NEW YORK (TheStreet) -- Shares of L Brands (LB) - Get Report are down 1% to $66.41 in Thursday morning trading as concern mounts over the company's ability to adapt to the growing "bralette" trend.

L Brands operates the Victoria's Secret and Bath & Body Works brands.

The stock price for the company is tumbling as growth in the Columbus, OH-based lounge, beauty and intimates retailer's conventional bra business is slowing. The bra business accounts for about 35% of Victoria's Secret's sales.

Bra sales rose only 10% in the first quarter of 2016, dropping from rates in the mid-teens in prior quarters. Analysts warn that the booming "athleisure" trend is hurting the company, whose conventional, flashy undergarments are struggling in the new market as consumers look for comfort and practicality.

"It's not a sick business, but it's not growing at the rate that we want," CFO Stuart Burgdoerfer said in May.

To attract consumers looking for less expensive, more natural garments, the company recently released a line of underwire-and-pad-less bras known as bralettes.

The success of this line is unclear, but L Brands is expected to release earnings in mid-August.

Separately, TheStreet Ratings rated this stock as a "hold' with a ratings score of C+. 

The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and expanding profit margins. However, TheStreet Ratings also finds weaknesses including unimpressive growth in net income, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.

You can view the full analysis from the report here: LB

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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