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L Brands to close about 20 Victoria's Secret stores in 2018

L Brands Inc. expects to shutter about 20 of its Victoria's Secret stores in North America this year, CFO Stuart Burgdoerfer said in an earnings call on Aug. 23.

Burgdoerfer told analysts that the company also plans to open about three new outlets of the lingerie brand in 2018.

The executive added that they are actively managing their real estate portfolio, saying they're "not unaware" of the situation with mall-based retailing in an overall sense.

Burgdoerfer disclosed the development as the company reported weaker-than-expected earnings for the second quarter, prompting it to cut its full-year EPS forecast again.