** Shares of Victoria's Secret VSXY.N up ~40% at $74 premarket

** Co raises annual sales and profit targets, betting on strong demand for its brands including Victoria’s Secret, PINK, and Beauty

** Expects annual net sales to be in the range of $7.03 billion to $7.13 billion vs previous forecast of $6.85 billion to $6.95 billion

** Sees annual adjusted operating income in the range of $550 million to $580 million vs previous range of $430 million to $460 million

** Reports Q1 net sales of $1.56 billion vs estimates of $1.52 billion- data compiled by LSEG

** Logs Q1 adjusted EPS of 60 cents vs estimates of 30 cents