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Maybe it was the lusty mannequins in its stores, the massage oil on its shelves or the overabundance of cleavage on the glittery runway of its annual TV fashion show. But yesterday, Victoria's Secret chief executive Sharen J. Turney acknowledged that the chain had gotten "too sexy."

Is such a thing even possible?

"We have moved off of our brand heritage," she said in a conference call with analysts. "We use the word 'sexy' a lot and really have forgotten the ultra-feminine."

Victoria's Secret has long toed the line between seductive and sleazy, and its recent disappointing financial performance suggested that it had veered off course. Its parent company, Limited Brands, reported Wednesday that Victoria's Secret's fourth-quarter revenue rose to $1.89 billion. But sales at stores open at least a year, a key measure of a retailer's health, declined 8 percent. The company also said it will slow plans for new stores and remodels. The chain has about 1,000 stores, mostly in the United States.

[...]

Victoria's Secret is trying to recalibrate. Fourth-quarter sales of fragrance and the collegiate-inspired Pink label grew, but sales of bras, panties and beauty products declined. Turney said the company will aim its marketing and merchandise at 26-year-olds, holding extensive focus groups and walking through malls with them. The company did similar research when it launched Pink, which has become a staple in dorm rooms.

Turney pointed to the company's Super Bowl ad this year as an example of its new direction. The spot featured model Adriana Lima in a black lace tank top and undies seductively tossing a football as she lounged in a chair.

"Let the real games begin," the ad said. It was the most popular spot on the broadcast and was seen by 103.7 million people, according to the Nielsen Co. Its fashion show last year on CBS featuring models wearing angel wings and little else drew 7.5 million people, down from its 2001 debut on ABC with 12.4 million viewers.