Victoria’s Secret & Co. reported net sales of $1.417 billion for the second quarter of 2024, a decrease of 1%.
The Reynoldsburg, Ohio-based company said total comparable sales during the quarter ending August 3, decreased 3%, yet the overall results were at the higher end of the company’s forecasted range. Due to the sales performance, the lingerie giant registered a net income of $32 million, or $0.40 per diluted share for the second quarter of 2024.
“Our financial results for the second quarter came in at the high end of expectations and we delivered year-over-year quarterly operating income growth for the first time since 2021. We were encouraged by the continued sequential improvement in quarterly sales results in North America for the fourth consecutive quarter, as sales trends improved in both our stores and digital channels,” said interim chief executive officer and chief financial and administrative officer Timothy (TJ) Johnson.
The success was driven by the launch of new collections like the Victoria’s Secret Dream bra, the Pink Friday back-to-campus event, and the steady growth of VS Sport. These factors contributed to improved product acceptance, disciplined inventory management, and a corresponding growth in gross margin dollars and rate expansion. Additionally, the company reported sales growth in the high-single digits for its International business and Adore Me brand.
Looking ahead, the company is forecasting third quarter net sales to increase low-single digits compared to last year’s third quarter net sales of $1.265 billion.
Victoria’s Secret also raised its full-year outlook. The company now expects fiscal year 2024 net sales to be down approximately 1%, compared to prior guidance of down low-single digits. Adjusted operating income is expected to range between $275 million and $300 million, up from previous guidance of $250 million to $275 million.
Copyright © 2024 FashionNetwork.com All rights reserved.
By Reuters Published September 20, 2024 Prime Minister Keir Starmer's warnings about the state of the British economy and the likely need for tax
By Reuters Published September 20, 2024 Elliott Hill started at Nike as an intern in 1988 but steadily scaled its ranks, banking on values of grit
Translated by Nicola Mira Published September 20, 2024 Paris Fashion Week Women will take over the baton from New York, London and Milan on Monda
Published September 20, 2024 Pepe Jeans London, the AWWG-owned casualwear brand, has launched its AW24 campaign, dubbed Very Pepe. In a first, it s