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

Benzinga · 12/29/2021 09:14
  • 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.