Victoria's Secret & Co. (NYSE:VSCO) reported much stronger-than-expected first quarter results, with earnings and revenue topping Wall Street estimates and the company raising its full-year outlook.
Shares surged as much as 50% following the report, briefly trading above $80 per share.
The company reported net sales of $1.56 billion for the quarter, up 15.3% year-over-year and ahead of **** yst expectations of about $1.52 billion. Comparable sales rose 13% compared with the prior year period.
Adjusted earnings per share came in at $0.60, significantly above the $0.29 to $0.32 range expected by **** ysts. On a reported basis, net income was $48 million, or $0.56 per diluted share, compared with a net loss of $2 million in the same quarter last year.
Operating income rose to $76 million from $20 million a year earlier. On an adjusted basis, operating income reached $80 million, above the company’s prior guidance range of $32 million to $42 million.
Shares surged as much as 50% following the report, briefly trading above $80 per share.
The company reported net sales of $1.56 billion for the quarter, up 15.3% year-over-year and ahead of **** yst expectations of about $1.52 billion. Comparable sales rose 13% compared with the prior year period.
Adjusted earnings per share came in at $0.60, significantly above the $0.29 to $0.32 range expected by **** ysts. On a reported basis, net income was $48 million, or $0.56 per diluted share, compared with a net loss of $2 million in the same quarter last year.
Operating income rose to $76 million from $20 million a year earlier. On an adjusted basis, operating income reached $80 million, above the company’s prior guidance range of $32 million to $42 million.
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