• L Brands
• promotional activity in Victoria's Secret has not only failed to drive sales, but has also weighed on margins.
• Watch L Brands trade in real-time here.

The decline for Victoria's Secret and its Pink branch, owned by L Brands, is just beginning, according to analysts from Jefferies.

"scary" target="_blank" step in promoting its "

Shares of

Now read:

• JPMorgan has established a blueprint for the next big market crash — and warns it could create the biggest social conflict in 50 years