Victoria's Secret has closed dozens of stores worldwide this year, but the brand is still raising its full-year sales outlook.
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The news comes from a recent report from TheStreet, which explained that between January 31 and August 31, the chain closed 38 stores globally. However, over the same period of time, 48 Victoria's Secret stores opened, bringing the total store count to 1,430. Last year, the iconic lingerie and beauty brand closed 78 locations, but opened 111.On a September 3 earnings call, the brand's CEO Hillary Super, who stepped into the role in 2024, explained that, despite the recent closures, sales were solid in the second quarter, although down from the 15% growth the brand saw in Q1."Net sales increased 10% year over year, near the high end of our guidance, and operating income and earnings per share exceeded the high end of our guidance. This marked our fifth consecutive quarter of positive comps, giving us further confidence in the progress we are making," Super said.
According to Super, bra sales—which she said are still "at the heart" of the brand—the Pink collection, and beauty items all saw gains. She also spoke to VS's rising popularity with Gen Z. "We are growing both new and existing bra customers, with particularly strong new customer growth among 18- to 24-year-olds."
The lingerie brand has been marketing to Gen Z in a number of ways in recent years, after sales began to drop off in the late 2010s—the result of a growing number of underwear startups emerging and promoting themselves as being more inclusive that the VS brand, the cultural impact of the #MeToo movement, and the downfall of the brand's own fashion show, which was canceled in 2018.VS brought back its iconic fashion show in 2024, while aiming to make the show more body inclusive than its past presentations. And these days, it often collaborates with popular celebrities, influencers, and brands that speak to the generation. VS has worked with Sabrina Carpenter, Angel Reese, and Olivia Rodrigo. This year, the brand will also team up with JanSport and HydroJug.Additionally, the chain has leaned into digital promotions. Super said that the chain launched its first TikTok Live from the store this year, as a part of its Pink Friday sales event, which offered shoppers massive deals on a number of items.
"There is an ecosystem of digital content out there," Super said on an earnings call earlier this year. "We're engaging with [the customer] where she is and bringing her into our channels . . . we're very focused on future-proofing ourselves and making sure that we are evolving with her," she said.
Chief financial and operating officer Scott Sekella said the brand expects sales in the third quarter to be as high as $1.6 billion.
This post originally appeared at fastcompany.comSubscribe to get the Fast Company newsletter: http://fastcompany.com/newsletters
Popular women's retailer closes 38 stores worldwide TheStreet • 1d ago VSXY
Popular women's retailer closes 38 stores worldwide
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