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.