Net sales rose 15% to $1.56 billion in the first quarter, beating guidance, while comparable sales increased 13%, signaling that CEO Hillary Super's turnaround plan is gaining traction as product innovation, stronger regular-price selling, and renewed brand momentum drive shoppers back into stores and online. 

Management lifted its 2026 outlook, now forecasting net sales of $7.03 billion to $7.13 billion, up from prior guidance of $6.85 billion to $6.95 billion. Adjusted operating income is now expected to be $550 million to $580 million, above the prior $430 million to $460 million range.

"Our customer responded strongly to our product innovation, emotionally resonant storytelling, and distinct brand projection, driving double-digit growth in new customer acquisition, increased regular-price selling, and broad-based strength across categories, channels, and geographies," Super wrote in a statement.

Super concluded, "We are increasingly confident in the trajectory of the business. Our teams are executing with greater precision and agility. Victoria's Secret, PINK, and Beauty are gaining cultural relevance and expanding their customer files, and we have a strong pipeline of product launches, partnerships, and brand moments ahead. We believe we are well-positioned to continue building momentum and creating shareholder value."

The positive earnings sent shares soaring, up more than 41% in late morning trade.

To note, some of the surge could be due to a vicious unwind of a short position. Latest Bloomberg data shows 16.6% of the float, or 13 million shares, are short.