FMP
Victoria's Secret Stock Gains 12% Following Strong Q1 Preannouncement
May 10, 2024 2:16 PM - Davit Kirakosyan
Image credit: FMP
Victoria's Secret (NYSE:VSCO) saw its shares rise more than 12% in pre-market today following the release of its preliminary Q1 results, which exceeded expectations.
The lingerie and beauty retailer announced adjusted earnings per share (EPS) expected to be between $0.07 and $0.12, surpassing both the company's own earlier guidance of a loss of $0.15 to a gain of $0.10 and the consensus estimate of a loss of $0.03.
Net sales for the quarter are expected to decrease by 3% to 4%, which marks an improvement over the previously anticipated decline of 4% to 6%. Victoria’s Secret highlighted April as the strongest month of the quarter, noting improving trends throughout the period. The better-than-expected report arrives amid growing consumer concerns and follows several recent analyst downgrades.
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