Shares of Victoria’s Secret & Co. VSCO moved 3% higher after hours after the lingerie maker said it expected third-quarter operating income and per-share profit to be closer to the high end of prior financial forecasts. Victoria’s Secret said its updated outlook was based on “quarter to date trends” and a “high single digit” decrease in net sales when compared to the prior year, the latter of which was in keeping with its prior forecast. The company previously forecast operating income of between $10 million to $40 million, and an earnings per share range of breakeven to 25 cents. Analysts polled by FactSet currently expect earnings per share of 14 cents. The company also said it was hosting a meeting for analysts and investors on Thursday, when executives plan to outline strategies to grow market share, including via international partners, and focus on “customer groups where we are underrepresented.” Chief Executive Martin Waters said Victoria’s Secret was positioned to put up “mid-teens operating margin rates over time.”
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