Victoria's Secret is finally raising its prices after years of extreme deals on inexpensive lingerie

In a note to clients this week, UBS analysts Jay Sole and Mauricio Serna reiterated their recommendation to buy L Brands stock (the parent company behind Victoria's Secret) and shared data that showed the level of promotions in Victoria's Secret stores — which includes its Pink brand — was "declining at a surprisingly fast rate."UBS said the average price of an item listed on Victoria's Secret's website in May 2021 was $44, a huge 83% increase from May 2019.It also found that a quarter of the products on its site were on sale in May 2021. And others said the quality of the clothing didn't match these price points.But Victoria's Secret's growth over the past few quarters — same-store sales were up 9% in the first quarter of the year versus 2019 and operating income, a measure of profitability, increased by $213 million or 665% —  indicates that consumers are becoming comfortable paying more for its apparel and lingerie and that it has a better handle on its inventory levels.Gabriella Santaniello, analyst and founder of retail research firm A-Line Partners, told Insider that the pandemic enabled Victoria's Secret to have a "reset," and cut back on its inventory, which has facilitated more full-price sales, she said.