Jim Cramer Discusses L Brands Amid New 52-Week Low And Why Mall Owners Aren't Worried

Shares of L Brands Inc LB plunged more than 10 percent Thursday morning and hit a new 52-week low of $71.02 after the company reported its April and first quarter sales data. Related Link: L Brands April Comps Rises 1% L Brands said that total sales for the quarter rose 4 percent from the same period a year ago to $2.614 billion while comparable sales rose 3 percent. Both figures fell short of consensus estimates who were looking for sales of $2.67 billion on same-store sales growth of 3.9 percent. CNBC's Jim Cramer discussed on Thursday L Brands' results during his daily 'The Mad Dash' segment. Cramer highlighted the fact that L Brands' Victoria Secret reported a same-store sales decline of 1 percent in April. He added that this is "quite the switch since L Brands had been doing well" and retail investors felt that the brand had "somehow been able to trump the mall." Cramer continued that L Brands reputation as being a strong mall-based retailer may not necessarily have a negative impact on the actual mall owners. He pointed out that mall owners aren't actively engaged in building new malls. Meanwhile, the stores within the mall are shifting away from apparel and towards stores which sells products that consumers "have to get," including hair cut salons, pet supply stores, among others.