Victoria’s Secret quietly closed 38 stores. What shoppers should know
Victoria’s Secret has closed dozens of stores worldwide this year, but the brand is still raising its full-year sales outlook. The news comes from a recent report from The Street , which explained that between Jan. 31 and Aug. 31, the chain closed 38 stores globally. However, over the same period of time, 48 Victoria’s Secret stores opened, bringing the total store count to 1,430. Last year, the…
Victoria’s Secret has quietly closed 38 stores worldwide over the period between January 31 and August 31 this year, according to a report from The Street. Despite these closures, the brand is still projecting a full-year sales outlook that has risen. The store count has since risen to 1,430, as 48 new stores opened during the same period. Last year, Victoria’s Secret closed 78 stores but opened 111.
During a September 3rd earnings call, the brand’s CEO, Hillary Super, explained that despite these recent closures, sales remained strong during the second quarter. Net sales grew by 10% year-over-year, near the upper end of their guidance. Operating income and earnings per share exceeded the high end of the guidance, marking their fifth consecutive quarter of positive comparable sales. Super highlighted that Super bras sales, the PINK collection, and beauty items contributed to this growth.
Super also noted the brand's growing appeal to Gen Z shoppers. The brand has been targeting this demographic through various marketing strategies. Despite a decline in sales in the late 2010s due to the emergence of numerous inclusive underwear startups, a rise in the #MeToo movement, and the discontinuation of the brand’s fashion show in 2018, VS has been working to reinvent itself. In recent years, the brand has returned to its iconic fashion show in 2024, aiming for a more inclusive representation.
Additionally, VS has collaborated with popular celebrities, influencers, and brands that resonate with Gen Z. These include Sabrina Carpenter, Angel Reese, and Olivia Rodrigo. This year, the brand will also partner with JanSport and HydroJug. The chain has also embraced digital promotions, launching its first TikTok Live from the store during its PINK Friday sale event, which provided massive discounts on a variety of items.
Super emphasized the brand's commitment to staying relevant by evolving with the changing digital landscape. Chief Financial and Operating Officer Scott Sekella said that the brand anticipates sales of up to $1.6 billion in the third quarter.
Written by urgent.news from Fast Company's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
