Bath & Body Works will be shuttering 24 stores but will open 46 new ones while other locations undergo renovations, a Wednesday report stated.
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The bath shop retailer’s parent company, L Brands Inc., reported a fiscal first-quarter profit Wednesday of $40.3 million. The results topped Wall Street expectations and had a profit of 14 cents per share. L Brands Inc. also owns Victoria’s Secret.
In addition to the openings and closings, L Brands said in a quarterly earnings presentation that it would be renovating 175 locations, USA Today reported.
The bath and fragrance chain shuttered three stores in 2019 and opened 14 stores.
Bath & Body Works is growing by 3 percent, unlike Victoria’s Secret, which is decreasing by 3 percent, USA Today reported. L Brands announced in February that it would be closing 53 Victoria’s Secret stores in 2019 after closing 30 others in 2018.
This year, some of the most prominent retailers in the country announced they were shuttering its doors or filing for bankruptcy including Payless ShoeSource, Dressbarn and Fred’s.
The Associated Press contributed to this report.