L Brands sales fall 2% in third quarter, Victoria’s Secret struggles

Victoria’s Secret is still fighting to recover. L Brands, the parent house of the intimates’ chain, has ended the third quarter with a net loss of 252 million dollars, compared to the net loss of 42.8 million dollars, year-on-year.

Sales dropped 2% in the third quarter, mainly due to the weak performance of the Victoria’s Secret brand. The group ended the quarter with a revenue of 2.6 billion dollars, compared to the 2.8 billion dollars in the same period the previous year.

 Victoria’s Secret restrained the evolution of L Brands in the third quarter

Comparable sales fell 3%, weighed mainly by Victoria’s Secret, which reduced them by 8%. Bath&Body Works, on the other hand, has continued to grow, with an increase of 5% in the third quarter.

The company has opened a total of 56 directly operated stores in the first nine months of the year and closed 55, with a total of 2,944 stores as of November 2. For its noncompany-owned stores, the group shuttered a total of 33 stores and opened other 59.