The company announced in May that the show would no longer air on network television, but the comments on the earnings call were the first confirmation the event would be canceled entirely.

The decision came as Victoria’s Secret, long the leader in lingerie, has struggled to find its footing through multiple challenges. Consumers have come to see the brand as anachronistic, out of place in the #MeToo era as offering an objectifying view of female beauty. Sales have cratered for years, with more nimble competitors on the rise. And its longtime chief executive, Leslie H. Wexner, has come under scrutiny for his relationship with the disgraced financier Jeffrey Epstein.

Last year, Edward Razek, then the chief marketing officer of L Brands, came under fire for saying transgender women should not star in the show. Mr. Razek, who apologized for the remarks, retired in August, soon after the company hired its first openly transgender model.

In October, Victoria’s Secret announced that it was laying off about 15 percent of its employees, about 50 people, in its Columbus, Ohio, headquarters.

Though the fashion show was once enormously successful as a marketing tool, with more than 12 million people tuning in to the first show in 2001, viewership had drastically dropped in the last five years. An audience of 9.7 million in 2013 shrank to just 3.3 million last year.