Victoria's Secret's losses continue to plague parent company L Brands (NYSE: LB). Company sales decreased 37% in the first quarter, which ended May 2. A company divided L Brands' portfolio includes Victoria's Secret and its sister brand, Pink, as well as Bath and Body Works. The latter has performed well, while the former keeps pulling it down. In the first quarter of 2020, Bath and Body Works comps increased 41% while Victoria's Secret comps fell 13%. Total company comps rose 4% as a result. Bath and Body Works comps increased 20% in the period before stores were closed on March 17, and the direct business, which remained open, increased 85%. Image source: L Brands. Adjusted net loss was $275.2 million and adjusted loss per share was $0.99. Adjustments were related to impairment charges and tax benefits. The company said it was working to create a "pure-play" public company from Bath and Body Works while separating Victoria's Secret and Pink into a stand-alone company. There are currently 1,070 company-owned Victoria's Secret stores and 1,737 company-owned Bath and Body Works stores. Beyond that, the company did not offer second-quarter guidance. A new strategy On May 4, L Brands announced the termination of an agreement with Sycamore Partners to buy a majority stake in Victoria's Secret. Sycamore Partners had tried to back out of the agreement after the rise of the COVID-19 pandemic, and L Brands ultimately settled with the firm. Of the settlement, board chair Sarah Nash said it was best to "focus our efforts entirely on navigating this environment to address those challenges and positioning our brands for success rather than engaging in costly and distracting litigation to force a partnership with Sycamore." 10 stocks we like better than L BrandsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and L Brands wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Jennifer Saibil 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.Source