Victoria's Secret is slated to close more locations this year, even after shutting more than 200 hundreds of locations in 2020.
The lingerie brand will lose between 28 to 46 additional U.S. locations, its parent company, L Brands, disclosed in an earnings report Wednesday.
|LB||L BRANDS INC.||67.66||+1.97||+2.99%|
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."
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.