Jefferies analyst, Randall Koenik, believes retailers wrapped up the calendar month of June with a solid July 4th Weekend, as the combo of weather and promos drove healthy traffic and conversion. Old Navy and Gap (NYSE: GPS) appeared see a nice lift from their 4th of July Weekend sales, while the reaction to the VS Semi-Annual sale appeared more muted after running for nearly a month. Most retailers were modestly more promotional YoY as they cleared through remnant summer product to make way for fall.

L Brands' (NYSE: LB) Victoria's Secret Semi-Annual Sale is running longer and broader than LY. VS is now four weeks into its Semi-Annual Sale, which kicked off June 7th. Last year, the sale began around the same time, but ran only through roughly June 21 in stores and June 29 online. Markdowns on bras and panties were lower than at the start of the sale, but consistent with last week.

Most retailers are still largely in clearance mode, fall and Back-to-School product is gradually starting to flow into stores. Most notably, both Abercrombie & Fitch (NYSE: ANF) and Hollister introduced a small amount of BTS product, with both brands revamping their denim for fall. A&F was highlighting its new 'Renew' denim collection for women, which is made from recycled fabrics.

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Shares of L Brands closed at $67.53 yesterday.