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Benzinga

Shivani Kumaresan

Victoria's Secret Adopts $250M Accelerated Share Repurchase Program; Reaffirms Q4 Outlook

Victoria's Secret & Co (NYSE:VSCO) has entered into an accelerated share repurchase agreement (ASR) with Goldman Sachs & Co LLC to repurchase $250 million of the company's common stock.
Under the ASR, the company will make an initial payment of $250 million to Goldman Sachs and will receive about 4.1 million shares.
The final settlement of the ASR is expected to be completed in Q1 of 2022.
Victoria's Secret reaffirmed Q4 guidance provided on November 17, 2021, for sales to be flat to up 3% versus last year's sales of $2.100 billion and EPS guidance of $2.35 - $2.65.
Price Action: VSCO shares are trading higher by 8.28% at $52.60 in premarket on the last check Wednesday.

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