What happened

Shares of L Brands (NYSE:LB) have tanked today, down 11.6% as of 3 p.m. EDT, after the company reported second-quarter earnings results. The parent company of brands like Victoria's Secret and PINK, among others, cut its full-year profit forecast -- again.

So what

Revenue in the second quarter grew to $2.98 billion, which translated into net income of $99 million, or $0.36 per share. L Brands also announced that Victoria's Secret PINK, the brand geared toward younger consumers, is getting a new CEO. Denise Landman is retiring at the end of the year and will be replaced by Amy Hauk, who currently serves as a merchandising and product development executive for the company's Bath & Body Works chain.

Front of a Victoria's Secret store

Image source: L Brands.

Comparable sales for Victoria's Secret fell 1%, while comps for Bath & Body Works increased 10%. Gross margin contracted to 35.5%.

Now what

While those top- and bottom-line results beat consensus estimates, investors were concerned with L Brands reducing its full-year guidance for the second time this year. The company now expects earnings per share for 2018 to be in the range of $2.45 to $2.70, down from its prior outlook of $2.70 to $3 per share in profit. L Brands had already reduced its forecast in May, down from the $2.95 to $3.25 in earnings per share it predicted at the beginning of the year.

L Brands also issued guidance for the fiscal third quarter, expecting earnings per share between breakeven and $0.05. Analysts were expecting earnings per share of $0.10 in the coming quarter.

Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.