05:39 AM EST, 03/07/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Victoria's Secret (VSCO) shares sank 30% in premarket activity Thursday after the company's forecast for the full financial year ahead missed the market's expectations.

The company reported fiscal Q4 adjusted earnings late Wednesday of $2.58 per diluted share, up from $2.47 a year earlier.

Analysts surveyed by Capital IQ expected $2.46.

Net sales for the quarter ended Feb. 3 were $2.08 billion, up from $2.02 billion a year earlier.

Analysts surveyed by Capital IQ expected $2.08 billion.

The company said it expects Q1 sales to decrease mid-single digits year over year. Four analysts surveyed by Capital IQ expect sales of $1.40 billion.

The company expects 52-week fiscal year 2024 sales of about $6 billion. Analysts surveyed by Capital IQ expect $6.20 billion.

The board approved a new repurchase program for up to $250 million of shares.

Price: 17.85, Change: -7.77, Percent Change: -30.33