Victoria’s Secret quietly closed 38 stores. What shoppers should know

Victoria's Secret, the iconic lingerie and beauty brand, has quietly closed 38 stores worldwide this year, as reported by TheStreet. Despite these closures, the brand raised its full-year sales outlook.

In contrast to last year, when the brand closed 78 locations but opened 111 new stores, bringing the total store count to 1,430, the company has been focusing on growth strategies. CEO Hillary Super stated that sales were solid in the second quarter, although they were down from the 15% growth seen in Q1. Net sales increased by 10% year over year, close to the high end of their guidance.

Operating income and earnings per share also exceeded the high end of their guidance, marking their fifth consecutive quarter of positive comparisons.

Super highlighted that bra sales, which remain the heart of the brand, along with the Pink collection and beauty items, all saw gains. She also noted the rising popularity of the brand among Gen Z consumers. The company has been actively marketing to Gen Z through various initiatives, including the return of its iconic fashion show in 2024, which aims to be more body inclusive.

The brand has collaborated with popular celebrities and influencers such as Sabrina Carpenter, Angel Reese, and Olivia Rodrigo, as well as brands like JanSport and HydroJug.

Furthermore, Victoria's Secret has focused on digital promotions, launching its first TikTok Live from the store during its Pink Friday sales event, offering massive discounts on a range of items. Super emphasized the importance of engaging with customers through digital channels, stating that the brand is committed to future-proofing itself and evolving with its customers. Chief Financial and Operating Officer Scott Sekella expects sales in the third quarter to reach as high as $1.6 billion.