L Brands shares fell more than 10 percent Thursday morning after the specialty retailer reported a decline in same-store sales in June.
The operator of stores such as Victoria’s Secret and Bath & Body Works said same store sales fell 9 percent last month, worse than the 7 percent decline expected by analysts in a Thomson Reuters survey.
L Brands pointed to the exit of swimwear and apparel categories as the culprit for sales declines for the first half of the year. It said the two areas contributed of 7 percentage points of the decline for the company overall and 10 percentage points for its Victoria’s Secret stores.
Victoria’s Secret posted a 17 percent sales tumble in June, which is worse than the 11.9 percent analysts expected.
The Columbus, Ohio-based company’s stock has fallen more than 24 percent year-to-date, plunging more than double the 9 percent year-to-date losses for the SPDR S&P Retail ETF.
Source: Investment Cnbc
L Brands shares fall 10% after reporting bigger-than-expected sales miss in June