Victoria’s Secret & Co. (“Victoria’s Secret” or the “Company”)
(NYSE: VSCO) today reported 2021 financial results for the fourth
quarter and full year ended January 29, 2022.
Fourth Quarter Results
The Company reported net income of $246.1
million, or diluted earnings per share of $2.70 in the fourth
quarter of 2021, which compares favorably to previously
communicated guidance of $2.35 to $2.65 per diluted share. This
result compares to net income of $282.4 million, or earnings per
share of $3.20 for the fourth quarter of 2020.
Fourth quarter 2021 operating income was $333.2
million, which was consistent with the high end of previously
communicated guidance of $295 million to $335 million and compares
to $387.9 million in the fourth quarter of 2020. The decrease in
operating income reflects incremental supply chain cost pressures
and anniversarying last year’s federal stimulus benefits.
The Company reported net sales of $2.175 billion
for the fourth quarter of 2021, an increase of 4% compared to net
sales of $2.100 billion in the prior year fourth quarter. This
result was slightly above the previously communicated guidance of
sales in the range of flat to up 3%. Total comparable sales for the
fourth quarter of 2021 increased 1% compared to the fourth quarter
of 2020.
Commenting on the Company’s performance, CEO
Martin Waters said, “I am pleased with our fourth quarter
performance in a challenging retail environment. Our associates
across the globe focused on execution and delivered upon all of our
financial expectations while continuing to transform our brand,
enhance our customer experience, and strengthen our dominant
merchandise positioning in the intimates category.”
Martin continued, “2021 was a milestone year for
our Company, our first as a public company. I am pleased that we
delivered on our major objectives and I would like to thank all of
our associates, supplier partners, Board of Directors, and
shareholders for your support. We are keenly aware 2022 will
present continued challenges for retailers in this inflationary
environment. However, we have a very resilient, dedicated team and
strategy prepared to meet these challenges head-on by focusing on
the customer journey, being ‘best at bras’, prioritizing people and
planet, and launching new initiatives for future growth.”
Full Year Results
The Company reported net income of $646.4
million, or diluted earnings per share of $7.18 for the full year
2021. This result compares to a net loss of $72.3 million, or loss
per share of $0.82 and adjusted net income of $43.0 million, or
adjusted earnings per share of $0.49 for the full year 2020.
Full year 2021 operating income was $869.5
million compared to an operating loss of $101.5 million and
adjusted operating income of $97.5 million in 2020. Full year 2021
operating income dollar growth over adjusted operating income in
2020 was driven by solid total sales growth of 25% and adjusted
gross margin dollar growth of 58%.
The Company reported net sales of $6.785 billion
for the full year 2021, an increase of 25% compared to net sales of
$5.413 billion for 2020. Total comparable sales for the full year
2021 increased 3% compared to 2020.
Capital AllocationOn December
29, 2021, the Company announced an accelerated share repurchase
agreement (“ASR”) with Goldman Sachs & Co. LLC (“Goldman
Sachs”) to repurchase $250 million of the Company’s common stock.
Under the terms of the ASR, the Company made a payment of $250
million to Goldman Sachs and received an initial delivery of
approximately 4.1 million shares of the Company’s common stock on
December 31, 2021, with the final number of shares repurchased
based on the volume-weighted average price of the Company’s common
stock during the term of the ASR, less a discount. The ASR period
ended on February 23, 2022 and the Company received an additional
0.3 million shares as final settlement of the agreement. In total
for the ASR, the Company repurchased 4.4 million shares at an
average price of $56.39 per share.
The Company also announced today that its Board
of Directors approved a new share repurchase program ("March 2022
Share Repurchase Program"), providing for the repurchase of up
to $250 million of the Company’s common stock.
The $250 million authorization is expected to be utilized
to repurchase shares in the open market, subject to market
conditions and other factors. Shares acquired through the March
2022 Share Repurchase Program will be available to meet obligations
under equity compensation plans and for general corporate purposes.
The March 2022 Share Repurchase Program will continue until
exhausted, but no later than January 28, 2023.
First Quarter and Full Year 2022
OutlookThe Company is forecasting first quarter 2022 sales
to be in the range of $1.425 billion to $1.495 billion versus first
quarter 2021 sales of $1.554 billion. At this forecasted level of
sales, operating income is expected to be in the range of $80
million to $110 million compared to $225.7 million in 2021, with
the decrease predominantly due to incremental supply chain cost
pressures this year and anniversarying federal stimulus benefits
which drove higher sales and operating income last year. At this
forecasted level of operating income, diluted earnings per share
are estimated to be in the range of $0.70 to $0.95 compared to
earnings per diluted share of $1.97 last year.
