Victoria's Secret

Net sales grew 15 percent last quarter, and 13 points of that came from stores the company already had rather than new openings. Foot traffic rose even as the company cut back on discounting, which means shoppers are paying full price again. International sales jumped 45 percent and management raised guidance for the full year.

New customer growth was strongest at both ends of the income scale, households earning under 50 thousand dollars a year and those over 200 thousand. The company is taking share in intimates with 18 to 24 year olds, the group most likely to set what the brand looks like for the next decade.

Apparel brands live and die on staying culturally relevant, and this one already lost that once. It took years to earn back and nothing guarantees it holds. Close to 14 percent of the shares are sold short, meaning a large group of investors is betting the comeback fades.

Net margins are only about 3 percent, so a slowdown in spending hits profits fast. Consumer confidence is still near historic lows, and most of that 45 percent international growth came from one country, China, which concentrates the risk more than the headline number suggests.