L Brands is still being dragged down by its decision to eliminate swimwear and apparel from Victoria's Secret.
Total same-store sales fell 8%, with a 14% drop at Victoria's Secret and an 8% increase at Bath & Body Works. L Brands said its exit from the swimwear and apparel categories negatively impacted its comparable sales by six percentage points and Victoria's Secret's comparable sales by nine percentage points. Håkon Helgesen, analyst at GlobalData Retail, commented that even allowing for the impact, comparable sales would still have ended up down by around 5%.. . . more