Why is Victoria’s Secret Stock Trading (VSCO) Significantly Higher Today

December 29, 2021 8:24 am EST

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Victoria’s Secret (NYSE: VSCO) shares rose more than 9% pre-opening on Wednesday after the company announced it was launching an accelerated share buyback program.

The company will work with Goldman Sachs to buy back $ 250 million of its common stock. In addition, VSCO has reaffirmed its sales, operating profit and profit guidance for the fourth quarter.

Victoria’s Secret will pay GS $ 250 million in exchange for approximately 4.1 million shares on December 31, 2021.

“I am very pleased with our fourth quarter performance to date and believe we have solid plans in place for the remainder of this holiday sales season. I was especially encouraged by the growth in our sales during the Thanksgiving weekend shopping peaks and the high volume of business as December 25th approached. Our stores are in a good inventory position as we begin our semi-annual and anniversary sale of the positive impact of the stimulus on sales in January of last year, ”commented CEO Martin Waters.

VSCO shares closed at $ 48.70 yesterday.

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