Victoria’s Secret will close 53 stores as struggles mount

A general view of the atmosphere at Victoria's Secret in Costa Mesa California

A popular retailer is closing more stores than usual after reporting declining profits.

The lingerie icon's parent company, L Brands, announced a 7% drop in sales over their last quarter and 40% in the past year - although the company's flagship brand, Bath and Body Works, continued to do well. A list of the stores slated for closure has not been released.

L Brands reported mixed results for its crucial fourth quarter amid falling sales at its embattled Victoria's Secret division.

"We are closing more stores ... based on the overall performance of the Victoria's Secret business not meeting our expectations", L Brands chief financial officer Stuart Burgdoerfer told analysts Thursday, adding that the company typically averages about 15 store closures per year.

L Brands' chief market officer, Ed Razek, sparked a backlash late previous year when he rejected the idea of using plus-size or transgender models, a position he later apologized for.

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Although a change in strategy appears necessary for the survival of Victoria's Secret, which has stuck to the same marketing strategy for decades, it may not sit well with consumers.

This year, the lingerie store announced that they will be closing over 50 stores, including three in Canada.

The company operates 2,943 company-owned specialty stores in the United States, Canada, the United Kingdom and China, and its brands are also sold in more than 650 franchised locations worldwide. Auden bras will cost $22 and under.

"People identify Victoria's Secret with what's it been for the last 20 years - very sexy and airbrushed models", she said.

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