:max_bytes(150000):strip_icc()/GettyImages-2089846953-f347463bf9c940ccbc58d43bbafe6d94.jpg?w=1024&resize=1024,1024&ssl=1 "Victoria’s Secret Stock Pops After Tapping Savage X Fenty CEO for Top Role")
Key Takeaways
- Victoria’s Secret named Hillary Super as its new chief executive, effective Sept. 9.
- Super previously served as CEO of Savage X Fenty, the lingerie company founded by Rihanna in 2018.
- The retailer also posted preliminary second-quarter adjusted EPS that surpassed prior guidance.
Victoria’s Secret (VSCO) shares jumped in intraday trading Wednesday after the company appointed a new chief executive and posted preliminary second-quarter adjusted earnings per share (EPS) that topped prior guidance.
The fashion retailer has tapped Hillary Super for the top job, effective Sept. 9. Super most recently served as CEO of the Rihanna-founded lingerie company Savage X Fenty and, before that, Global CEO of Anthropologie Group.
Super will be replacing Martin Waters as CEO. Chief Financial Officer (CFO) Timothy Johnson will serve as interim CEO.
Victoria’s Secret Expects Q2 Adjusted EPS Well Above Guidance
Victoria’s Secret, which reports second-quarter earnings Aug. 29, now expects adjusted EPS of 34 cents to 39 cents, well above its initial guidance of 5 cents to 20 cents, as it sees North American sales improving for a fourth consecutive quarter.
“Improving product acceptance and disciplined inventory management led to strong margin performance and our teams continue to relentlessly focus on improving our cost structure, the combination of which has driven year-over-year quarterly operating income growth for the first time since 2021,” Johnson said.
Victoria’s Secret stock was trading up 13% at $21.54 as of 12;40 p.m. ET Wednesday. Despite today’s gains, the company’s shares are down roughly 19% year-to-date.
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