The stock fell 4.34% to $19.17 on Thursday.
Adjusted earnings in the quarter were 24 cents a share, beating estimates by 4 cents. Revenue of $2.9 billion fell from $2.98 billion a year earlier and missed forecasts of $2.95 billion. Same-store sales in the second quarter declined 1% vs. a gain of 0.3% expected by analysts.
L Brands said same-store sales at Victoria's Secret fell 6% in the second quarter, a decline worse than the 3.9% drop expected by Wall Street. Bath & Body Works saw same-store sales rise 8% in the period.
L Brands said it expects to report in the third quarter anywhere from a loss of 5 cents a share to earnings of 5 cents share. Analysts had been calling for a profit of 8 cents. L Brands earned 16 cents a share in last year's third quarter.
"Looking to the second half of the year, our No. 1 priority continues to be improving performance at Victoria's Secret," L Brands said in a statement.
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