L Brands Inc LB shares are trading higher by $4.30 (10 percent) at $47.40 in Thursday's session.

Despite reporting a March sales decline of 7 percent to $951.4 million, the stock is trading sharply higher. The company is attributing the decline to the fact that the Easter holiday is much later this year.

After a higher open, L Brands had a brief decline of $0.08 to $45.67 before continuing its move higher. So far, the continuation rally has taken the stock to $48.00 and it's not far off that level.

If the rally continues, there may be additional resistance at the pair of highs from March 30 ($48.31) and March 31 ($48.21).