Adds particulars from launch, background
Adds particulars from launch, background
Feb 26 (Reuters) – L Manufacturers Inc LB.N forecast a loss for the primary quarter, days after it determined to promote a controlling stake in its struggling Victoria’s Secret model, and mentioned on Wednesday that it took a $725 million impairment cost associated to the struggling lingerie unit within the fourth quarter.
The Columbus, Ohio-based firm has seen Victoria’s Secret lingerie gross sales dwindle in current quarters as clients more and more favor inclusive manufacturers and extra comfy alternate options as these from on-line startup Third Love.
To chop its losses, L Manufacturers earlier this month mentioned it could promote a 55% stake in Victoria’s Secret to funding agency Sycamore Companions, a yr after offloading its luxurious lingerie model La Senza.
Within the fourth quarter ended Feb. 1, comparable gross sales at Victoria’s Secret fell 10%, whereas analysts had been anticipating a 8.89% decline.
For the present quarter, the Bathtub & Physique Works…