Victoria’s Secret & Co. reported better-than-expected sales and lifted its outlook for the year, a sign that its turnaround strategy is working, while offering more evidence of consumer resilience in the US.
Comparable sales rose 8 percent last quarter, the company said. That topped the average analyst estimate. The retailer also nudged up its forecast for sales and earnings per share for the year.
The results continue a string of positive results from major retailers, despite signs of economic stress and souring consumer sentiment.
The company’s shares advanced about 12 percent in premarket trading on Friday. The stock had gained less than 1 percent this year through Thursday.
Hillary Super, who became CEO last year, has been trying to revive excitement about the company which has been overshadowed in recent years by upstart competitors. She has had a challenging year so far, facing push back from investors. Now, she is facing a tough consumer environment.
By Lily Meier
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