Victoria's Secret shares are rising after the company announced a plan to buy back $250 million of its stock and said it had strong sales over the holidays.
The lingerie retailer split from its parent company and is trying to stage a comeback by scaling back its emphasis on sexy models, adding more body-inclusive mannequins and expanding into categories like maternity.Shoppers pass in front of a Victoria's Secret store at a mall in San Diego, California, April 22, 2021.shares rose early Wednesday after the lingerie retailer announced share buybacks and said it had strong sales over the holidays.
Victoria's Secret is working with Goldman Sachs to repurchase $250 million of its own stock through an accelerated stock repurchase program. The company said it anticipates the plan will be completed by the end of the first quarter of 2022. It will receive an initial 4.1 million shares of its stock on Dec. 31.
CEO Marvin Waters said in a press release that the company drew in customers and saw sales grow during peak shopping days over the holiday season, including Thanksgiving weekend, and had a "large rush of business" ahead of Christmas. He said the retailer has inventory ready for its semi-annual sale.
Source: News Formal (newsformal.com)
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