Victoria’s Secret & Co., reported a net loss of US $ 1 million for the second quarter of 2023 compared to net income of US $ 70 million.
In contrast to the second quarter of 2022, when operating income totaled US $ 98 million, it was only US $ 26 million this quarter. Net sales for the company fell by 6 per cent to US $ 1.427 billion, while total comparable sales fell by 11 per cent compared to the same period in 2022.
Commenting on the trading performance, the company’s chief executive officer Martin Waters said: “We delivered second quarter sales, adjusted operating income and adjusted diluted earnings per share within our guidance range while the macro environment continues to put pressure on our customer base and our core intimates categories.”
Adjusted operating income was US $ 49 million and adjusted net income was US $ 19 million.
The company anticipates a low- to mid-single digit decline in third quarter net sales. Adjusted operating loss is anticipated to be between US $ 45 and US $ 75 million at the predicted level of sales.
In line with the current analyst consensus estimate, which shows a net sales decrease of about 2 per cent and an adjusted operating income rate of about 5.5 per cent of net sales, the company anticipates full-year net sales to decline by the low-single digit range compared to last year and an adjusted operating income rate to be in the range of 5 percent to 6 percent of net sales.
