Shares of Victoria’s Secret parent L Brands swelled 2.5 percent on Friday — but it wasn’t because of its signature undergarments.
These days, the lingerie giant is all about sportswear.
The recently renamed Victoria Sport brand helped produce better-than-expected second-quarter results, pushing up L Brand shares to $74.62.
The Columbus, Ohio, company — which also owns Bath & Body Works and Pink — saw sales rise 2 percent for the four weeks ended July 30, driven by a 6 percent spike at Bath & Body Works.
“L Brands July comp was a decent end to what could have been a messy second quarter,” wrote RBC analyst Brian Tunick.
At Victoria’s Secret, the largest American retailer of women’s lingerie, executives have been forced to react to slowing sales of its underwear.
Same-store sales in July were flat with last July — and three of the past four months failed to produce a gain in comp-store sales.
Gabriella Santaniello, founder of A Line Partners, a retail research firm, said massive price cuts helped sales in the month.
source : nypost
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