Market Overview - Asian shares are mixed as investors remain cautious ahead of the Federal Reserve's interest rate decision this week [1] - U.S. futures and oil prices have risen, but tensions between Japan and China are affecting market sentiment [2] Japan's Economic Situation - Japan's Nikkei 225 index decreased by 0.2% to 50,581.94 after revised data showed the economy contracted at an annual rate of 2.3% for July-September, worse than the previously reported 1.8% [3] - Japanese exports have been negatively impacted by U.S. tariffs, and public investments have declined [3] Chinese Market Performance - Chinese markets showed mixed results, with Hong Kong's Hang Seng falling by 0.9% to 25,841.21, while the Shanghai Composite index increased by 0.6% to 3,926.47 [4] - China's global exports rose by 5.9% in November year-on-year, surpassing $1 trillion for the year, although exports to the U.S. fell by 29% [4] Other Asian Markets - South Korea's Kospi rose by 1.3% to 4,154.85, and Taiwan's benchmark increased by 1.2% [5] - In Australia, the S&P/ASX 200 decreased by 0.1% to 8,624.40 [5] U.S. Market Highlights - The S&P 500 increased by 0.2% to 6,870.40, just below its record closing level from October [5] - Ulta Beauty's stock surged by 12.7% after reporting stronger-than-expected profits and revenue [6] - Warner Bros. Discovery's shares rose by 6.3% following Netflix's announcement of a $72 billion acquisition deal [7] Federal Reserve Interest Rate Expectations - Market attention is focused on the Federal Reserve's upcoming interest rate decision, with expectations of a potential cut to support the slowing U.S. job market [8] - Lower interest rates could boost investment prices but may exacerbate inflation, which remains above the Fed's 2% target [9] Consumer Inflation Expectations - U.S. consumers have lowered their inflation expectations to 4.1% for the coming year, down from 4.5% last month, marking the lowest forecast since January [10] Oil Prices - U.S. benchmark crude oil increased by 14 cents to $60.22 per barrel, while Brent crude rose by 11 cents to $63.86 per barrel [11]

分组1 - Dollar General Corp. led S&P 500 gainers, soaring 14% after posting stronger-than-expected earnings and upbeat guidance, reaching its highest level since August 2024 [2] - Salesforce Inc. added around 4% following positive results, while Kroger Co. stock fell around 5% after posting mixed quarterly results marked by softer-than-expected revenue [2] - Most sectors on the S&P 500 closed negatively, with consumer staples, health care, and consumer discretionary stocks recording the biggest losses, while industrials and information technology stocks closed higher [4] 分组2 - U.S. initial jobless claims declined by 27,000 to 191,000 during the last week of November, while job cuts announced by U.S.-based employers increased to 71,321 in November from 57,727 a year ago [3] - New orders for U.S.-manufactured goods increased by 0.2% month-over-month in September compared to a revised 1.3% rise in August [3]

Core Viewpoint - Virginie (02199) expects a significant increase in consolidated net profit of at least 100% for the six months ending September 30, 2025, compared to the same period in 2024 [1] Group Performance - The improvement in the group's performance is attributed to enhanced overall operational efficiency [1] - The joint venture with Victoria's Secret & Co. (Victoria's Secret China) is expected to contribute significantly to the profit [1] - There has been a notable reduction in restructuring costs and financial expenses [1]

Financial Performance - Fourth Quarter 2024 - Net sales increased by $23 million, representing a 1% increase compared to the fourth quarter of 2023[6] - Comparable store sales increased by 3%[6] - Gross profit remained relatively flat at $835 million, with a gross profit margin of 397%, a decrease of 30 basis points[6] - Operating income increased by $159 million, a 6% increase, resulting in an operating margin of 142%, a 60 basis points increase[6] - Net income attributable to Victoria's Secret & Co increased by $128 million, a 6% increase[6] - Net income per diluted share attributable to Victoria's Secret & Co increased by $002 to $260, a 1% increase[6] Financial Performance - Full Year 2024 - Net sales increased by $478 million, representing a 1% increase compared to 2023[8] - Comparable store sales decreased by 2%[8] - Gross profit increased by $316 million, a 1% increase, with a gross profit margin of 370%, a 20 basis points increase[8] - Operating income increased by $462 million, a 14% increase, resulting in an operating margin of 60%, a 70 basis points increase[8] - Net income attributable to Victoria's Secret & Co increased by $394 million, a 22% increase[8] - Net income per diluted share attributable to Victoria's Secret & Co increased by $042 to $269, a 19% increase[8] Balance Sheet - Total assets decreased from $4600326 thousand to $4531587 thousand[10] - Total current assets decreased from $1533141 thousand to $1441221 thousand[10] - Total liabilities and equity decreased from $4600326 thousand to $4531587 thousand[10] 2025 Outlook - Net sales are projected to be approximately $130 billion to $133 billion for the first quarter and approximately $62 billion to $63 billion for the full year[11] - Adjusted operating income is expected to be approximately $10 million to $30 million for the first quarter and approximately $300 million to $350 million for the full year[11] - Adjusted net income (loss) per diluted share is projected to be approximately ($010) to $010 for the first quarter and approximately $200 to $245 for the full year[11] - Capital expenditures are estimated to be approximately $240 million for the full year[11] - Adjusted free cash flow is projected to be approximately $180 million to $220 million for the full year[11] Store Count - Company-operated US store count decreased by 26, a 3% decrease[12] - Company-operated Canada store count increased by 1, a 4% increase[12] - Partner-operated store count increased by 42, a 9% increase[12]