Sold to close LB


Sold 200 shares of LB at $76.42. This closes the position originally entered on 5/13 at $67.73. Total return less commission was $1,721.10. Return per share after commission was $8.61.


I was frankly hoping for more from L Brands. I thought this might become a long-term holding of mine. But I got spooked by

  1. The price action over the past few days.
  2. Comments by Macy’s CEO Terry Lundgren on CNBC, during which he points out that the US has roughly 5 times the retail floor space per person as other developed countries, and that significant reductions in store counts are inevitable, as internet retail takes an increasing share.
  3. Comments heard on the web and from the female half of my family that bralettes” (clasp-less, underwire-less, unpadded bra replacements made from stretch fabric) are getting more fashionable and cost only 1/3 of what a Victoria’s Secret padded bra costs. This just cannot be good for margins at LB
August 30, 2016 at 6:01pm · LB · sell to close · stock

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