The owner of lingerie brand Victoria’s Secret has announced it expects to see a 20% decline in comparable sales in February.
L Brands’ fourth quarter and full-year earnings report forecasted that dropping swimwear categories from Victoria’s Secret as well as investment in real estate and in China would hit comparable sales by about six percentage points.
Victoria’s Secret’s performance contributed to a weighing down of L Brands’ shares last week as they fell 13%.
Earlier this month, L Brands, which also owns Pink and La Senza reported a 2% sales rise, its slowest quarterly sales growth in three years.
Continued investment in UK sites is thought to have contributed to the dip in numbers.
It was reported earlier this month that Victoria’s Secret plans to open 30 stores across the UK.