Victoria's Secret reports better-than-expected sales, narrows earnings loss
Victoria's Secret & Co. on Wednesday reported better-than-expected sales in the first quarter, helping the U.S. lingerie giant to narrow earnings losses for the three-month period.
The Ohio-based company said sales for the three months ending May 3 totalled $1.353 billion, besting its previously communicated guidance range of $1.30 billion to $1.33 billion.
However, that figure was flat compared to the prior-year period, weighed down by total comparable sales, falling 1%.
Victoria's Secret did manage to recoup its earnings, reporting a net loss of $2 million, or $0.02 per diluted share during the quarter, compared to a net loss of $4 million, or $0.05 per diluted share in the prior-year quarter.
'I am proud of the team and their commitment to adapting and remaining flexible in this challenging and fast-changing environment. We focused on proactively managing the business ensuring we are remaining nimble and protecting investments in what matters most—the customer experience, brand health and product innovation," said Victoria's Secret & Co. CEO, Hillary Super.
"I am pleased with the strength the business demonstrated during the March and April timeframe, which included continued momentum in our powerhouse Beauty business, ongoing strength in Pink apparel, and newness in sport and swim as we reclaim our position as a full lifestyle brand."
For the full year, the company reaffirmed its forecasted sales range of $6.2 billion to $6.3 billion.
Earlier this month, the underwear giant had to temporarily shut down its website for a few days, following a security incident relating to its information technology systems.
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