The Company is forecasting full year 2022 sales
to be in the range of flat to up low-single digits versus 2021
sales of $6.785 billion. At this level of sales, the Company
estimates operating income to be directionally in line with 2021
operating income of $869.5 million.
Victoria’s Secret & Co. will conduct its
fourth quarter earnings call at 8:00 a.m. Eastern on
Thursday, March 3, 2022. To listen, call 1-800-619-9066
(international dial-in number: 1-212-519-0836); conference ID
5358727. For an audio replay, call 1-888-566-0401 (international
replay number: 1-203-369-3040); conference ID 226791 or log
onto www.victoriassecretandco.com. The materials
accompanying the earnings call have been posted on the investor
relations section of the Company’s website. The audio replay will
be available approximately two hours after the conclusion of the
call.
About Victoria’s Secret
Victoria’s Secret is the world’s largest
intimates specialty retailer offering a wide assortment of modern,
fashion-inspired collections including signature bras, panties,
lingerie, casual sleepwear, athleisure and swim, as well as
award-winning prestige fragrances and body care. With nearly 1,400
retail stores worldwide and a predominately female workforce of
more than 30,000, Victoria’s Secret boasts the largest team of
specialty trained bra fit experts worldwide. Victoria’s Secret is
committed to inspiring women around the world with products and
experiences that uplift and champion them and their journey while
creating lifelong relationships and advocating for positive
change.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995
We caution that any forward-looking statements
(as such term is defined in the Private Securities Litigation
Reform Act of 1995) contained in this press release or made by our
Company or our management involve risks and uncertainties and are
subject to change based on various factors, many of which are
beyond our control. Accordingly, our future performance and
financial results may differ materially from those expressed or
implied in any such forward-looking statements. Words such as
“estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,”
“intend,” “planned,” “potential” and any similar expressions may
identify forward-looking statements. Risks associated with the
following factors, among others, in some cases have affected and in
the future could affect our financial performance and actual
results and could cause actual results to differ materially from
those expressed or implied in any forward-looking statements
included in this press release or otherwise made by our company or
our management:
- the spin-off from Bath & Body
Works, Inc. (f/k/a L Brands, Inc.) may not be tax-free for U.S.
federal income tax purposes;
- a loss of synergies from separating
the businesses that could negatively impact the balance sheet,
profit margins or earnings of Victoria’s Secret or that Victoria’s
Secret does not realize all of the expected benefits of the
spin-off;
- general economic conditions,
inflation, consumer confidence, consumer spending patterns and
market disruptions including pandemics or significant health
hazards, severe weather conditions, natural disasters, terrorist
activities, financial crises, political crises or other major
events, or the prospect of these events;
- the novel coronavirus (COVID-19)
global pandemic has had and is expected to continue to have an
adverse effect on our business and results of operations;
- the seasonality of our
business;
- divestitures or other dispositions
and related operations and contingent liabilities from such
businesses;
- difficulties arising from turnover
in company leadership or other key positions;
- our ability to attract, develop and
retain qualified associates and manage labor-related costs;
- the dependence on mall traffic and
the availability of suitable store locations on appropriate
terms;
- our ability to grow through new
store openings and existing store remodels and expansions;
- our ability to successfully operate
and expand internationally and related risks;
- our independent franchise, license
and wholesale partners;
- our direct channel businesses;
- our ability to protect our
reputation and our brand images;
- our ability to attract customers
with marketing, advertising and promotional programs;
- our ability to maintain, enforce
and protect our trade names, trademarks and patents;
- the highly competitive nature of
the retail industry and the segments in which we operate;
- consumer acceptance of our products
and our ability to manage the life cycle of our brands, keep up
with fashion trends, develop new merchandise and launch new product
lines successfully;
- our ability to source, distribute
and sell goods and materials on a global basis, including risks
related to:
- political instability,
environmental hazards or natural disasters;
- significant health hazards or
pandemics, which could result in closed factories, reduced
workforces, scarcity of raw materials, and scrutiny or embargoing
of goods produced in infected areas;
- duties, taxes and other
charges;
- legal and regulatory matters;
- volatility in currency exchange
rates;
- local business practices and
political issues;
- delays or disruptions in shipping
and transportation and related pricing impacts;
- disruption due to labor disputes;
and
- changing expectations regarding
product safety due to new legislation;
- our geographic concentration of
vendor and distribution facilities in central Ohio;
- fluctuations in foreign currency
exchange rates;
- the ability of our vendors to
deliver products in a timely manner, meet quality standards and
comply with applicable laws and regulations;
- fluctuations in product input
costs, including those caused by inflation;
- our ability to adequately protect
our assets from loss and theft;
- fluctuations in energy costs,
including those caused by inflation;
- increases in the costs of mailing,
paper, printing or other order fulfillment logistics;
- claims arising from our
self-insurance;
- our and our third-party service
providers' ability to implement and maintain information technology
systems and to protect associated data;
- our ability to maintain the
security of customer, associate, third-party and company
information;
- stock price volatility;
- our ability to pay dividends and
related effects;
- shareholder activism matters;
- our ability to maintain our credit
rating;
- our ability to service or refinance
our debt and maintain compliance with our restrictive
covenants;
- our ability to comply with laws,
regulations and technology platform rules or other obligations
related to data privacy and security;
- our ability to comply with
regulatory requirements;
- legal and compliance matters;
and
- tax, trade and other regulatory
matters.
