(Filed Under wholesale Lingerie News). Comparable Victoria’s Secret store sales in April in North America “were flat to last year driven by the timing shift of Easter versus last year,” according to Amie Preston, chief investor relations at parent company L Brands. Meanwhile, “at Victoria’s Secret direct, April sales decreased by 10%, as significant growth in core categories was more than offset by the exit of apparel.”
For the full first quarter, however, “sales a Victoria’s Secret stores [in North America] increased 8% to $1.346 billion and comps increased 5% on top of 2% last year.” But “first quarter sales at Victoria’s Secret direct were $338.3 million, down 6% to last year” again blamed on the company’s exit from certain apparel categories.
In announcing its financial results, L also revealed that since January 31st it has opened two (and closed one) Victoria’s Secret store in the U.S., raising the total to 984. It has also opened five new Pink stores here, raising the total to 120. One Victoria’s Secret has been opened in Canada, raising the total to 32. During the same period, the company closed 12 La Senza stores in Canada, dropping the total to 133.
As a whole, L Brands “reported net sales increased 1% to $724.6 million for the four weeks ended May 2, 2015, compared to net sales of $717.6 million for the four weeks ended May 3, 2014,” according to the company. L reported “net sales of $2.512 billion for the 13 weeks ended May 2, 2015, an increase of 5% compared to sales of $2.391 billion for the 13 weeks ended May 3, 2014.” In addition to Victoria’s Secret, L owns PINK, Bath & Body Works, La Senza and Henri Bendel.
In its announcement, L increased its guidance on first quarter earnings. It said it “expects to report adjusted first quarter earnings per share of $0.58 to $0.60 versus its previous guidance of $0.50 to $0.55.”
In remarks explaining the results, Preston charted Victoria’s Secret’s course for the month ahead. “May will begin with our new and improved Bombshell collection and our Pink racerback bralette. May mid-month, we will focus on our multi-way collection.”
L Brands also announced that since January 31st, 15 Victoria’s Secret Beauty & Accessories stores have been opened (and one closed), raising the total internationally to 304. These stores, operated by partners, carry only limited amounts of lingerie. During the same period, 8 La Senza stores were closed by L Brand partners, dropping the total internationally to 258.
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