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L Brands (LB) tanked Friday after a big analyst downgrade that cited rising inventories and concerns over the future of its intimate apparel brand, Victoria's Secret.

The stock price of L Brands dived 6.91% to $18 after RBC downgraded the corporate owner of Victoria's Secret and Bath & Body Works to sector perform from outperform.

Analysts at RBC cited concerns over rising inventories at Victoria's Secret and the "traffic ramifications" of a plan by L Brands executives of a "planned pullback on promotions during the holiday."

The RBC report also raised more serious, longer-term questions about the Victoria's Secret brand, questioning whether changes in merchandise and positioning "will strike a chord in today's more body-positive environment."

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Friday's decline marks the end of a tough week for L Brands, which saw its shares take a hit after it reported disappointing second-quarter sales.

Comparable-store sales at Victoria's Secret fell 9% in the quarter, compared to a 4% gain at Bath & Body Works. The sales drop at Victoria's Secret helped dragged down the results of the company as a whole, with L Brands posting a 4% drop in same-store sales.

The company also maintained its profit outlook for 2019, which calls for earnings per share of $2.30-$2.60, a significant decline from the $2.82 per share L Brands generated in fiscal 2018.

"We note that the results of the company's Victoria's Secret business, which has been battling competition and consumers' changing preferences for quite some time, remained dismal," Zacks Investment Research noted.

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