Victoria’s Secret has reported a 16% drop in sales in February compared to its 4% growth last year as Valentine’s Day trading failed to deliver.
However, it was initially predicted that its comparable sales would drop 20% last month, showing a slight improvement in what was originally anticipated.
The US lingerie giant predicts that losing its swimwear categories and continued investment in UK sites will impact heavily on its performance this year.
Such has the brand’s performance stalled recently that its owner, L Brands, suffered a 13% drop in shares last month as it was weighed down by a poor lingerie performance.
Victoria’s Secret now operates 15 stores in the UK and its sister brand, Pink, has three.