Columbus, Ohio-based Limited Brands, owner of the Victoria’s Secret retail chain, predicted a Q1 loss and cut 400 jobs as consumers reduce spending on lingerie.
Limited is also suspending pay increases, reducing capital spending and slowing store growth.
Q4 net income dropped 96% to $16.1 million. Revenue fell 8.7% to $2.99 billion.
Most of the jobs cut at Limited Brands will remain on its payroll until March 7th.
Limited’s 3,014 retail locations include Bath & Body Works and Henri Bendel as well as Victoria’s Secret.
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