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Victoria’s Secret & (VSCO) - 2025 Q1 - Quarterly Results
VSCOVictoria’s Secret & (VSCO)2024-06-05 20:17

Sales Performance - First quarter 2024 net sales decreased by 3% to 1.359billioncomparedto1.359 billion compared to 1.407 billion in the first quarter of 2023[5] - International net sales increased by 15.6% to 181.5millioninthefirstquarterof2024[17]−Totalcomparablesalesforthefirstquarterof2024decreasedby5181.5 million in the first quarter of 2024[17] - Total comparable sales for the first quarter of 2024 decreased by 5%[5] - Second quarter 2024 net sales are forecasted to decrease in the low-single digit range compared to 1.427 billion in the second quarter of 2023[6] - Full year 2024 net sales are forecasted to be about 6.0billion,downlow−singledigitscomparedtofiscalyear2023[7]−Netsalesfor2024were6.0 billion, down low-single digits compared to fiscal year 2023[7] - Net sales for 2024 were 1.36 billion, a decrease of 3.4% compared to 1.41billionin2023[21]ProfitabilityandIncome−Firstquarter2024adjustedoperatingincomewas1.41 billion in 2023[21] Profitability and Income - First quarter 2024 adjusted operating income was 40 million, at the high-end of the preliminary results range[4] - Adjusted operating income for fiscal year 2024 is expected to be about 250millionto250 million to 275 million[7] - Gross margin rate in the first quarter of 2024 was above last year due to disciplined inventory management[2] - The company reported a net loss of 4million,or4 million, or 0.05 per diluted share, for the first quarter of 2024[3] - Gross profit for 2024 was 501.3million,slightlydownfrom501.3 million, slightly down from 502.4 million in 2023[21] - Operating income for 2024 was 26.3million,adecreasefrom26.3 million, a decrease from 28.3 million in 2023[21] - Net loss attributable to Victoria's Secret & Co. for 2024 was 3.6million,comparedtoanetincomeof3.6 million, compared to a net income of 0.7 million in 2023[21] - Adjusted operating income for 2024 was 39.6million,comparedto39.6 million, compared to 55.0 million in 2023[24] - Adjusted net income attributable to Victoria's Secret & Co. for 2024 was 9.1million,downfrom9.1 million, down from 21.9 million in 2023[24] - Adjusted net income per diluted share for 2024 was 0.12,comparedto0.12, compared to 0.28 in 2023[24] Digital Sales and Customer Experience - Digital sales performance outpaced stores due to investments in improving the customer experience[2] Acquisition and Restructuring - Adore Me acquisition-related items in 2024 included an 8.1millionpre−taxcharge[24]−Amortizationofintangibleassetswas8.1 million pre-tax charge[24] - Amortization of intangible assets was 6.3 million in both 2024 and 2023[25] - Restructuring charge in 2023 was $11.1 million, with no such charge in 2024[26]