L Brands' Stock Tumbles Toward 1 1/2-year Low After Sales Miss

By Markets MarketWatch Pulse

L Brands Inc.'s stock tumbled 8.1% in premarket trade Thursday, after the retailer reported fiscal first-quarter sales that missed expectations. The company, which store brands include Victoria's Secret, Bath & Body Works and Henri Bendel, said sales for the quarter ended April 30 rose to $2.61 billion from $2.51 billion a year ago, below the FactSet consensus of $2.67 billion. Same-store sales for the quarter increased 3%, missing the FactSet consensus of 3.9% growth. For the month of April, sales increased 2% to $737.5 million, while same-store sales rose 1%. The stock, which was on track to open at the lowest price seen during regular-session hours since November 2014, has dropped 16% year to date through Wednesday, while the S&P 500 has gained 0.4%.

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