Martin Waters said Victoria’s Secret & Co. is standing well on its own and is on the right path after its first full year as a public company.
Sales for the three months ended Jan. 28 decreased 7.1 percent to $2 billion from $2.2 billion and were in line with Wall Street’s expectations.
For the full year, net profits fell 46 percent to $348.1 million as sales declined 6.4 percent to $6.3 billion. Brands of all shapes and sizes have struggled to live up to comparisons with the consumer spending blitz that was 2021, but caution seems to be in order going forward. Waters noted that the company “exited the year with Victoria’s Secret and Pink inventory levels down double digits on an adjusted basis — prudently positioned to begin 2023.”The retailer said its first-quarter sales would decrease by a percentage in the mid-single-digit range where analysts were looking for a decline of just 0.7 percent. And adjusted profits were projected at 30 cents to 60 cents a share, below the 83 cents analysts anticipated.
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