Why L Brands Stock Dropped Today
Shares of L Brands (NYSE: LB) have dropped today, down by 5% as of 1:08 p.m. EDT, after the retailer reported fiscal second-quarter earnings. Lackluster results at the company's Victoria's Secret brand continue to weigh on results.
Net revenue in the quarter came in at $2.9 billion, shy of the consensus estimate of $2.95 billion in sales. Victoria's Secret stores saw comparable sales decline 9%, while Bath & Body Works' comps increased 4%. That translated into overall comps of negative 4%. When including direct sales, Victoria's Secret posted a 6% drop in comps, while Bath & Body Works saw comps jump 8%.
Bath & Body Works is carrying the business. Image source: L Brands.
Source Fool.com
