Victoria’s Secret & (US:VSCO)2024-06-05 20:17Sales Performance - First quarter 2024 net sales decreased by 3% to $1.359 billion compared to $1.407 billion in the first quarter of 2023[5] - International net sales increased by 15.6% to $181.5 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 $6.0 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 $1.41 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 $250 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 $4 million, or $0.05 per diluted share, for the first quarter of 2024[3] - Gross profit for 2024 was $501.3 million, slightly down from $502.4 million in 2023[21] - Operating income for 2024 was $26.3 million, a decrease from $28.3 million in 2023[21] - Net loss attributable to Victoria's Secret & Co. for 2024 was $3.6 million, compared to a net income of $0.7 million in 2023[21] - Adjusted operating income for 2024 was $39.6 million, compared to $55.0 million in 2023[24] - Adjusted net income attributable to Victoria's Secret & Co. for 2024 was $9.1 million, down from $21.9 million in 2023[24] - Adjusted net income per diluted share for 2024 was $0.12, 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 $8.1 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]