L Brands has big plans for its growing Bath & Body Works business.

The retailer reported that fourth quarter net sales fell to $4.7 billion from $4.85 billion in the year-ago period; same-store sales fell 2%. The completed quarter is likely the last one in which L Brands will report results for Victoria’s Secret. As reported, it sold a majority stake in its intimates business to Sycamore Partners.

In its earnings statement, L Brands noted that its Bath & Body Works division reported record fourth quarter and full-year results. For the year, Bath & Body Works’ North America had a comp-sales increase of 10%, with a 5% increase in stores and a 32% increase in its direct business. Sales increased 12% to $5.170 billion.

Going forward, L Brands intends to ramp up the expansion of Bath & Body Works — but with a slightly different real estate approach. It plans to open a net of 70 U.S. stores this year, up from 18 in 2019, with the majority located in strip centers. Currently, about 45% of Bath & Body Works' stores are not in enclosed shopping malls.

"The growth in store count in 2020 is expected to be substantially all outside of enclosed shopping malls, said Stuart Burgdoerfer, executive VP and CFO, L Brands, on the company's earning call. He added that the new stores will be in "power strips with a very strong economic profile."

At the end of the fourth quarter, Bath & Body Works had 1,637 U.S. stores and 102 in Canada.