that total comparable sales at its flagship brand, Victoria's Secret, declined 1% in January, driven by an 8% drop in store-only comps. That was below the Wall Street consensus of a 1% increase, according to UBS.
The company also announced that its quarterly dividend will be $0.30 a share in the first quarter, less than half of the $0.61 paid last quarter.," Jefferies analyst Randal Konik, a long-term bear on Victoria's Secret and L Brands, said in February. "Keep in mind that comps remain negative despite very high promos, which means true brand demand is even worse than reported as some consumers buy things when they are given away for free or marked down by more than 50-75%."
Konik has an"underperform" rating and $21 price target for L Brands — 24% below where shares were trading Wednesday.
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