L Brands, the owner of Victoria’s Secret, has issued disappointing sales results for the second quarter, hit by the exit of swimwear and apparel categories.
The company reported net sales of $2.75 billion (£2bn) for the second quarter ended July 29, 2017, compared to sales of $2.89 billion for the same period in 2016.
Comparable sales, which include company owned stores in the US, Canada and the UK, and direct sales, were down 8% on last year.
This was below the company’s expectations.
Comparable sales at Victoria’s Secret tumbled 14%, a deeper drop than the 12% decline predicted by analysts.
L Brands said the exit of the swim and apparel categories had a negative impact of about 6 percentage points and 9 percentage points to total company and Victoria’s Secret comparable sales, respectively.