Retailer also opens new stores
Bath & Body Works opens, renovates and closes stores this year.
Wednesday's quarterly earnings presentation by parent company L Brands expands its fleet by 46 new stores, 175 refurbishments and 24 closures ahead of a Thursday morning earnings poll with analysts.
In February, L Brands announced that in February 2019, 53 Victoria's Secret stores will be closed. According to documents released on Wednesday, 35 were closed on 4 May.
As of May 4, Bath & Body Works closed three stores and opened 1
4 stores this year.
"We will continue to actively manage our real estate portfolio, opening 822 stores, closing 675 stores and selling 130 stores over the last 10 years." L Brands announced in a protocol for the meeting on Thursday.
Between opening and closing, Bath & Body Works grows 3%, while Victoria's sister business shrinks 3%.
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In 2019, more than 7,000 store closures have been announced.
After the closures and openings, there will be 1,641 Bath & Body Works, 909 Victoria's Secret and 144 Pink stores in the US.
Victoria's Secret, which also opens two new stores and three pink stores, continues to struggle and has a comparable 5% revenue decline in the first quarter, documents show. At Bath & Body Works, comparable sales increased 13%.
L Brands announced that it continues to invest in the White Barn concept of Bath & Body Works, "which continues to deliver high returns, in line with the past three years, we have done about 200 White Barn projects for 2019 Planned. "
More than 7,000 store closures have been announced for 2019, more than 2018. This year, Gymboree, Shopko, Charlotte Russe, Payless ShoeSource and Dressbarn have announced that this is the case cladding of all locations.
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Tariff impact: China tariffs could be "widespread." Enforcing store closures and jeopardizing $ 40 billion in sales
Bath & Body Works opens and closes stores in 2019. (Photo: Kelly Tyko, USA TODAY)
Last week, Coresight Research, a global market research firm, estimated "12,000 stores could be closed by the end of the year."
Analysts say it is possible that a trade war with China could lead to further closures.
According to L Brands, the new forecast takes into account the additional impact of the recent increase in tariffs on goods imported from China.
"Our largest supplier country is the USA" Most of the products are manufactured by Bath & Body Works and Victoria's Secret Beauty, "the company said." China currently accounts for less than 20% of our total production, and we have and will take action to reduce our exposure to China. "
Follow Kelly Tyko on Twitter: @KellyTyko
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