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November 30, 2023 : Victoria’s Secret & Co. reported a wider-than-expected loss in the third quarter, but the company said it is progressing on its turnaround plan. The lingerie retailer reported a loss of 86 cents per share, excluding some items, after analysts had forecast a loss of 80 cents per share. Sales rose 3.1% to $1.47 billion, per analysts’ expectations.
The company said its core Victoria’s Secret Lingerie business is showing signs of improvement. Sales at that business were up 4.2% to $980 million, driven by strength in its athleisure and sleepwear categories. The company also said its PINK brand, popular with younger consumers, continued to grow, with sales up 12% to $351 million.
“We are pleased with our progress on our turnaround plan,” said Victoria’s Secret CEO Martin Waters. “We are seeing strong growth in our core Victoria’s Secret Lingerie business, and our PINK brand continues to be a hit with younger consumers.”
Victoria’s Secret has been working to revamp its brand and appeal to a wider range of consumers. The company has introduced new product lines, such as its Body by Victoria athleisure collection, and has expanded its size range to include more inclusive sizing.
The company is also investing in its omnichannel strategy, which aims to provide a seamless shopping experience for customers across all channels, including its stores, website, and app. Victoria’s Secret also expands its international presence, with plans to open new stores in China and other markets.
Victoria’s Secret’s third-quarter results show that the company is progressing on its turnaround plan. The company’s core Victoria’s Secret Lingerie business shows signs of improvement, and its PINK brand continues growing. The company is also investing in its omnichannel strategy and expanding its international presence.
The company reported a wider-than-expected loss in the third quarter due to increased investments in its turnaround plan. The company is confident in its long-term prospects and is committed to its turnaround strategy.
Victoria’s Secret is progressing on its turnaround plan, and the company is confident in its long-term prospects. The company invests in its core businesses, expands its international presence, and develops new product lines. Victoria’s Secret is well-positioned for future growth.
