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
- The price action over the past few days.
- 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.
- 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…