Chief Financial and Administrative Officer Timothy Johnson announces planned retirement Seasoned retail executive Scott Sekella appointed CFO Company now forecasts sales and earnings near the high end of expectations REYNOLDSBURG, Ohio, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Victoria's Secret & Co. ("VS&Co" or the "Company") (NYSE:VSCO) today announced that Chief Financial and Administrative Officer Timothy (TJ) Johnson is retiring in June 2025. Scott Sekella has been appointed Chief Financial Officer. VS&Co Chi ...

Chief Financial and Administrative Officer Timothy Johnson announces planned retirement Seasoned retail executive Scott Sekella appointed CFO Company now forecasts sales and earnings near the high end of expectations REYNOLDSBURG, Ohio, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Victoria’s Secret & Co. (“VS&Co” or the “Company”) (NYSE: VSCO) today announced that Chief Financial and Administrative Officer Timothy (TJ) Johnson is retiring in June 2025. Scott Sekella has been appointed Chief Financial Officer. VS&Co Ch ...

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Investors might want to bet on Victoria's Secret (VSCO) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.The upward trend in estimate revisions for this retailer of lingerie, pajamas and beauty products reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical resear ...

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead ...

Financial Performance - In Q3 2024, net sales increased by $82 million, or 7%, to $1.347 billion compared to $1.265 billion in Q3 2023, with comparable sales up 3%[77] - North American store sales rose by 2%, or $15 million, to $738 million in Q3 2024, while direct channel sales increased by 7%, or $29 million, to $411 million[77] - Adjusted net loss attributable to Victoria's Secret & Co. was $39 million in Q3 2024, compared to a loss of $66 million in Q3 2023[83] - Year-to-date 2024 net sales increased by $25 million, or 1%, to $4.124 billion compared to $4.099 billion in year-to-date 2023[98] - Year-to-date 2024 gross profit increased by $55 million to $1.471 billion, with the gross profit rate increasing to 35.7% from 34.6%[99] - Gross profit for Q3 2024 increased by $41 million to $468 million, with the gross profit rate rising to 34.8% from 33.8% in Q3 2023[94] Operating Performance - Operating loss improved by $20 million to $47 million in Q3 2024, with an operating loss rate of (3.5%) compared to (5.3%) in Q3 2023[77] - The operating income for year-to-date 2024 was reported at $42 million, compared to an operating loss of $13 million in the same period of 2023[83] - For Q3 2024, the operating loss improved by $20 million to $47 million, with the operating loss rate improving to (3.5%) from (5.3%) compared to Q3 2023[91] Store Operations - The total number of company-operated stores decreased from 831 to 813, with 16 new stores opened and 35 closed in the U.S.[88] - Sales per average selling square foot increased by 4% to $127 in Q3 2024, while sales per average store rose by 5% to $877[87] - The average store size increased by 1% to 6,878 selling square feet in Q3 2024[87] Strategic Focus - The company continues to focus on strategic priorities: Accelerate Our Core, Ignite Growth, and Transform the Foundation[77] Cash Flow and Capital Expenditures - Net cash used for operating activities year-to-date 2024 was $249 million, an increase of $49 million compared to year-to-date 2023[109] - Capital expenditures year-to-date 2024 were $150 million, down from $224 million in year-to-date 2023[111] - The company expects capital expenditures to be approximately $190 million for fiscal year 2024[111] Debt and Financing - Total long-term debt as of November 2, 2024, was $1,414 million, a decrease from $1,530 million as of October 28, 2023[117] - The availability under the ABL Facility as of November 2, 2024, was $291 million, down from $423 million as of February 3, 2024[107] - The company has a senior secured term loan B credit facility with an aggregate principal amount of $400 million, maturing in August 2028, with quarterly principal payments of $1 million[118] - The interest rate on the term loan facility was 8.46% as of November 2, 2024, with a margin ranging from 3.36% to 3.68% based on Term SOFR[118] - The company has an asset-based revolving credit facility (ABL Facility) with aggregate commitments of $750 million, expiring in August 2026, and outstanding borrowings of $440 million as of November 2, 2024[120] - Year-to-date borrowings from the ABL Facility were $460 million in 2024, compared to $405 million in 2023, with repayments of $165 million and $145 million respectively[120] Credit Ratings and Compliance - The company maintains a negative outlook on its credit ratings, with a corporate rating of Ba3 from Moody's and BB+ from S&P[123] - The company was in compliance with all covenants under its long-term debt and borrowing facilities as of November 2, 2024[120] Investment and Risk Management - The company’s investment portfolio primarily consists of money market funds and bank deposits, with no material risk to principal associated with interest rate changes[133] - The company monitors credit exposure with financial institutions and limits exposure to any single entity, maintaining a diversified investment portfolio[136] - As of November 2, 2024, the estimated fair value of the company's publicly traded debt was $916 million, compared to a principal value of $988 million[135] Accounting and Reporting - The company has not adopted any new accounting standards during the third quarter of 2024 that had a material impact on its financial position[122]

Victoria's Secret (VSCO) reported $1.35 billion in revenue for the quarter ended October 2024, representing a year-over-year increase of 6.5%. EPS of -$0.50 for the same period compares to -$0.86 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.29 billion, representing a surprise of +4.55%. The company delivered an EPS surprise of +21.88%, with the consensus EPS estimate being -$0.64.While investors scrutinize revenue and earnings changes year-over-year and how they compare wit ...

