Victoria’s Secret, the American lingerie brand, has seen its first quarter net sales slump by 4.5 per cent to clock US $ 1.5 billion.
What’s noteworthy is that the fall is in line with expectations of sales loss of 4 to 8 per cent.
While attributing the fall in net sales to significant global headwinds and a challenging inflationary environment, Martin Waters, CEO, Victoria’s Secret, said “The company expects Q2 sales to either increase or decrease by a low-single-digit percentage compared to the same period in 2021.”
The brand’s same-store sales were slumped by 8 per cent in the 2021 quarter. Adjusting for last year’s stimulus benefit, the brand said that same-store sales fell by 3 per cent.
Victoria’s Secret has been experimenting with its business model following its spinning off from L Brands last year.
Founded in 1977, Victoria’s Secret is an American lingerie, clothing and beauty retailer known for high visibility marketing and branding.
