(Filed Under wholesale Lingerie News). Victoria’s Secret and Pink comparable store sales in North America fell by 2% in August. When the direct business is added in, the numbers were flat compared to last August.
According to chief investor relations officer Amie Preston at parent company L Brands, “Strength in the Pink business was offset by declines in the non go-forward categories of swim and apparel and in our beauty business. Comparable sales excluding the non go-forward categories were up 2%”
She added, “The merchandise margin rate was down significantly to last year, primarily due to a decline in beauty as we reposition this category and incremental promotional activities designed to drive trial in key categories, including beauty, sport and bralettes.”
L Brands, which also includes Bath & Body Works, La Senza and Henri Bendel, reported that combined sales rose 3% to “$852.9 million for the four weeks ended Aug. 27, 2016, an increase of 3 percent, compared to net sales of $826.0 million for the four weeks ended Aug. 29, 2015. Comparable sales increased 2 percent for the four weeks ended Aug. 27, 2016.”
L Brands also “reported net sales of $6.356 billion for the 30 weeks ended Aug. 27, 2016, an increase of 4 percent compared to net sales of $6.103 billion for the 30 weeks ended Aug. 29, 2015. Comparable sales increased 3 percent for the 30 weeks ended Aug. 27, 2016.”
Preston said that going forward, “The beginning of September will focus on bralettes and Pink yoga/athleisure. September mid-month, we will focus on our Dream Angels collection.”
She added that company-wide, “we expect September comps to be about flat.” — NM
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