Victoria's Secret & Co. (NYSE:VSCO) saw its shares surge by more than 20% intra-day today following two major announcements: the appointment of Hillary Super as the new CEO, effective September 9, 2024, and the release of better-than-expected preliminary second-quarter results.
Super, a retail industry veteran with a strong track record at notable brands such as Savage X Fenty and Anthropologie, will take over from Martin Waters as CEO. The market reacted favorably to her appointment, with investors expressing optimism that her leadership will drive growth and enhance shareholder value at Victoria's Secret.
The leadership announcement was accompanied by preliminary second-quarter financial results that exceeded expectations. Victoria's Secret reported a projected adjusted operating income of $57 to $62 million, significantly above the previous guidance of $30 to $45 million and well ahead of the consensus estimate of $40.7 million.
The company also expects adjusted earnings per share to range between $0.34 and $0.39, far surpassing the initial forecast of $0.05 to $0.20 and exceeding the Street estimate of $0.16.