t that sexy right now. Shares of parent company L Brands Inc. fell 12.1 percent to $32.34 Thursday after the lingerie merchant — again —failed to excite shoppers. The retailer, which includes Pink, the retail chain and e-commerce, said June comparable sales fell 1 percent on top of a 17 percent drop a year earlier. For the first six months of the year, the brand’s comps were flat after a 15 percent decline for the first half of 2017. “Growth in beauty was offset by declines in lingerie and Pink,” said Amie Preston, chief investor relations officer, on a recorded call. “[The] semiannual sale had a soft start with negative traffic levels. In response, we extended the sale time period versus last year by about two weeks and reduced pricing to drive traffic and clear inventory, which resulted in merchandise margin rates down significantly to last year.” Despite the weakness, Victoria’s Secret is still the dominant lingerie merchant, with sales of $7.39 billion last year and many have been looking for the company — ultimately led by L Brands’ chief executive officer Leslie Wexner — to use its position and retail savvy to stage a comeback. But a return to the va-va-voom

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