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Victoria’s Secret-owner L Brands shares jump on raised profit outlook, thanks to stimulus boost

March 26, 2021 by admin 0 Comments

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Pedestrians wearing protective masks carry Victoria’s Secret Stores LLC shopping bags in San Francisco, California, U.S., on Wednesday, Feb. 17, 2021.

David Paul Morris | Bloomberg | Getty Images

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.

This story is developing. Please check back for updates.

This article was originally published by Cnbc.com. Read the original article here.