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L Brands (LB) Stock Swings Lower on Weak June Sales
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On Thursday, shares of Victoria’s Secret parent company L Brands Inc. are falling, down almost 11% to $48.31 per share in morning trading after the retailer announced disappointing June sales numbers.
L Brands, which also owns Bath & Body Works, said that net sales for June declined 6% to $1.21 billion compared to $1.296 billion in the year-ago period. Same-store sales in the same five-week period ending July 1 were down 9% year-over-year.
In particular, the L Brand’s decision to exit the swim and apparel categories hurt total company and Victoria’s Secret same-store sales by 7 and 10 percentage points, respectively. The company decided to leave these businesses largely so it could focus on its more profitable segments, as well as push into lower-priced sports bras and unstructured bralettes; these items are very popular with L Brands’ core customer base, who have been turning to rivals like Aerie, owned by American Eagle Outfitters (AEO - Free Report) .
L Brands also said that sales of $4.42 billion for the 22 weeks ending July 1 were down 6% from the $4.73 billion reported in the prior year period. Same-store sales for this period fell 9%.
L Brands is currently a #3 (Hold) on the Zacks Rank, with a VGM score of ‘B.’ Shares of LB are down 18.7% year-to-date, and nearly 21% in the past 12 months.
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L Brands (LB) Stock Swings Lower on Weak June Sales
On Thursday, shares of Victoria’s Secret parent company L Brands Inc. are falling, down almost 11% to $48.31 per share in morning trading after the retailer announced disappointing June sales numbers.
L Brands, which also owns Bath & Body Works, said that net sales for June declined 6% to $1.21 billion compared to $1.296 billion in the year-ago period. Same-store sales in the same five-week period ending July 1 were down 9% year-over-year.
In particular, the L Brand’s decision to exit the swim and apparel categories hurt total company and Victoria’s Secret same-store sales by 7 and 10 percentage points, respectively. The company decided to leave these businesses largely so it could focus on its more profitable segments, as well as push into lower-priced sports bras and unstructured bralettes; these items are very popular with L Brands’ core customer base, who have been turning to rivals like Aerie, owned by American Eagle Outfitters (AEO - Free Report) .
L Brands also said that sales of $4.42 billion for the 22 weeks ending July 1 were down 6% from the $4.73 billion reported in the prior year period. Same-store sales for this period fell 9%.
L Brands is currently a #3 (Hold) on the Zacks Rank, with a VGM score of ‘B.’ Shares of LB are down 18.7% year-to-date, and nearly 21% in the past 12 months.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2%, respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 to Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>