Shares of L Brands Inc. are down 15% as the market opens, a day after the parent company of Victoria's Secret lingerie said it is halving its annual dividend to $1.20 and appointing a new executive to lead the Victoria's Secret chain. Finance chief Stuart Burgdoerfer tells analysts on a conference call Tuesday morning the company is "very clear minded about where we are" and describes results at L Brands as "unacceptable." He says the company is evaluating all aspects of the business, from brand positioning to merchandise to the firm's real-estate footprint.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

November 20, 2018 10:06 ET (15:06 GMT)