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Victoria's Secret Clocks 9% Sales Decline In Q3, Misses Street View By A Whisker

  • Victoria’s Secret & Co (NYSE: VSCO) reported a third-quarter FY22 sales decline of 9% year-on-year to $1.318 billion, marginally missing the consensus of $1.32 billion.

  • Comparable sales decreased 11% for Stores and Direct.

  • Gross profit fell 19% to $457.4 million, with a margin of 34.7%.

  • Operating margin was 3.2%, and operating income for the quarter declined 60.5% to $42.6 million.

  • The company had a 1,351 store count as of October 29, 2022, versus 1,362 stores on January 29, 2022.

  • EPS of $0.29 beat the analyst consensus of $0.23.

  • Outlook: Victoria’s Secret sees Q4 sales to decrease in the high-single digit range. It expects Q4 EPS of $2.00 - $2.45 versus the consensus of $2.32.

  • It sees FY22 sales to decrease 6% - 7%

  • The company expects FY22 adjusted EPS of $4.50 - $4.95 against an estimate of $4.73.

  • Price Action: VSCO shares are trading lower by 4.33% at $44.01 in premarket on the last check Thursday.

  • Photo Via Wikimedia Commons

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