Victoria's Secret closed 38 stores, raises sales outlook
Victoria's Secret has reduced its global store count by closing 38 locations between January and August 2024. However, the company opened 48 new stores during the same period, expanding its total network.
Victoria's Secret closed 38 stores worldwide between January 31 and August 31, 2024. During the same timeframe, the company opened 48 new locations, bringing its total global store count to 1,430.
The lingerie retailer's decision comes as it has raised its full-year sales outlook. On a September 3 earnings call, CEO Hillary Super stated that second-quarter sales were solid, though they saw a decrease from the 15% growth experienced in Q1. The company reported its fifth consecutive quarter of positive comparable sales.
Super indicated that sales of bras, the Pink collection, and beauty items all saw gains. She also highlighted the brand's growing popularity with Gen Z consumers, particularly among new customers aged 18 to 24.
In recent years, the company has aimed to appeal to a younger demographic through various marketing efforts. The 2024 fashion show aimed for greater inclusivity, and the brand collaborates with artists and influencers. Victoria's Secret has also focused on digital marketing, including live streams on platforms like TikTok.
The company anticipates third-quarter sales to reach up to $1.6 billion. This strategic store adjustment, alongside targeted marketing, reflects Victoria's Secret's efforts to adapt to evolving consumer preferences and maintain market presence.