"We are closing more stores ... based on the overall performance of the Victoria's Secret business not meeting our expectations", L Brands chief financial officer Stuart Burgdoerfer told analysts Thursday, adding that the company typically averages about 15 store closures per year.
L Brands, which operates the up-scale lingerie chain, is planning to close 53 stores this year.
Sales for Victoria's Secret have fallen seven percent in the store's most recent quarter as customers seek out lingerie start-ups and big retailers.
Additionally, the 2018 Victoria's Secret Fashion Show had the smallest audience since becoming a holiday-season TV event in 2001, with just 3.27 million viewers, the Nielsen company said.
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Critics contend Victoria's Secret is particularly out of touch in the current #MeToo climate. The company closed 30 stores a year ago as more people turned to online shopping than malls. Perhaps Victoria's Secret can take note.
L Brands Inc., owner of the lingerie chain, announced Wednesday that Victoria's Secret's USA brick and mortar square footage will decrease by about 3 percent. It has plunged more than 40% in the past year.
Victoria's Secret's same-store sales also fell during the holidays, dropping 3% during the quarter.
Competition in the lingerie industry has increased in recent years.
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"It's an attractive category", Burgdoefer said of the lingerie business. Target launched a new bra and underwear brand for women and teenage girls called Auden on Monday.
The announcement comes after a rough year for Victoria's Secret. Lululemon and Walmart have also expanded their efforts in the space.
Analyst Randal Konik of Jefferies said L Brands' banners "are not wanted anymore". They don't have a great option.
The locations of the stores expected to close were not released.
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