Shares of L Brands (LB) dropped in premarket trading after its total sales and comparable sales declined in June from the year-ago period. Following the report, an analyst at Jefferies recommended selling shares.

JUNE SALES DECLINE: L Brands, the parent company of Victoria’s Secret and Bath & Body Works, said this morning that comparable sales for the five week period ending July 1 fell 9% from a year ago and that total net sales declined 6% from the prior year period to $1.21B. The company said exiting the swim and apparel categories hurt total company and Victoria’s Secret same-store sales by 7 percentage points and 10 percentage points, respectively. Comparable sales for the 22 week period ended July 1 dropped 9%, with total net sales for the period declining 6% to $4.24B.

WHAT’S NOTABLE: On a prerecorded conference call discussing the month, L Brands said Victoria’s Secret June comp sales were down 17% compared to last year, though Bath & Body Works comps were up 8% for the month. The company expects July total company comps to be down “mid-single digits,” which includes a negative impact from the exit of swim and apparel of about 4 points.

ANALYST COMMENTARY: In a note to clients, Jefferies analyst Randal Konik noted the “clear themes” L Brands experienced in the month of June, with growing Victoria’s Secret share losses and a “beacon of light” in Bath & Body Works. Konik recommended selling shares, as it says top-line erosion at Victoria’s Secret “matters most in this story.” The analyst, who has an Underperform rating and $35 price target on shares, concluded, “If you own LB shares, get out. If you don’t own LB shares, don’t buy them.”

PRICE ACTION: Shares of L Brands are down over 7% in premarket trading.