We are not under any obligation and do not
intend to make publicly available any update or other revisions to
any of the forward-looking statements contained in this press
release to reflect circumstances existing after the date of this
press release or to reflect the occurrence of future events even if
experience or future events make it clear that any expected results
expressed or implied by those forward-looking statements will not
be realized. More information on potential factors that could
affect Victoria’s Secret results is included in Victoria’s Secret
Registration Statement on Form 10 and the quarterly reports on Form
10-Q filed with the Securities and Exchange Commission.
For further information, please contact:
Victoria’s Secret & Co.:
Investor Relations: Jason
Wareinvestorrelations@victoria.com |
Media Relations:Brooke Wilsoncommunications@victoria.com |
Victoria’s Secret &
Co.Fourth Quarter 2021
Total Sales (Millions):
|
Fourth Quarter 2021 |
|
FourthQuarter 2020 |
|
%Inc/(Dec) |
|
Fourth Quarter 2021 |
|
Fourth Quarter 2019 |
|
%Inc/(Dec) |
|
|
|
|
|
|
|
|
|
|
|
|
Stores – North America |
$ |
1,304.1 |
|
$ |
1,162.3 |
|
12.2 |
% |
|
$ |
1,304.1 |
|
$ |
1,649.3 |
|
(20.9 |
%) |
Direct |
|
718.3 |
|
|
831.1 |
|
(13.6 |
%) |
|
|
718.3 |
|
|
626.5 |
|
14.6 |
% |
International1 |
|
153.0 |
|
|
106.3 |
|
43.9 |
% |
|
|
153.0 |
|
|
200.4 |
|
(23.6 |
%) |
Total |
$ |
2,175.4 |
|
$ |
2,099.7 |
|
3.6 |
% |
|
$ |
2,175.4 |
|
$ |
2,476.2 |
|
(12.1 |
%) |
1 – Results include Greater China, royalties associated with
franchised stores, wholesale sales, and company-operated stores in
the U.K. (pre-joint venture).
Total Sales (Millions):
|
Full Year 2021 |
|
Full Year 2020 |
|
%Inc/(Dec) |
|
Full Year 2021 |
|
Full Year 2019 |
|
%Inc/(Dec) |
|
|
|
|
|
|
|
|
|
|
|
|
Stores – North America |
$ |
4,194.1 |
|
$ |
2,795.1 |
|
50.1 |
% |
|
$ |
4,194.1 |
|
$ |
5,111.5 |
|
(17.9 |
%) |
Direct |
|
2,114.3 |
|
|
2,222.7 |
|
(4.9 |
%) |
|
|
2,114.3 |
|
|
1,693.0 |
|
24.9 |
% |
International1 |
|
476.2 |
|
|
395.0 |
|
20.5 |
% |
|
|
476.2 |
|
|
704.3 |
|
(32.4 |
%) |
Total |
$ |
6,784.6 |
|
$ |
5,412.8 |
|
25.3 |
% |
|
$ |
6,784.6 |
|
$ |
7,508.8 |
|
(9.6 |
%) |
1 – Results include Greater China, royalties associated with
franchised stores, wholesale sales, and company-operated stores in
the U.K. (pre-joint venture).
