L Brands, Inc. (NYSE:LB)
Historical Stock Chart
1 Month : From Dec 2018 to Jan 2019
By Micah Maidenberg
L Brands Inc. (LB) said Victoria's Secret struggled in the most recent holiday shopping season, as same-store sales fell and margins suffered a significant declined.
The retailer reported a 6% decline in same-store Victoria's Secret sales in December. That compares with the 1% fall the company reported for the brand in December 2017. Results include sales from company owned stores in the U.S. and Canada and other direct-to-consumer sales.
Weakening same-store sales were driven by declines in Victoria's Secret's lingerie products and its Pink line, Amie Preston, chief investor relations officer, said on a pre-recorded message Thursday.
"The merchandise margin rate was down significantly to last year driven by increased promotional activity," Ms. Preston said, referring to Victoria's Secret. The company is continuing to discount Victoria's Secret products to start 2019, she said.
Shares of L Brands fell 8% in pre-market trading Thursday.
Same-store sales at the company's Bath & Body Works rose 11% in December, according to the company.
Write to Micah Maidenberg at firstname.lastname@example.org
(END) Dow Jones Newswires
January 10, 2019 08:35 ET (13:35 GMT)
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