Victoria's Secret Parent L Brands' Shares Fall After June Sales Decline

L Brands Inc. shares fell 3.9% in Thursday premarket trading after it announced June sales of $1.21 billion, a 6% decline from a year ago. L Brands portfolio includes Victoria's Secret and Bath & Body Works. Same-store sales for the five weeks ending July 1 fell 9%. The company said exiting the swim and apparel categories hurt total company and Victoria's Secret same-store sales by 7 percentage points and 10 percentage points respectively. Sales of $4.42 billion for the 22 weeks ending July 1 were a 6% decline from the $4.73 billion the year prior. Same-store sales for the period fell 9%. L Brands shares are down 21% for the last year while the S&P 500 index is up nearly 16% for the period.