Were The Changes At Victoria’s Secret A Little Too Late To Bring In Holiday Shoppers?

L Brands (LB), the parent company of Victoria’s Secret and Bath & Body Works, fell short this holiday season with a comparable sales drop of 3% for the time period.

The retailer, which has been working on transforming its Victoria’s Secret brand, reported net sales of $3.906 billion over the holidays, which was down from $4.072 billion reported during the same time last year.

Over 48 weeks, L Brands saw comparable sales also decrease by 2% to $12.113 billion from the $12.457 billion it reported in 2019.

The company’s Victoria’s Secret brand was hit with a 12% comparable sales loss with its Bath & Body Works brand bringing in a 9% increase in comparable sales.

L Brands has seen consumers turn away from its Victoria’s Secret brand, which is undergoing an overhaul to appeal to a more diverse customer base. The retailer has begun to feature more women-inclusive labels, as it steers away from its former image, and is banking on a #loveyourself marketing campaign to sway consumers back.

With the release of its holiday sales report, L Brands indicated that it expected its Q4 earnings per share to be about $1.85, down from its previous guidance of $2.00 earnings per share.

Shares of L Brands were up 0.99% as of 12:50 p.m. EST on Thursday.