Victoria's Secret owner L Brands to restructure business

Victoria's Secret owner L Brands Inc reported March sales at established stores above analysts' expectations and said it would restructure its business to focus on core categories.

L Brands said it would create three units within its Victoria's Secret business - Victoria's Secret Lingerie, Pink and Victoria's Secret Beauty - and eliminate certain merchandise categories.

The changes are aimed at narrowing the company's focus and simplifying the operating model, Chief Executive Leslie Wexner said on Thursday.

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Pink sells lingerie, apparel and personal care products to college-aged women while Victoria's Secret Beauty sells beauty products and accessories.

Victoria's Secret is L Brands' biggest business, accounting for 63 percent of revenue last year.

Besides Victoria's Secret, L Brands owns Bath & Body Works and Other Brands, which includes La Senza and Henri Bendel.

L Brands Inc said it would also eliminate about 200 corporate jobs at its Columbus and New York offices.

The company said sales at stores open more than 12 months rose 3 percent in March, double the 1.5 percent growth expected by analysts polled by Consensus Metrix.