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Thursday 17 October 2019

No Secret how we spend as Victoria nets €65k a day

Victoria’s Secret opened in Grafton Street last December
Victoria’s Secret opened in Grafton Street last December

The flagship Victoria Secrets store in Dublin clocked up average daily revenues of €64,666 in its first 60 days of opening here.

That is according to new accounts for the Grafton Street store which show that the business enjoyed bumper sales in the first two months of opening in December 2017.

Enthusiasm

The store was opened to much fanfare with a queue of more than 500 shoppers - mainly women - waiting outside the 2,700sqm store on December 5, 2017.

As the ribbon was cut at 10am, patient shoppers were chanting "VS Dublin" and that enthusiasm has translated into cash for the lingerie retailer.

New accounts for owners L Brands Fashion Retail Ireland Limited show that the business enjoyed revenues of €3.88m between opening day and February 3 this year.

This translates to average weekly sales of €456,470 or €64,666 per day open.

The Victoria Secrets business enjoys a global profile boosted by its annual Victoria Secrets show featuring models Bella Hadid, Kendall Jenner, Adriana Lima and Gigi Hadid.

The Grafton St store recorded an operating profit of €389,000 in the year to February 3 and interest payments of €381,000 resulted in a modest pre-tax profit of €8,000.

Along with lingerie, the store sells beauty and personal care products and accessories.

With late night opening to 9pm and 10pm most nights of the week currently at the store, the directors say that they are seeking opportunities to maximise sales in Ireland.

The US retailer is in the high-profile retail location previously enjoyed by BT2 and the new accounts show that the retailer spent €2.076m on lease costs.

However, the rental costs for the Grafton Street store will represent only loose change for the global L Brands business which enjoyed worldwide sales of $12.63bn (€14.36m) in the 53 weeks to the end of February 3.

The company operates 3,075 company-owned speciality stores in the United States, Canada, the UK, China and here.

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