(Filed Under wholesale Lingerie News). Victoria’s Secret and Pink comparable store sales in North America rose 9% in September. Victoria’s Secret Direct sales were up 3%.
Meanwhile, parent company L Brands reported “net sales of $919.9 million for the five weeks ended October 3, 2015, an increase of 8%, compared to net sales of $853.5 million for the five weeks ended October 4, 2014. Comparable store sales increased 9% for the five weeks ended October 3, 2015. L Brands also owns Bath & Body Works, La Senza, the Canadian lingerie chain, and Henri Bendel and its brands are sold in franchised locations around the world.
Explaining the Victoria’s Secret and Pink store results, Amie Preston, chief investor relations officer noted sales were “driven by continued strength in Pink and core lingerie. Sales also benefited from activity related to the shift in Labor Day and our Angel Card re-issue. The merchandise margin rate was down to last year, in line with expectations. The decrease in rate versus last year was primarily driven by the shift in activities to support Labor Day and promotional activities to support new beauty launches. Merchandise margin dollars were up.”
She continued that “at Victoria’s Secret Direct, September sales increased by 3%, as mid-twenties growth in core categories more than offset the exit of apparel. The September merchandise margin rate was up significantly to last year, driven by the mix into core merchandise categories.” She concluded that at L Brands as a whole, “we expect October comps to be up low single digits.”
At the lingerie stores, Preston noted, “The beginning of October will focus on the re-launch of our beauty Fantasies collection [beauty products] along with a continued focus on our Body By Victoria collection.”
As a whole, L Brands “reported net sales of $7.023 billion for the 35 weeks ended October 3, 2015, an increase of 5% compared to net sales of $6.685 billion for the 35 weeks ended October 4, 2014. Comparable store sales increased 5% for the 35 weeks ended October 3, 2015.”
As the company reported its recent sales, it also provided a chart showing that in the period between January 31, 2015 and October 3 it had opened four Victoria’s Secret stores in the U.S. and closed three, bringing the total to 984. During the same period it opened 14 Pink stores and closed three, bringing the total to 126 in the U.S. Three Victoria’s Secret stores were added in Canada, bringing the total there to 34. The number of Pink stores in Canada remained at 10 during the same period. Meanwhile, L Brands opened one La Senza store in Canada and closed 13, dropping the total there to 133.
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