Shares of L Brands (NYSE: LB) fell 29.4% in value last year, according to data from S&P Global Market Intelligence.
The company continued to be a tale of two brands. On one side, the Bath & Body Works business has been L Brands' better half, reporting comp sales growth of 10% through the first three quarters of fiscal 2019. That is consistent with the performance in the previous year.
On the other side, it's clear that Victoria's Secret is losing market share to competitors. Comp sales have been ugly, falling 6% in the first three quarters of fiscal 2019, which shows a worsening trend following the 1% decline in the previous year. And given that Victoria's Secret makes up most of the company's revenue, weak performance there is pressuring results for the whole company.