Victoria Secret shares spike 40% after big earnings beat, raised sales outlook

Shoppers may be feeling gloomy about high prices at the pump, but they're still shelling out for new bras and underwear at Victoria's Secret . The lingerie retailer raised its full-year guidance on Tuesday after blowing past earnings estimates in its fiscal first quarter, citing lower tariff costs and more customers willing to spend full price on its products. Shares soared about 40% in premarket trading. There was "very consistent, double-digit [sales] increases across Victoria's Secret, Pink, beauty channels, digital, stores and international, all very positive," CEO Hillary Super told CNBC in an interview. "Supercharging bras being one of our most important initiatives, double-digit [comparable sales growth] there, and I think the loyalty that bras creates and the anchor that it is in the business is just so important." Super added the company grew sales with "significantly" fewer promotions and gained market share during the quarter, particularly with shoppers ages 18 to 24. During the first quarter, some retailers saw strong growth that they attributed partially to higher tax refunds . While Victoria's Secret finance chief Scott Sekella said some customers used that extra stimulus to go shopping at its stores, it was a "normal amount," and trends have remained consistent so far this quarter, even with tax refunds having dried up for many people. …