L Brands Inc. (LB) - Get Report shares were down 10.55% to $48.44 in early morning trading Thursday after the retail parent company, whose portfolio includes Victoria's Secret and Bath & Body Works, reported a 6% decline in June sales to $1.21 billion.
Same-store sales in the five-week period ending July 1 were down 9% year over year as the company's decision to exit the swimwear and apparel businesses hurt seasonal sales. Sales of $4.42 billion for the 22 weeks ending July 1 were down 6%.
L Brands shares are down 16% year to date and nearly 17% over the past 12 months.
What's Hot On TheStreet
Apple is OK for the time being: For those silently worrying how the Apple (AAPL) - Get Report iPhone 8 will sell, simmer down -- the tech giant still has several huge advantages. On the hardware side, for instance, the iPhone still feels ahead of the pack thanks not only to Apple's design skills and the visible features of its hardware, but also what's under the hood points out TheStreet's tech columnist Eric Jhonsa. From the looks of things, the iPhone 8 should extend that lead, Jhonsa predicts.
Tesla is looking wobbly: Tesla (TSLA) - Get Report shares are looking a little shaky (again) after its Model S didn't get a top rating from Insurance Institute for Highway Safety (IIHS), reports TheStreet's James Skinner. The IIHS cited issues with the small overlap front test, which is meant to simulate crashes into trees, poles and other vehicles, as why the Model S did not receive the highest rating. IIHS Executive Vice President David Zuby said the front test remains a "hurdle" for some vehicles.
"Tesla made changes to the safety belt in vehicles built after January with the intent of reducing the dummy's forward movement," IIHS said. "However, when IIHS tested the modified Model S, the same problem occurred, and the rating didn't change."
Costco finally scores some good news: After watching its stock crash about 13% inside a month thanks to fears Amazon (AMZN) - Get Report and Whole Foods (WFM) will dominate society, Costco COST scored a nice win. Costco said same-store sales in June rose 6.5% in June. Canada saw sales up 3.2%, while international sales rose 6.2%.
The numbers should serve as a reminder how resilient Costco's business has been in the face of Amazon's rise.
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