Victoria Secret closing 20 stores in 2018

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Victoria’s Secret announced plans to close 20 stores this year due to a drop in sales.

The company made the announcement during a call with investors on Thursday.

Six stores have already closed this year. The company has not announced which other stores it plans to shutter.

L. Brands, which runs Victoria’s Secret and Pink, were down by 1% in second-quarter earnings.

“While management is citing fashion misses, we think there are structural, brand-related issues at hand here, especially with American Eagle’s Aerie posting recent same-store sales in excess of 30%,” the Jefferies analyst Randy Konik wrote in a note to investors on Thursday.

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