L Brands sales slump and so do retail stocks

In this Wednesday, June 7, 2017, photo, shoppers look at merchandise at a Victoria's Secret store in Hialeah, Fla. Shares in L Brands Inc. have tumbled more than 11 percent on sluggish June sales numbers, dragging with it a specialty retail sector that continues to get little in the way of good news. The company, whose brands include Victoria’s Secret and Bath & Body Works, says net sales for the five weeks ending July 2 fell 6 percent from the same period a year earlier. Comparable store sales fell 9 percent over last year’s period. (AP Photo/Alan Diaz)

NEW YORK (AP) — Shares of L Brands are plunging 12 percent, and other retailers are being dragged lower, with dismal sales numbers from the owner of Victoria’s Secret and Bath & Body Works highlighting the hazardous landscape for the entire sector so far this year.

The company said Thursday that net sales in June fell 6 percent compared with last year during the same period, and same-store sales fell 9 percent, which is worse than industry analysts had expected.

It was part of a larger route in retail, the worst performing sector on the Standard & Poor’s 500 index.

Six of the 10 biggest decliners on the S&P 500 were retailers at midday.

Shares in Sears fell more than 7 percent and Urban Outfitters shares slid almost 5 percent.

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