Why Victoria's Secret Stock Was Soaring This Week
A fresh change in leadership, unexpectedly strong preliminary results, and a set of bullish new analyst notes were the main factors pushing Victoria's Secret (NYSE: VSCO) stock higher in recent sessions. The share price gain was well in the double-digit percentages; according to data compiled by S&P Global Market Intelligence, the stock was up more than 23% as of Friday before market open.
The major event during the period was the management change. Wednesday morning, Victoria's Secret announced that Hillary Super would be its new CEO, formally replacing current leader Martin Waters on Sept. 9. Super is a veteran clothing retail executive, having served as chief executive of Savage X Fenty, the lingerie brand founded by pop star Rihanna. Among other positions, Super also served as global CEO of Anthropologie, the popular retail brand owned by Urban Outfitters.
That announcement coincided with Victoria's Secret's release of its preliminary second-quarter earnings. The company expects that its net sales for the period will decline by 1% to 2%, a range slightly narrower than its prior guidance calling for a 1% to 3% dip.
Source Fool.com
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