Offbeat Victoria's Secret can't even sell its merchandise at a discount

02:45  13 july  2018
02:45  13 july  2018 Source:

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If the sellers make that on the sales floor and a customer returns 200$ worth of merchandise , its deducted I work for Victoria ' s Secret . Regarding our return policy, yes, we do require ID. Even if you have a receipt. Now I know why Victoria ' s Secret does not sell their catalog clothes in their stores.

Victoria ' s Secret is leaning on discounts to drive traffic to its stores. Analysts are concerned that discounts are eating into profit margins. Merchandising margin was down significantly during the quarter, thanks to heavy discounting eating into margins.

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Victoria’s Secret had trouble selling merchandise in the month of June, even when it was at a discount.

Same-store sales at the retail chain were down 1% for the month, with increases in the beauty segment offset by declines in lingerie and the Pink brand.

“Semiannual sale had a soft start with negative traffic level,” said Amie Preston, chief investor relations officer for L Brands Inc. (LB) on the pre-recorded monthly sales call, according to a FactSet transcript. Victoria’s Secret is part of the L Brands portfolio.

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Victoria ' s Secret is getting cheaper. As the company updates its sportswear collection with its new Victoria Sport line , it ' s been selling athletic apparel for lower prices, Gabriella Even Lululemon — which famously doesn' t discount its apparel — has been grappling with inventory problems .

Sales at Victoria ' s Secret , the L Brands Inc. (LB) unit known for its sexy lingerie and A-list models, are falling His advice: freshen up the merchandise and maybe do more An even greater problem is presented by what Americans actually look like, and whether Victoria ' s Secret is meeting their needs.

“In response, we extended the sale time period versus last year by about two weeks and reduced pricing to drive traffic and clear inventory, which resulted in merchandise margin rates to [be] down significantly,” the transcript said.

L Brands shares sank 10.4% in Thursday trading after the June sales report.

According to a Cowen report, June traffic was down 1.1% year-over-year, which was an improvement on May (down 3.5%) and April (down 7.3%).

Victoria’s Secret has had sales challenges over recent quarters, as customers shift their preference to less expensive bralettes, which don’t have padding, as opposed to the higher-priced ‘constructed’ bras, like the Very Sexy line that the brand is known for.

a woman holding a birthday cake: Victoria’s Secret is struggling to sell lingerie even during its semiannual sale © Provided by Dow Jones & Company, Inc. Victoria’s Secret is struggling to sell lingerie even during its semiannual sale

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Victoria ' s Secret is using online data to make smart merchandizing decisions in stores. The company has been streamlining its store and online assortments to give customers what they want, McCoy said.

Victoria ' s Secret Employee Discount , reported anonymously by Victoria ' s Secret employees. Great discount , free merchandise throughout the year. Assistant Store Manager Selling - Victoria ' s Secret - Stanford Shopping Center - Palo Alto, CA - LBrands Careers - FIE00UG5.

Victoria’s Secret has faced competition from brands like American Eagle Outfitters Inc.’s (AEO) Aerie brand in the bralette category. And Inc. (AMZN) which has a growing roster of private labels, is selling low-cost bras.

The company’s exit from the swim category has also been a challenge.

The Pink business, which targets a younger, college-aged consumer had been a bright spot, but seems to be faltering now as well.

Also: Victoria’s Secret runway show is out of step with the #MeToo movement and it’s hurting business

L Brands reported net sales of $1.28 billion for the five weeks ending July 7, 2018 up from $1.21 billion for the five weeks ending July 1, 2017.

Same-store sales at Bath & Body Works were up 10% driven by that brand’s semiannual sale, Preston said.

L Brands shares are down more than 45% for the year so far, while the S&P 500 index is up 4.3% for the period.

Tonya Garcia is a MarketWatch reporter covering retail and consumer-oriented companies. You can follow her on Twitter @tgarcianyc. She is based in New York.

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