Victoria’s Secret & (VSCO) - 2025 Q3 - Quarterly Results

Financial Performance - Net sales for Q3 2024 reached $1.347 billion, a 7$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$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$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]