Victoria’s Secret beats on profit forecast, while revenue meets expectations
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By Liz Moyer
Investing.com — Victoria’s Secret & Co (NYSE:VSCO) reported fourth-quarter beat on profit expectations and met revenue expectations for the recent quarter.
Earnings per share of 29 cents were higher than the estimate of 22 cents. Revenue for the quarter came in at $1.32 billion versus the consensus estimate of $1.32B. Comparable sales fell 11% from the same quarter last year.
Shares of the retailer fell 3.7% in after-hours trading. They are down 17% so far this year.
«We are well positioned to continue to navigate and execute in a shifting consumer landscape,» said CEO Martin Waters.
The company forecast fourth-quarter net sales to be down in the high single-digits from last year’s fourth quarter, while operating income for the quarter is expected to be in the range of $240 million to $290M. Net income for the fourth quarter 2022 is estimated to be in the range of $2.00 to $2.45 a share, the company said.
Full-year 2022 net sales are forecast to fall 6% to 7%, while adjusted operating income is expected to be in the range of $525M to $575M, or approximately 8% to 9% of sales, the company said. Adjusted net income for the full year 2022 is estimated to be in the range of $4.50 to $4.95 a share.
Victoria’s Secret Co’s stock price closed at $46.00. It is up 40.42% in the last 3 months and down -11.4% in the last 12 months.
