(Filed Under wholesale Lingerie News). Victoria’s Secret direct sales in October dropped 7% compared to the same month last year, while Victoria’s Secret North American comp store sales for the month were “flat” compared to last year, indicating something of a slowdown on the lingerie side of parent company L Brands’ overall business. In each of the other nine months this year, Victoria’s Secret’s comp store sales have increased from 1% to 10% over the same month in the prior year; direct sales have been higher than the year before in six out of the 10 months.

Meanwhile, however, L Brands overall business was strong. Company-wide sales for the four weeks ended November 1, 2014 were $700.0 million, “an increase of 3%, compared to net sales of $680.5 million for the four weeks ended November 2, 2013. Comparable store sales increased 3% for the four weeks ended November 1, 2014.” L Brands operates Bath & Body Works, La Senza and Henri Bendel, in addition to its Victoria’s Secret operations.

“The company reported net sales of $2.319 billion for the 13 weeks ended November 1, 2014, an increase of 7% compared to net sales of $2.171 billion for the 13 weeks ended November 2, 2013. Comparable store sales increased 5% for the 13 weeks ended November 1, 2014.”

“The company reported net sales of $7.385 billion for the 39 weeks ended November 1, 2014, an increase of 6% compared to net sales of $6.955 billion for the 39 weeks ended November 2, 2013. Comparable store sales increased 3% for the 39 weeks ended November 1, 2014.”

Earnings for the third quarter will be announced November 19, but “As previously announced, the company now expects third quarter earnings per share between $0.38 and $0.40, versus its previous guidance of $0.26 to $0.31 and last year’s result of $0.31. The company will provide fourth quarter earnings guidance when it reports third quarter earnings after the close of the market on November 19. “

While L Brands did not provide an explanation for the flat sales at Victoria’s Secret stores in October, the company gave a partial explanation of what happened with its catalog and internet businesses. “Total sales at Victoria’s Secret Direct, which are not included in comparable store sales, are estimated to be down about 7%, driven by the exit of non-go-forward apparel merchandise.” The company did not, however, address what happened in the month to its core intimates business in the category.

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Published 11-06-2014 by Nick Monjo