Comparable Sales Increase (Decrease):
|
|
Fourth Quarter2021 |
|
FourthQuarter2020 |
|
Full Year2021 |
|
Full Year2020 |
|
|
|
|
|
|
|
|
|
Stores and Direct1 |
|
1 |
% |
|
(3 |
%) |
|
3 |
% |
|
1 |
% |
Stores Only2 |
|
12 |
% |
|
(18 |
%) |
|
10 |
% |
|
(15 |
%) |
|
|
|
|
|
|
|
|
|
NOTE: Stores are excluded from
the comparable sales calculation when they have been closed for
four consecutive days or more. Therefore, comparable sales results
exclude periods of time that stores were closed for four
consecutive days or more as a result of the COVID-19
pandemic. Refer to our filings with the Securities and
Exchange Commission for further discussion regarding our comparable
sales calculation.1 – Results include company-operated stores in
the U.S., Canada, the U.K. (pre-joint venture) and Greater China
and direct sales.2 – Results include company-operated stores in the
U.S., Canada, the U.K. (pre-joint venture) and Greater China.
Total Company-Operated Stores:
|
|
|
|
|
|
Stores at 1/30/21 |
Opened |
Closed |
Stores at 1/29/22 |
|
|
|
|
|
U.S. |
846 |
- |
(38) |
808 |
Canada |
25 |
1 |
- |
26 |
Greater China - Beauty &
Accessories |
36 |
2 |
(3) |
35 |
Greater China - Full
Assortment |
26 |
4 |
- |
30 |
Total |
933 |
7 |
(41) |
899 |
Total Partner-Operated Stores:
|
|
|
|
|
|
Stores at 1/30/21 |
Opened |
Closed |
Stores at 1/29/22 |
|
|
|
|
|
Beauty & Accessories |
338 |
16 |
(19) |
335 |
Full Assortment |
120 |
8 |
- |
128 |
Total |
458 |
24 |
(19) |
463 |
|
|
|
|
|
|
VICTORIA'S
SECRET & CO. |
CONSOLIDATED
AND COMBINED STATEMENTS OF INCOME |
THIRTEEN
WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 |
(Unaudited) |
(In
thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
Net Sales |
$ |
2,175,432 |
|
|
$ |
2,099,749 |
|
|
Costs of Goods Sold, Buying and Occupancy |
|
(1,322,187 |
) |
|
|
(1,199,166 |
) |
|
Gross Profit |
|
853,245 |
|
|
|
900,583 |
|
|
General, Administrative and Store Operating Expenses |
|
(520,039 |
) |
|
|
(512,703 |
) |
|
Operating Income |
|
333,206 |
|
|
|
387,880 |
|
|
Interest Expense |
|
(11,765 |
) |
|
|
(1,047 |
) |
|
Other Income |
|
1,470 |
|
|
|
1,817 |
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
322,911 |
|
|
|
388,650 |
|
|
Provision for Income Taxes |
|
76,859 |
|
|
|
106,277 |
|
|
|
|
|
|
|
|
Net Income |
$ |
246,052 |
|
|
$ |
282,373 |
|
|
|
|
|
|
|
|
Net Income Per Diluted Share |
$ |
2.70 |
|
|
$ |
3.20 |
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding 1 |
|
91,100 |
|
|
|
88,303 |
|
|
|
|
|
|
|
|
1
- Reported Weighted Average Shares Outstanding reflects diluted
shares in the fourth quarter of 2021. For periods prior to the
separation in the third quarter of 2021, basic shares at the
separation date are being utilized for the calculation of basic and
diluted net income per share. |
|
|
|
|
|
|
|
VICTORIA'S
SECRET & CO. |
|
CONSOLIDATED
AND COMBINED STATEMENTS OF INCOME (LOSS) |
|
FIFTY-TWO
WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 |
|
(Unaudited) |
|
(In
thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
Net Sales |
$ |
6,784,633 |
|
|
$ |
5,412,789 |
|
|
Costs of Goods Sold, Buying and Occupancy |
|
(4,024,595 |
) |
|
|
(3,842,046 |
) |
|
Gross Profit |
|
2,760,038 |
|
|
|
1,570,743 |
|
|
General, Administrative and Store Operating Expenses |
|
(1,890,501 |
) |
|
|
(1,672,218 |
) |
|
Operating Income (Loss) |
|
869,537 |
|
|
|
(101,475 |
) |
|
Interest Expense |
|
(27,424 |
) |
|
|
(6,005 |
) |
|
Other Income |
|
1,005 |
|
|
|
1,452 |
|
|
|
|
|
|
|
|
Income (Loss) Before Income Taxes |
|
843,118 |
|
|
|
(106,028 |
) |
|
Provision (Benefit) for Income Taxes |
|
196,737 |
|
|
|
(33,712 |
) |
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
646,381 |
|
|
$ |
(72,316 |
) |
|
|
|
|
|
|
|
Net Income (Loss) Per Diluted Share |
$ |
7.18 |
|
|
$ |
(0.82 |
) |
|
|
|
|
|
|
|
Weighted Average Shares Outstanding 1 |
|
90,039 |
|
|
|
88,303 |
|
|
|
|
|
|
|
|
1
- Reported Weighted Average Shares Outstanding reflects diluted
shares in the third and fourth quarter of 2021. For periods prior
to the separation in the third quarter of 2021, basic shares at the
separation date are being utilized for the calculation of basic and
diluted net income (loss) per share. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VICTORIA'S
SECRET & CO. |
|
ADJUSTED
FINANCIAL INFORMATION |
|
(Unaudited) |
|
(In
thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Adjusted Financial
Information should not be construed as an alternative to the
reported results determined in accordance with generally accepted
accounting principles. Further, the Company’s definition of
adjusted income information may differ from similarly titled
measures used by other companies. Management believes that the
presentation of adjusted financial information provides additional
information to investors to facilitate the comparison of past and
present operations. While it is not possible to predict future
results, management believes the adjusted information is useful for
the assessment of the ongoing operations of the Company because the
adjusted items are not indicative of our ongoing operations due to
their size and nature. Additionally, management uses adjusted
financial information as key performance measures of results of
operations for the purpose of evaluating performance internally.
