Victoria's Secret is not out of the woods yet. Sales are declining and margins are yo-yoing. However, despite competition from newcomers - such as brands launched by Rihanna or Kim Kardashian - the company still controls a fifth of the market share in the United States.
In-store sales - which still account for 56% of total sales - declined by 14.2% over the first nine months of the year, which certainly sends out an alarming signal. International sales - which account for just 12% of total sales - were up 13.2%, and online sales were up 8.9%.
However, the group has chosen to maintain its physical footprint. Rather than closing stores, it is betting on renovating them - and on the effects of the new marketing strategy..
Signs of a return to grace are therefore slow to appear. The lingerie market is no longer growing in North America, where traditional bras - once Victoria's Secret's cash cow - are giving way to less expensive, more sportswear ensembles.
Over the first nine months of the year, sales declined by 5.2%, and the group posted an operating loss of $13 million, compared with a profit of $234 million at the same time last year.
Valuation fell accordingly. It now hovers at x0.7 sales, compared with x1-x1.2 sales at the time of the L Brands split and subsequent listing.