Bath & Body Works’ fiscal third-quarter performance beat analyst estimates on strong sales, and the retailer upgraded its full-year outlook.

The owner of Victoria’s Secret, Bath & Body Works and other retail chains earned $106 million, or 49 cents per share, for the period.

A year earlier, the Columbus, Ohio-based company earned $119 million, or 52 cents per share. The prior-year period’s results were helped by a $12 million pretax gain related to the prepayment of debt.

The performance exceeded the 46 cents per share predicted by analysts surveyed by Zacks Investment Research.

Revenue totaled $1.61 billion, up 3% from $1.56 billion a year earlier. The results beat Wall Street forecasts by $1.58 billion.

“We capitalize on our agile business model and primarily U.S.-based supply chain, and we believe we are well-positioned to weather a volatile retail environment and shorter holiday calendar.” , CEO Gina Boswell said in a statement. “As we enter the critical holiday season, I am pleased with our strong execution and the momentum we are building, as we move toward long-term sustainable and profitable growth. »

Neil Saunders, managing director of GlobalData, was pleased that Bath & Body Works saw increased in-store and online sales during the quarter.

“One of the areas where Bath & Body Works has excelled in trying to reinvigorate its core product categories,” Saunders said. “There have been many innovations in scents, product design and in-store displays to capture consumers’ imaginations and drive volume. This includes selective collaborations with franchises like Stranger Things to create limited-time collections that create both interest and urgency when it comes to consumer purchases.

In the future, Bath & Body Works now expects fiscal 2024 adjusted earnings of between $3.15 and $3.28 per share and revenue of between a decline of 2.5% and a decline of 1.7%, compared with to $7.43 billion in fiscal 2023. The company previously forecast adjusted earnings of between $3.06 and $3.26. per share and revenue will be between a 4% decline and a 2% decline.

Analysts polled by FactSet expect full-year earnings of $3.20 per share.

Shares jumped more than 19% before the market opened Monday.