(Filed Under wholesale Lingerie News). Comparable March Victoria’s Secret and Pink store sales in North America dropped 12% compared to the same month last year. When the results for the month’s direct to consumer business is added in, the decline was 13%.
Meanwhile, Victoria’s Secret has just opened its first full-line Victoria’s Secret stores in China, one totaling 25,850 square feet in Shanghai and a second 12,294-square-foot shop in Chengdu. Yet another is scheduled for Beijing later this year. Since last year the company has owned about 30 Victoria’s Secret Beauty and Accessories shops in China which sell panties but no bras.
Parent company L Brands combines results for both Victoria’s Secret and Pink in some of its monthly sales reporting, but the sales declines are attributable to the former brand rather than the latter. For example, in explaining the March results, chief investor relations officer Amie Preston noted, “Growth in the Pink business was offset by challenging traffic levels.” She continued, “The negative impact of exiting swim and apparel was about 10 points. Additionally, the later Easter negatively impacted comps by about a point. The merchandise margin rate was down to last year primarily due to promotional events to drive traffic and the impact of exiting non-core businesses. In April we will focus on delivering new fashion in our bralettes and Pink Wear Everywhere collection.”
L Brands as a whole (which also owns La Senza lingerie shops, Bath & Body Works and Henri Bendel), “reported net sales decreased 7 percent to $951.4 million for the five weeks ended April 1, 2017, compared to net sales of $1.027 billion for the five weeks ended April 2, 2016. Comparable sales for the five weeks ended April 1, 2017, decreased 10 percent.” In addition, “The company reported net sales of $1.717 billion for the nine weeks ended April 1, 2017, a decrease of 8 percent compared to sales of $1.876 billion for the nine weeks ended April 2, 2016. Comparable sales for the nine weeks ended April 1, 2017, decreased 11 percent.” — NM
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