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Victoria's Secret Stock Rises as Lingerie Maker Ups Outlook
KEY TAKEAWAYS
Victoria's Secret ( VSCO ) shares are rising in premarket trading after the lingerie retailer boosted its sales outlook as it builds on strong Thanksgiving weekend sales.
The shares are rising 3.4% and have gained more than 60% year-to-date.
Victoria’s Secret said it has raised its fiscal 2024 net sales forecast to a rise of 1%-2% range, versus the previous guidance of an around 1% decrease.
CEO Notes Strength Across Victoria's Secret Brands
Chief Executive Officer (CEO) Hillary Super said the retailer saw “broad based” strength across its brands, namely its Victoria’s Secret items, PINK and Adore Me, and its sales growth was its best since 2021.
"We are excited to see our momentum from the third quarter continue through Black Friday and Cyber Monday,” Super added.
The outlook boost followed mixed-results from the lingerie firm. Net sales rose 7% to $1.35 billion year-over-year, higher than the $1.29 billion estimate from analysts polled by Visible Alpha. The third-quarter $0.71 per share net loss was wider than analysts’ estimates of $0.66, however.
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