- L Brands (NYSE:LB) slumps 10.57% after June sale disappoint.
- Most of the damage came from the Victoria's Secret business, which reported a 17% drop in comparable sales vs. -12% expected by analysts.
- Victoria's Secret has now posted six straight months of double-digit decline in comparable sales as the impact of an exit from swim/apparel categories factors in.
- Shares of L Brands are down 26% YTD.
- The weak read on sale from L Brands is spilling over to send other apparel store stocks lower. Decliners include Stein Mart (SMRT -5.6%), Ascena Retail Group (ASNA -6.3%), Urban Outfitters (URBN -4.2%), Francesca Holdings (FRAN -4%) and Express (EXPR -4.2%).
- Previously: Sales weak for L Brands in June, margins improve (July 6)