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Victoria's Secret parent L Brands Inc shares up after February sales numbers, US$250mln stock repurchase program

The company has authorized a new US$250mln stock repurchase program, which includes the US$23.1mln remaining under the previous program

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In February, Victoria's Secret sales were up 2% year-on-year

Victoria Secret’s parent company, L Brands Inc.(NYSE:LB) shares were on the uptick in pre-market trade after posting a rise in February sales and announcing a US$250mln share buyback programme.

In a statement, the company said that in February, total sales rose 11.5% to US$853.9mln from the US$765.5mln recorded a year ago.

READ: L Brands, parent company of Victoria's Secret, nosedives pre-market after disappointing Q1 guidance

Same store sales rose by 3% in February.

The market is expecting a 2.4% growth in same-store sales for the fiscal first-quarter ending April.

L Brands also announced that it had authorized a new US$250mln stock repurchase program, which includes the US$23.1mln remaining under the previous program.

In pre-market, its shares were up 0.34% at US$44.12.

Quick facts: L Brands

Price: 30.33 USD

NYSE:LB
Market: NYSE
Market Cap: $8.43 billion
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