(Filed Under wholesale Lingerie News). Comparable store sales at Victoria’s Secret stores (including Pink) in the U.S. and Canada rose 6% in August while sales at Victoria’s Secret Direct rose 2%. Year-to-date, the stores are up 4%, but Direct is down 4%.
For the entire second quarter, comparable store sales for the same Victoria’s Secret shops were up 3% and Victoria’s Secret Direct sales were down 4%.
In dollar terms, all Victoria’s Secret stores (including Pink but not La Senza stores) in the U.S. and Canada registered sales of $1.438 billion in the second quarter and $2.783 billion in the first half. Victoria’s Secret Direct sales were $368.9 million in the second quarter and $707.2 million for the first half.
Meanwhile, parent company L Brands, Inc. registered a profit of $202.5 million on sales of $2.765 billion for the 13 weeks ended August 1, 2015, compared with a profit of $188.4 million on sales of $2.675 billion for the 13 weeks ended August 2, 2014.
For the 26 weeks ended August 1, 2015, L Brands reported net income of $452.9 million on sales of $5.277 billion compared with $345.3 million on sales of $5.067 billion during the same period in 2014.
Speaking about the August comparable store sales, Amie Preston, chief investor relations officer said the increase was “driven by continued strength in bras and strong back to school performance in Pink.” She added that “Our merchandise margin rate was down slightly to last year and in line with expectations. The slight decrease to last year was primarily driven by unfavorable foreign exchange rates.”
“At Victoria’s Secret Direct, August sales increased by 2%, as mid-teens growth in core categories more than offset the exit of apparel,” continued Preston. “The August merchandise margin rate was up significantly to last year, driven by the mix into core merchandise categories.”
At the stores, she concluded, “The beginning of September will focus on our T-shirt bra and Pink campus pant. September mid-month, we will focus on our So Obsessed Push-up Bra and Pink gym pant.”
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