Core Insights - Victoria's Secret reported a quarterly loss of $0.50 per share, better than the Zacks Consensus Estimate of a loss of $0.64, and an improvement from a loss of $0.86 per share a year ago, resulting in an earnings surprise of 21.88% [1] - The company achieved revenues of $1.35 billion for the quarter ended October 2024, exceeding the Zacks Consensus Estimate by 4.55% and showing growth from $1.27 billion year-over-year [2] - Victoria's Secret shares have increased by approximately 65.4% since the beginning of the year, outperforming the S&P 500's gain of 27.6% [3] Earnings Outlook - The earnings outlook for Victoria's Secret is favorable, with current consensus EPS estimates of $2.09 on $2.02 billion in revenues for the upcoming quarter and $2.01 on $6.09 billion in revenues for the current fiscal year [7] - The company has surpassed consensus EPS estimates in all four of the last quarters, indicating a positive trend in earnings performance [2] Industry Context - The Retail - Apparel and Shoes industry, to which Victoria's Secret belongs, is currently ranked in the top 31% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Net sales for Q3 2024 reached $1.347 billion, a 7% increase from $1.265 billion in Q3 2023, exceeding previous guidance of low-single digit growth [4] - The company reported a net loss of $56 million, or $0.71 per share, an improvement from a net loss of $71 million, or $0.92 per share in Q3 2023 [5] - Adjusted net loss for Q3 2024 was $39 million, or $0.50 per diluted share, better than the expected range of $0.60 to $0.80 per share [6] - Full year 2024 net sales are now forecasted to increase approximately 1% to 2%, up from prior guidance of a 1% decline [7] - Q4 2024 net sales are expected to increase approximately 2% to 4% compared to Q4 2023, with adjusted operating income projected between $240 million to $270 million [8] - Net sales for 2024 reached $4,124,059, a slight increase of 0.6% compared to $4,099,338 in 2023 [19] - Gross profit for 2024 was $1,470,968, up from $1,416,343 in 2023, reflecting a growth of 3.8% [19] - Operating income for 2024 was $41,916, a significant improvement from an operating loss of $12,800 in 2023 [19] - Net loss attributable to Victoria's Secret & Co. for 2024 was $28,067, compared to a net loss of $71,887 in 2023, indicating a reduction of 61.0% [19] - Net loss per diluted share attributable to Victoria's Secret & Co. improved to $(0.36) in 2024 from $(0.93) in 2023 [19] - Adjusted net loss attributable to Victoria's Secret & Co. was $(39,468) for 2024, compared to $(66,260) in 2023 [20] Sales and Store Performance - International sales grew over 20% in Q3 2024, contributing to overall sales strength across all regions and channels [3] - Comparable sales for Q3 2024 increased by 3%, a significant improvement from a 7% decline in Q3 2023 [17] - The company opened 67 new stores and closed 57, resulting in a total of 1,380 stores as of November 2, 2024 [17] Operational Metrics - Adjusted operating income for fiscal year 2024 is now expected to be in the range of $315 million to $345 million, up from prior guidance of $275 million to $300 million [7] - The company recognized restructuring charges of $12.5 million in Q3 2024 related to executive leadership changes [25] - Weighted average shares outstanding increased to 78,718 in Q3 2024 from 77,369 in Q3 2023 [18] - The company reported a gross profit margin of approximately 35.7% in 2024, up from 34.6% in 2023 [19] - Interest expense decreased to $65,531 in 2024 from $72,777 in 2023, reflecting a reduction of 10.0% [19] Outlook and Market Sentiment - The company is optimistic about continued momentum into the holiday season, driven by strong product acceptance and enhanced customer engagement [3]

Q3 Sales and operating results better than guidance Q3 Sales increase of 7% represents sequential improvement for the fifth consecutive quarter Raises full year 2024 outlook and provides fourth quarter guidance REYNOLDSBURG, Ohio, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Victoria’s Secret & Co. (“Victoria’s Secret” or the “Company”) (NYSE: VSCO) today reported financial results for the third quarter ended November 2, 2024. Chief Executive Officer Hillary Super commented, “I am very encouraged by the strength of ou ...