(Filed Under wholesale Lingerie News). Victoria’s Secret and Pink July combined comparable store and direct sales in the U.S. and Canada fell 4%. As has consistently been the case recently, the direct business pulled up the overall results. Comparable sales for the stores alone fell 6% for the month.

Amie Preston, chief investor relations officer for parent company L Brands described the problem for the two labels, with “growth in beauty offset by a decline in lingerie and Pink.” During the month, she added, “The merchandise margin was down significantly to last year, driven by increased promotional activity. In August we will focus on new fashion in our Body By Victoria collection in the lingerie business and back to school in the Pink business.”

Even while comparable sales at VS and Pink brick and mortar stores have trended lower this year, L Brands has hesitated to close many locations. Between February 3, 2018 and August 4, 2018, L Brands reduced the number of stores for the two labels in the two countries by only five, dropping the total to 1165.

During that span L opened one and closed five Victoria’s Secret stores in the U.S., dropping the total to 980; and closed one Pink store in Canada, dropping the total there to six. The number of Pink stores in the U.S. remained the same at 140, as did the number of Victoria’s Secret stores in Canada at 39. — NM

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Published 08-23-2018 by Nick Monjo