Victoria's Secret store London, UK - 2017

L Brands is still struggling to get back on positive financial ground and investors are getting weary.

The operator of Victoria’s Secret, Bath & Body Works and Henri Bendel saw net income fall 45 percent to $138.9 million for the second quarter. Earnings per share fell to 48 cents from 87 cents and sales dropped 4.7 percent to $2.75 billion.

Comparable sales including web sales fell by 8 percent, which the company said came in below expectations. Victoria’s Secret dragged down the overall result with a comp-sales decline of 14 percent for the quarter, while Bath & Body comp sales actually increased by 6 percent.

A year earlier, comp sales at Victoria’s Secret grew by 2 percent and Bath & body increased 5 percent.

Shares of L Brands fell more than 8 percent to $36.60 in after hours trading, one of company’s lowest levels in five years.

Executives will go over results with Wall Street analysts on a conference call Thursday.  

L Brands’ first quarter also showed sharp declines, with comps dropping 9 percent.

The company has consistently posted declines this year, citing its decision last spring to exit swimwear and most apparel from Victoria’s Secret and abandon its well-known catalogue business.

After using that same reasoning to explain a drop in June sales, Wall Street analysts began to question the company’s forecast of 10 percent growth in operating income for the full year.

L Brands’ chairman and chief executive officer Leslie Wexner took the reins of Victoria’s Secret early last year and started shaking things up.

“Fashion retailing is one of change,” Wexner told investors in November meeting. “When you catch the wind, the cycles last eight or 10 years and then you have to constantly say, ‘How do I change this?’”

He argued L Brands was at “inflection point.”

“We had to make changes and in hindsight, the changes that we have made I wish we had taken those actions two years ago, or three,” he said. “In hindsight, there was ample opportunity to change things dramatically.”

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