Shares of Victoria's Secret (NYSE: VSCO) were falling on Thursday, down as much as 9.6% in early trading before recovering to a 3.4% decline as of 2:37 p.m. ET.

While the apparel giant delivered revenue and earnings above expectations for the second quarter last night, the company is still seeing declines across most of its business. And with the stock having popped earlier this month on news of the appointment a new CEO, shares gave back some of those near-term gains today.

In the quarter, Victoria's Secret's revenue fell 0.7% to $1.42 billion, with adjusted (non-GAAP) earnings per share of $0.40. Both figures beat analyst expectations, with the bottom-line figure up handily from the year prior, thanks to the company's cost-cutting initiatives.

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Source Fool.com