Shares of Victoria’s Secret (NYSE: VSCO) rallied on Thursday, up as much as 11.8% before retreating to a 4.8% gain as of 10:26 a.m. ET.
Victoria’s Secret reported second-quarter earnings today, which beat analyst expectations on both the top and bottom lines. The company has recently revamped some of its leadership, and it appears those moves are paying off.
In the second quarter, Victoria’s Secret grew revenue 2.8% to f $1.46 billion, on the back of a solid 4% lift in comparable-store sales. Victoria’s Secret continues to rationalize its store footprint, and it seems to be yielding positive traffic at its remaining stores. Meanwhile, adjusted non-GAAP (generally accepted accounting principles) earnings per share of $0.33 handily beat estimates by $0.20, above the previously guided range.