An unexpected announcement from Victoria's Secret may signal a change of direction for the women's feminine wear retailer that has drawn the ire of pro-family groups for its self-proclaimed "sexy" clothing lines and displays in shopping mall windows.
Victoria's Secret owner Limited Brands, Inc., announced in late February that its profits for fourth quarter 2007 were down 12 percent, and expected them to go lower. In addition, store chain CEO Sharon Turney was quoted by The Wall Street Journal as saying the franchise had "gotten off" its heritage and that the clothing brand had become "too sexy." She said it would return to more sophisticated and less overtly seductive styles. Bill Johnson of American Decency Association, a major nemesis of the clothing store, is glad to hear it -- although he acknowledges only time will tell if there actually will be changes. He asserts that urging by his and other pro-family groups to boycott the stores and its investments seem to be making a difference where letters of protest to management did not. "It seems like it always comes down to dollars and cents -- and they are feeling the crunch," states Johnson. "The Wall Street Journal definitely documents that." The Journal report indicates Standard and Poor's Index is reviewing Limited Brand's credit status for a possible downgrade from its current BBB-, which is the lowest investment grade rating. In addition, newly built and remodeled stores have not performed as well as hoped since last fall. "Nonetheless, we are surprised [by the announcement] because we have seen Victoria's Secret as being so strong financially," notes Johnson, "and yet they're brought to their knees right now." Johnson says it is an encouragement to him and other Christians that even one small voice or ministry -- with enough persistence -- can have an effect against big business.
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