L Brands Inc. (NYSE: LB) shares dropped on Thursday after the company provided an update on its summer sales. The retailer reported an increase in sales for the month of June, but this still paled in comparison to May’s sales.
The company noted that net sales increased 6% to $1.282 billion for the five weeks ended July 7, 2018, compared to net sales of $1.213 billion for the same period last year. Comparable sales for the five weeks increased 3% compared to last year.
L Brands reported net sales of $4.760 billion for the 22 weeks ended July 7, 2018, an increase of 8% compared to net sales of $4.424 billion for the same period last year. Comparable sales for this period increased 3%.
It’s worth pointing out that the company had an incredible month back in May when it reported net sales as $851.9 million, an increase of 10% year over year. Comparable sales increased 5% in May of last year.
The consensus estimates from Thomson Reuters call for $0.33 in earnings per share (EPS) and $2.92 billion in revenue for the fiscal second quarter (ended July). The company expects to report its earnings in the third week of August.
Excluding Thursday’s move, L Brands was down about 39% year to date. Over the past 52 weeks, the stock was down closer to 16%.
Shares of L Brands were last seen down more than 9% at $33.36, with a consensus analyst price target of $39.17 and a 52-week trading range of $30.70 to $63.10.
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