Two Wall Street analysts raise their price targets on Victoria's Secret, citing a return to the brand's roots and more opportunities to shop the runway.
Victoria's Secret & Co. (NYSE:VSCO) shares fell more than 12% after the retailer's third-quarter profit outlook came in below Wall Street estimates, overshadowing a second-quarter earnings beat and a raised full-year guidance. The company reported second-quarter revenue of $1.61 billion, up 10% from a year earlier but slightly short of the $1.62 billion analysts had expected.
The company delivered sales near the high end of its forecasted range, but Wall Street was expecting more, and the stock is headed for its worst day in more than a year.
The bra retailer said it now expects sales of $7.1 billion to $7.18 billion for the year, as it reported better-than-expected profit in the second quarter.
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