Victoria’s Secret & Co (NASDAQ: VSCO) is evidently looking to drive its share price higher in a hurry. The firm this morning announced an “accelerated” share repurchase agreement, which will see the company buyback $250 million in shares by the end of 2021.
The arrangement for share buybacks has been entered into with Goldman Sachs, whom will provide an initial delivery of an estimate 4.1 million shares of the firm on December 31. The final number remains subject to the firms share performance over the coming days in advance of the share delivery.
Final settlement is slated to occur early in Q1 2022.
In addition to the share buyback news, the firm this morning reiterated its Q4 guidance, indicating that revenue, based on last years $2.1 billion in revenue, will fall in a range of being flat to up 3.0%. Operating income meanwhile has been guided to be between $295 and $335 million, while earnings per share will be between $2.35 to $2.65.
Victoria’s Secret & Co last traded at $48.58 on the NYSE.
Information for this briefing was found via Edgar and the companies mentioned. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
