Victoria's Secret delivered a strong quarter. Investors were hoping for more.

The company posted a 10% increase in net sales in the quarter ended Aug. 1. The results were within its projected range, but slightly less than analysts had expected. Moreover, growth slowed from the previous quarter, when net sales rose 15%.

Earnings exceeded analysts' expectations, and the company raised its sales and adjusted operating income targets for the year.

The sales slowdown may have spooked investors, who sent shares down about 12% this morning. The stock had been up 57% this year through Wednesday's close.

But analysts saw no reason for concern. "This is another strong quarter from Victoria's Secret which underlines the durability of the recovery," wrote Neil Saunders, managing director of research firm GlobalData, in a note to clients.

Jefferies analyst Corey Tarlowe said the stock decline was likely due more to investor expectations than reported results.