Victoria's Secret Up 12% On Stock Buyback Program, Robust Holiday Sales

Shares of intimates specialty retailer Victoria's Secret & Co. (VSCO) are up 12 percent on Wednesday's trading after the company announced a stock buyback of $250 million stock and also said that its sales during the holiday season has been strong.

The company has entered into an accelerated share repurchase agreement with Goldman Sachs & Co. LLC to repurchase $250 million of its common stock. Victoria's Secret also reaffirmed its fourth quarter sales, operating income and earnings guidance.

Company CEO Martin Waters said, "I am very pleased with our fourth quarter performance to date and believe we have solid plans in place for the balance of this holiday selling season. I was particularly encouraged by our sales growth during the peak shopping days over the Thanksgiving weekend and the large rush of business as we approached December 25th. Our stores are in a good inventory position as we begin our semi-annual sale and anniversary the positive stimulus impact on sales in January of last year. Performance has been broad-based across all of our businesses, and our stores channel has been a position of strength for our results."

Currently at $54.03, the stock has traded between $45.65 and $76.00 during the past 52 weeks.

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