The earnings call presented a mixed view with strong performance in November sales, international growth, and the Beauty category being offset by ongoing challenges in PINK apparel and a decline in the Intimates category. While there are positive developments, particularly in the loyalty program and future store expansions, the sales decline and specific category challenges remain areas of concern.

Company Guidance

During Victoria's Secret & Company third-quarter 2023 earnings call, the guidance highlighted a range of metrics that underscore the company's performance and strategic direction. The company reported a 4% decline in overall sales compared to the previous year, which was at the midpoint of their guidance. In North America, sales trends improved in stores and online, with conversions in the digital channel showing progress compared to the second quarter. The international business saw robust growth, with system-wide retail sales up in the high teens, particularly driven by China. The company expects fourth-quarter sales to rise by 2% to 4% and forecasts an adjusted operating income between $245 million to $285 million. For the full year 2023, they anticipate a 2% to 3% sales decrease, aiming for an adjusted operating income of $290 million to $330 million. Additionally, the loyalty program, with over 22 million members, significantly contributes to sales, while the Beauty segment remains a top performer with favorable margins.

Strong November Sales Performance

November sales and margin result was the best monthly performance in nearly 2 years, attributed to successful holiday merchandise and marketing initiatives.

International Growth Momentum

International business showed profitable growth with retail sales up high teens, driven by China and franchise partners.

Beauty Business Success

Beauty continues to be the best-performing category with significant trend improvement across fragrances and other areas.

Loyalty Program Expansion

Loyalty program has grown to over 22 million members, driving approximately 75% of sales.

Store of the Future Expansion

Plan to expand Store of the Future to 85 stores by end of year, with positive performance feedback.

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Victoria's Secret & Company (DE:8FR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:8FR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 18, 2021	2021 (Q2)	1.54 / 1.66	-2.198	175.53% (+3.86)	―	―
Nov 17, 2021	2021 (Q3)	0.68 / 0.79	1.571	-49.94% (-0.78)	―	―
Mar 02, 2022	2021 (Q4)	2.55 / 2.62	2.97	-11.74% (-0.35)	―	―
May 31, 2022	2022 (Q1)	0.81 / 1.08	1.913	-43.65% (-0.83)	―	―
Aug 24, 2022	2022 (Q2)	0.93 / 1.06	1.66	-36.26% (-0.60)	―	―
Nov 30, 2022	2022 (Q3)	0.22 / 0.28	0.786	-64.20% (-0.50)
Mar 02, 2023	2022 (Q4)	2.26 / 2.40	2.621	-8.52% (-0.22)
May 31, 2023	2023 (Q1)	0.52 / 0.27	1.078	-74.77% (-0.81)
Aug 30, 2023	2023 (Q2)	0.25 / 0.23	1.058	-77.98% (-0.83)
Nov 29, 2023	2023 (Q3)	-0.76 / -0.83	0.282	-396.55% (-1.12)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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DE:8FR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Dec 05, 2024	€40.54	€39.89	-1.60%
Aug 28, 2024	€21.70	€22.76	+4.88%
Jun 05, 2024	€20.47	€20.29	-0.88%
Mar 06, 2024	€24.35	€16.64	-31.68%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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