The headlines of Fox Business Flash are here. See what clicks on FoxBusiness.com.
Victoria’s Secret will close more venues this year, even after closing more than 200 hundreds of venues in 2020.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
The lingerie brand will lose between 28 and 46 additional U.S. businesses, its parent company, L Brands, announced in an earnings report on Wednesday.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| LB | L BRANDS INC. | 52.36 | +0.71 | + 1.37% |
However, this is 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 US and one in Canada.
Andrew Meslow, CEO of L Brands, told investors that the company had an improvement in its Victoria’s Secret brand, but that the company “has a solid strength at Bath & Body Works”.
VICTORIA’S SECRET PARENTS 850 Corporate work
The company posted 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 per share, during the same period. a year ago.
Bath & Body Works’ sales in the same store increased by 22%, while Victoria’s Secret’s sales in the same store decreased by 3%.
L Brands is still pursuing plans to separate the two businesses.
“As a result of the collective initiatives that are underway, the company is well positioned to continue to drive value for our shareholders,” Meslow said.
GET FOX BUSINESS ON THE GO by clicking here