June was one other ugly month at Victoria’s Secret.
The embattled lingerie chain, which in its heyday made family names of fashions like Alessandra Ambrosio, on Thursday reported sagging same-store sales — and as soon as once more buyers turned tail, leaving little help for the inventory.
Shares of mum or dad firm L Manufacturers fell 12 %, to $32.34.
Victoria’s Secret same-store sales in June fell 1 %. The month is an important interval, as it’s when the chain holds its semi-annual sale.
Brick-and-mortar same-store sales slipped 6 %.
“We prolonged the sale time interval versus final 12 months by about two weeks and diminished pricing to drive site visitors and clear stock,” stated Amie Preston, chief investor relations officer, in a press release.
Stock ranges had been up 20 % in June in contrast with final 12 months, the corporate stated.
L Manufacturers additionally owns the teen-focused PINK model and Bathtub & Physique Works.