United States

L Brands stock rises despite Victoria’s Secret sales drop

This Christmas, Santa wasn’t hurrying down the chimney with a bagful of Victoria’s Secret undies. The lingerie giant’s owner, L Brands, said sales of bras, panties and other lace-trimmed intimates tumbled 12% in November and December as women continued to shun its supermodel-driven marketing in favor of more natural looks. That was on top of a 4% drop a year earlier, and store traffic was down by a “mid-teens” percentage, the company said. Still, L Brands shares rose 4.5% to $18.96 on Thursday after executives said Victoria’s Secret’s semi-annual sale — which began Dec. 26 — is on track and that margins on its bras and panties had improved. “Bra sales were down, but margins were better,” retail consultant Gabrie ...