Speaking at the Goldman Sachs Consumer Conference in New York Friday, Mark Weikel, the company's chief operating officer, said the firm, a subsidiary of Limited Brands, has been working diligently for the last 18 months to forge partnerships with several global brands and designers that will allow the company to create an integration of its lingerie and beauty products.
"We are very confident that we will be a 'must visit' this holiday season," Weikel said, noting that the firm has already introduced several new bra lines that have been performing well.
A televised Victoria's Secret fashion show is expected to build the momentum into the holiday shopping season, Weikel said, and a "megabrand" gift with purchases should help drive customers through the doors. Combined with plans to revamp the look of its stores with a more trendy look along wit the addition of younger, more casual fashions, the intimate apparel retailer is hoping to build an aggressive brand that will keep shoppers coming back to Victoria's Secret.
The company, which operates more than 1,000 stores throughout the country had net sales of $3.1 billion last year with same store sales of 9%.
Victoria's Secret is hoping for strong holiday sales in part to help offset losses expected by its parent firm, Limited Brands, which announced last week that it suffered a loss of 40 stores due to Hurricane Katrina. Limited Brands, which operates 3,666 stores, including Victoria's Secret along with Express and Bath & Bodyworks chains, said its results and cash flow could be affected by the storm damage although it does not expect recovery from the damage to substantially affect its financial position.
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