Victoria's Secret & Co (NYSE:VSCO) shares are trading higher Wednesday after the company announced better-than-expected financial results.
Victoria's Secret said first-quarter revenue decreased 4.5% year-over-year to $1.484 billion, which beat the estimate of $1.48 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $1.11 per share, which beat the estimate of 84 cents per share.
Victoria's Secret said it expects second quarter revenue to be "up low-single digits to down low-single digits," compared to the prior year quarter. Second-quarter earnings are expected to be between 95 cents and $1.25 per share. Operating income is expected to be in the range of $125 million to $155 million.
Analyst Assessment:
- Telsey Advisory Group analyst Dana Telsey maintained Victoria's Secret with a Market Perform rating and lowered the price target from $60 to $55.
- Wells Fargo analyst Ike Boruchow maintained Victoria's Secret with an Overweight rating and lowered the price target from $70 to $60.
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VSCO Price Action: Victoria's Secret has traded between $38.48 and $76 over a 52-week period.
The stock was up 10.6% at $45.56 at time of publication.
Photo: courtesy of Victoria's Secret.
