Victoria’s Secret sales are still sagging
June was another ugly month at Victoria’s Secret.
The embattled lingerie chain, which in its heyday made household names of models like Alessandra Ambrosio, on Thursday reported sagging same-store sales — and once again investors turned tail, leaving little support for the stock.
Shares of parent company L Brands fell 12 percent, to $32.34.
Victoria’s Secret same-store sales in June fell 1 percent. The month is a crucial period, as it is when the chain holds its semi-annual sale.
Brick-and-mortar same-store sales slipped 6 percent.
“We extended the sale time period versus last year by about two weeks and reduced pricing to drive traffic and clear inventory,” said Amie Preston, chief investor relations officer, in a statement.
Inventory levels were up 20 percent in June compared with last year, the company said.
L Brands also owns the teen-focused PINK brand and Bath & Body Works.
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