L Brands shares fell by as much as 12% at one point, touching $17.61 — a price not seen since December 2009.
Shares fell by as much as 12% at one point, touching $17.61 — a price not seen since December 2009. The shares were trading down by about 9% in midday trading. The stock has dropped more than 42% from a year ago.
"The reaction to the new stuff has been very good," CFO Stuart Burgdoerfer said. "With that said, it hasn't been, to date, sufficient to overcome weakness in the balance of the lingerie assortment including the effect of heavy promotions from a year ago that will continue through the fall season." "L Brands still believes Victoria's Secret problems are product related, but we believe they are brand and competition related which means these problems are difficult to fix," Jefferies analyst Randal Konik said in a note to clients. "Bath & Body Works comps are slowing and margins are compressing which means the biz has peaked."that L Brands would be losing its chief marketing officer, Edward Razek.
As it tries to turn things around, Victoria's Secret will no longer be broadcasting its annual fashion show. It also recently signed its first openly transgender model.
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