(Filed Under Financial and General Interest News). Victoria’s Secret July comparable store sales rose 5% and Victoria’s Secret direct sales rose 1%. Meanwhile parent company L Brands, Inc. reported “net sales of $735.3 million for the four weeks ended August 2, 2014, an increase of 8 percent, compared to net sales of $678.4 million for the four weeks ended August 3, 2013.”
For the 13 weeks ended August 2, 2014 overall net sales at L were $2.675 billion “an increase of 6 percent compared to sales of $2.516 billion for the 13 weeks ended Aug. 3, 2013.” L, which operates a total of 2,942 specialty stores in the U.S., Canada and the U.K., including PINK, Bath & Body Works, La Senza and Henri Bendel (and sells its products in another 600 franchise locations), “reported a comparable store sales increase of 3 percent for the 13 weeks ended August 2, 2014. The company reported net sales of $5.067 billion for the 26 weeks ended August 2, 2014, an increase of 6 percent compared to sales of $4.784 billion for the 26 weeks ended August 3, 2013. Comparable store sales increased 3 percent for the 26 weeks ended Aug. 2, 2014.”
As it reported its most recent results, L said “it expects to report second quarter earnings at the high end of its previous guidance of $0.57 to $0.62 per share. This estimate includes a charge for severance of approximately $0.02 per share, which was not included in the previous guidance.”
In the second quarter of 2014, Victoria’s Secret stores in the U.S., Canada and the U.K. had sales totaling $1.363 billion, up from $1.282 billion for the same quarter last year. For the first half of the year, sales at these stores totaled $2.608 billion, compared to $2.466 billion in 2013.
At Victoria’s Secret direct, total sales for the second quarter were $382.4 million, down slightly from $383.7 million for the same quarter last year. For the first half of the year, direct sales were $740.6 million, also down slightly from $742.7 million in the first half of 2013.
In terms of store openings in the intimates arena, L continues to put its emphasis on younger consumers. So far in 2014 it has opened 15 PINK stores in the U.S. (and closed one) raising the total to 97. Meanwhile, the firm has opened just three new Victoria’s Secret stores in the U.S. (and closed two) bringing the total to 978. Four Victoria’s Secret stores have been opened this year in Canada, raising the total to 28; and two have been opened in the U.K. raising the total there to 7. Meanwhile, L has closed four of its La Senza lingerie stores in Canada, dropping the total to 153, and La Senza International closed 26 stores and opened two, dropping the total to 307.
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