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Time of India
3 days ago
- Business
- Time of India
Victoria's Secret delays earnings release after cybersecurity breach disrupts operations
Victoria's Secret is postponing the release of its quarterly earnings after a security breach disrupted corporate operations and forced the popular lingerie brand to take its US shopping website offline for several days last week. In an update on Tuesday, the Ohio-based retailer said it first detected a 'security incident involving its information technology systems' on May 24 and immediately activated its response protocols 'to contain and eradicate unauthorized network access,' including engaging third-party experts, AP reported. As a precaution, the company temporarily shut down corporate systems and its US retail website on May 26. The website remained inaccessible for several days and was only restored late Thursday, causing ongoing frustration among customers. While Victoria's Secret did not explicitly confirm a ransomware attack, analysts noted that the characteristics of the incident align with such threats, which have become increasingly common across the retail sector. The breach also impacted some in-store services at both Victoria's Secret and Pink-branded outlets, though the company said most of those operations had since resumed. The cyberattack is also affecting the company's ability to release its first-quarter financial results. Victoria's Secret said that it is still working to restore full access to its corporate systems, which has 'prevented employees from accessing certain systems and information' required to complete its financial reporting. Despite the disruption, the company released preliminary first-quarter results for the period ending May 3, which predated the breach. It expects to report $1.35 billion in net sales and an adjusted operating income of $32 million—figures that exceed its previous guidance. Analysts polled by FactSet had forecast sales of approximately $1.33 billion. Victoria's Secret has not announced a new date for the release of its complete first-quarter earnings report. The company maintained that the breach had no impact on its first-quarter results but added it would continue to 'assess the full scope' of the incident, including any future financial implications. The Victoria's Secret breach comes amid a broader surge in cybersecurity incidents targeting consumer-facing brands. In recent weeks, British retailers including Marks & Spencer, Harrods, and Co-op have reported cyberattacks, with M&S estimating a potential financial hit of 300 million pounds ($400 million) due to the disruption of online orders and supply chain issues. In a separate case last month, Adidas disclosed that consumer contact information had been accessed through a third-party customer service provider. Following such incidents, cybersecurity experts urge consumers to stay vigilant. They warn that fraudsters may exploit the situation by sending phishing emails, offering fake promotions, or attempting to misuse compromised data. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 days ago
- Business
- Time of India
Tyre major MRF reclaims title as India's highest-priced stock
Tyre manufacturer MRF has regained its position as India's highest-priced stock, surpassing Elcid Investments after a sustained rally in recent months. As of June 3, 2025, MRF shares were trading at Rs 1,38,100, marking a strong rebound from its 52-week low of Rs 1,02,124 recorded in March. Elcid Investments, which had briefly claimed the top spot, is trading at Rs 1,29,300. The stock has declined by nearly 60% from its all-time high of Rs 3,32,399.95 touched in November 2024. Elcid gained widespread attention in October 2024 when its share price skyrocketed during a special call auction held by the Bombay Stock Exchange (BSE). On October 29, its stock price surged from just Rs 3.53 to Rs 2,36,250 in a single day—an unprecedented increase of 66,92,535%, according to an ET report. The surge was triggered by a Securities and Exchange Board of India (SEBI) initiative to identify fair market values for holding companies that were trading far below their book value. This re-evaluation briefly made Elcid the most expensive stock in the country, overtaking MRF, which at the time was priced at Rs 1,22,576. Elcid's momentum didn't last. The stock peaked in November 2024 and has since seen a sharp correction. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo A key factor in the decline has been the falling share price of Asian Paints, in which Elcid holds a 1.28% stake. The value of this stake has dropped from Rs 3,616 crore in October 2024 to Rs 2,775 crore currently. Elcid's present market capitalisation stands at approximately Rs 2,584 crore, now lower than the value of its holding in Asian Paints. Over the past year, shares of Asian Paints have fallen more than 21%, and nearly 30% over two years, putting significant pressure on Elcid's overall valuation. While Elcid's brief stint at the top was driven largely by market revaluation dynamics, MRF's high share price is attributed to its relatively low number of outstanding shares. Analysts and investors are reminded that a stock's market price does not necessarily reflect its intrinsic value. In contrast to Elcid, MRF's gains are backed by strong fundamentals and solid earnings performance. For the March 2025 quarter, MRF posted a net profit of Rs 498 crore, up from Rs 380 crore in the same quarter last year. Revenue increased by 12% to Rs 6,944 crore, while EBITDA rose by 18% to Rs 1,043 crore, with margins improving to 15%. MRF remains India's largest tyre manufacturer and is ranked among the top tyre makers globally. The company manufactures a wide range of tyres catering to various segments, including passenger vehicles, trucks, motorcycles, and agricultural machinery. It has also diversified into other businesses such as conveyor belts, paints, and sports goods over the years. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
