L Brands Inc.’s (NYSE: LB) stock took a slight downturn early in Thursday’s session after the company reported its net sales for June. Unfortunately investors were initially not impressed with these numbers.
The company reported net sales increased 7% to $1.296 billion for the five weeks ended July 2, compared to net sales of $1.207 billion for the five weeks ended July 4 of the previous year. Comparable sales for the five weeks ended this year increased 6%.
L Brands reported net sales of $4.727 billion for the 22 weeks ended July 2, an increase of 5% compared to net sales of $4.518 billion for the same period of last year. Comparable sales for this period increased 3%.
The breakdown of total comparable sales for the company’s segments was:
- Victoria’s Secret June comparable sales totaled 6%, while year-to-date comparable sales totaled 2%.
- Bath & Body Works June comparable sales totaled 7%, while year-to-date comparable sales totaled 6%.
L Brands, through Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel units, is an international company. It operates 3,045 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are sold in more than 700 additional franchised locations worldwide.
Excluding Thursday’s move, L Brands has underperformed the broad markets, with the stock down about 26% year to date. Over the past 52 weeks, the stock is only down about 17%.
After falling more than 2% after Thursday’s opening bell, shares of L Brands were last seen down fractionally at $68.28. The consensus analyst price target is $69.92, and a 52-week trading range is $60.00 to $101.11.