Latest News

Victoria’s Secret-owner L Brands shares jump on raised profit outlook, thanks to stimulus boost

0

Pedestrians wearing protective masks carry Victoria’s Secret Stores LLC shopping bags in San Francisco, California, U.S., on Wednesday, Feb. 17, 2021.

David Paul Morris | Bloomberg | Getty Images

Victoria’s Secret-owner L Brands on Friday raised its profit outlook for the first quarter, citing a boost from government stimulus and from loosened Covid-related restrictions.

Its stock jumped more than 5% in premarket trading.

The company now expects an adjusted profit of 85 cents to $1 per share, compared with its previous forecast of 55 cents to 65 cents.

L Brands, which also owns Bath & Body Works, said it has seen “unusual shifts in consumer spending patterns,” which have led to boosted sales.

Still, it cautioned in its press release that the retail environment “remains uncertain, and there is no assurance that these improved trends will continue.”

L Brands had already raised its profit outlook for the quarter earlier this month, citing strong demand for both Bath & Body Works and Victoria’s Secret.

The retailer’s stock is up nearly 60% year to date. It has a market cap of $16.6 billion.

Georgia Gov. Kemp signs GOP election bill amid an outcry

Previous article

Stocks making the biggest moves in the premarket: MSG Entertainment, BowX Acquisition, Root Inc. & more

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News