L Brands’ attempts to use promotions to bolster its sales numbers have failed, and have caused the April merchandise margin rate to be “down significantly” versus last year.

The company — challenged by the rise of e-commerce and rapidly changing consumer preferences — is betting that a strong performance during the year-end shopping season will help spark a turnaround.

The lingerie seller, which has struggled to pull out of a sales slump, just posted its second straight quarter of declines in its panties business.

After years of declining sales, Abercrombie & Fitch is reinventing its namesake brand, shunning the exclusionary preppy stereotypes that made it a powerhouse of teen clothing.