Victoria’s Secret-owner L Brands on Friday raised its profit outlook for the first quarter, citing a boost from government stimulus and from loosened Covid-related restrictions.
Its stock jumped more than 5% in premarket trading.
The company now expects an adjusted profit of 85 cents to $1 per share, compared with its previous forecast of 55 cents to 65 cents.
L Brands, which also owns Bath & Body Works, said it has seen “unusual shifts in consumer spending patterns,” which have led to boosted sales.