Industry competition is extremely high in retail. While Victoria's Secret and Bath & Body Works are dominant in their respective sectors, there are still other brands like Chico's and Sephora, respectively, that have the ability to take away a small but substantial chunk of respective market share.
As Victoria's Secret and Bath & Body Works have saturated their current markets, sales will inevitably level off as the number of new store openings decreases. Future performance, to a great extent, is hedged on the bet that Pink will continue doing as well as it has, and that La Senza will take off in the international market.