Victoria's Secret Parent L Brands Reports July Sales Decline

Victoria's Secret parent L Brands said early Thursday that it had a July revenue and same-store sales decline, but that it expected second-quarter earnings at the high end of its 40 cents to 45 cents guidance. July revenue declined to $768 million from $777 million in the year-earlier period, the company said, while July same-store sales fell 7%. The company said its exit of swim and apparel categories hurt July same-store sales for L Brands by 4% and Victoria's Secret by 5%. L Brands shares have plummeted 32.7% over the year-to-date, compared with a 10.7% rise in the S&P 500 .