Victoria’s Secret & Co. Swings Into the Red for Q1

The company reported a net loss of $4 million, or 5 cents per diluted share for the first quarter. That was in contrast to the net income of $1 million, or 1 cent per diluted share for the first quarter of last year. Operating income dipped to $26 million compared to operating income of $28 million in the first quarter of last year.reported first-quarter net sales of nearly $1.36 billion — a 3.4 percent decline compared to $1.41 billion in the year-ago quarter.

Victoria’s Secret reaffirmed its full-year outlook Wednesday and is forecasting 52-week fiscal-year 2024 net sales to be about $6 billion, or potentially down low-single digits versus a comparative 52 weeks from fiscal year 2023. At this forecasted level of sales, adjusted operating income for fiscal-year 2024 is expected to be between $250 million and $275 million.

In North America, net sales for Victoria’s Secret stores dropped by 7.2 percent to $729.1 million compared to the first quarter of last year. During that same selling period, direct sales dipped by 3.4 percent to $448.8 million. Conversely, international first-quarter net sales strengthened by 15.6 percent to $181.5 million versus $157.1 million.

Acknowledging the challenging retail environment and “very competitive” promotional environment in North America, he said gross market rate was up compared to last year, inventory had been managed and was “disciplined with traffic-driving offerings.” In-store traffic improved “noticeably” and investments in the digital business that were designed to improve the customer experience led to digital sales outpacing stores, Waters said.

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