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L Brands Drops Following Weak June Comps, Total Sales

Shares of L Brands (LB) dropped in premarket trading after its total sales and comparable sales declined in June from the year-ago period. Following the report, an analyst at Jefferies recommended selling shares.

JUNE SALES DECLINE: L Brands, the parent company of Victoria's Secret and Bath & Body Works, said this morning that comparable sales for the five week period ending July 1 fell 9% from a year ago and that total net sales declined 6% from the prior year period to $1.21B. The company said exiting the swim and apparel categories...