Victoria's Secret's L Brands Shares Rise 3.3% After January Sales Top Estimates

Victoria's Secret parent L Brands Inc. shares rose 3.4% in premarket trading on Thursday after it reported a 7% increase in January same-store sales. That topped the 3.5% Retail Metrics consensus estimate. The company also raised its fourth-quarter forecast to $1.78 to $1.80 a share, above its prior guidance of $1.61 to $1.71 a share. Analysts surveyed by FactSet were looking for profit of $1.76 a share. The company said it expects February comparable sales to rise in the low-single-digits. L Brands, which also owns Bath & Body Works, raised its annual dividend by 47% to $2 a share. It also will issue a $2 special dividend and plan to buy back up to $250 million shares in a new repurchase program. The stock is poised to set a record when the market opens.