Hillary Super was named as the new CEO of Victoria’s Secret & Co. (NYSE: VSCO), on Wednesday.
Super, a seasoned retailer who previously worked at Savage X Genty and Anthropologie (the fashion line of Rihanna), is hailed by investors.
The market is confident in VSCO’s ability to improve shareholder value and accelerate growth. A 20 percent increase in the share price of VSCO this morning shows that.
The positive preliminary results that the lingerie retailer announced today is part of what has caused the stock to rise.
Hillary Super, the new CEO at Victoria’s Secret.
Hillary Super, the new CEO of Victoria’s Secret will take over on 9 September thTHESTREET. The board members are certain that Hillary Super’s merchant leadership skills will create value.
Martin Water, the outgoing chief executive of the clothing and beauty retailer will continue to serve as a consultant until August 31 .
Timothy TJ Johnson, the financial and administrative director at Victoria’s Secret, will act as interim CEO until September 8, . The company released a press release on Monday:
It is time for VS&CO to move forward with a new leadership team of merchant-operator to maximise the future opportunities. To ensure an easy transition, the Board will be working closely with TJ’s leadership and TJ himself.
Victoria’s Secret shares are down by more than 20 percent from their mid-February high.
Victoria’s Secret preliminary second quarter results
Victoria’s Secret expects to earn between 34 and 39 cents per share in the second quarter. Comparatively, analysts were only expecting 16 cents a share.
New York-listed firm also projected adjusted operating profits of up to $62 million – significantly higher than the $40.7 million forecast by experts.
VSCO attributes the success of its second quarter in part to better trends both in digital and physical channels.
Wall Street’s consensus rating for Victoria’s Secret was “hold”, with an average target price of $19.17.
On Wednesday, shares of the retailer were already trading at a price that was significantly higher.
What happened to Victoria’s Secret? This post may change as new information unfolds
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