The Adjusted Financial Information should be read in conjunction
with the Company’s historical financial statements and notes
thereto contained in the Company’s Registration Statement on Form
10 and the quarterly reports on Form 10-Q filed with the Securities
and Exchange Commission. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Full Year |
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
Reconciliation of Reported Operating Income (Loss) to
Adjusted Operating Income |
|
|
|
|
|
|
Reported Operating Income (Loss) - GAAP |
|
$ |
333,206 |
|
$ |
387,880 |
|
$ |
869,537 |
|
$ |
(101,475 |
) |
|
|
Asset Impairments (a) |
|
|
- |
|
|
- |
|
|
- |
|
|
213,953 |
|
|
|
Restructuring Charges (b) |
|
|
- |
|
|
- |
|
|
- |
|
|
51,236 |
|
|
|
Hong Kong Store Closure and Lease Termination (c) |
|
|
- |
|
|
- |
|
|
- |
|
|
(36,287 |
) |
|
|
Establishment of Victoria's Secret U.K. and Ireland Joint Venture
(d) |
|
|
- |
|
|
- |
|
|
- |
|
|
(29,918 |
) |
|
|
Adjusted Operating Income |
|
$ |
333,206 |
|
$ |
387,880 |
|
$ |
869,537 |
|
$ |
97,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Reported Net Income (Loss) to Adjusted
Net Income |
|
|
|
|
|
|
|
|
|
Reported Net Income (Loss) - GAAP |
|
$ |
246,052 |
|
$ |
282,373 |
|
$ |
646,381 |
|
$ |
(72,316 |
) |
|
|
Asset Impairments (a) |
|
|
- |
|
|
- |
|
|
- |
|
|
213,953 |
|
|
|
Restructuring Charges (b) |
|
|
- |
|
|
- |
|
|
- |
|
|
51,236 |
|
|
|
Hong Kong Store Closure and Lease Termination (c) |
|
|
- |
|
|
- |
|
|
- |
|
|
(36,287 |
) |
|
|
Establishment of Victoria's Secret U.K. and Ireland Joint Venture
(d) |
|
|
- |
|
|
- |
|
|
- |
|
|
(29,918 |
) |
|
|
Tax Effect of Adjusted Items |
|
|
- |
|
|
- |
|
|
- |
|
|
(39,992 |
) |
|
|
Tax Benefit
Related to a Tax Matter Associated with Foreign Investments
(e) |
|
|
|
- |
|
|
- |
|
|
- |
|
|
(43,629 |
) |
|
|
Adjusted Net Income |
|
$ |
246,052 |
|
$ |
282,373 |
|
$ |
646,381 |
|
$ |
43,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Reported Net Income (Loss) Per Diluted Share to Adjusted Net
Income Per Diluted Share |
|
|
|
|
Reported Net Income (Loss) Per Diluted Share - GAAP |
|
$ |
2.70 |
|
$ |
3.20 |
|
$ |
7.18 |
|
$ |
(0.82 |
) |
|
|
Asset Impairments (a) |
|
|
- |
|
|
- |
|
|
- |
|
|
1.93 |
|
|
|
Restructuring Charges (b) |
|
|
- |
|
|
- |
|
|
- |
|
|
0.46 |
|
|
|
Hong Kong Store Closure and Lease Termination (c) |
|
|
- |
|
|
- |
|
|
- |
|
|
(0.28 |
) |
|
|
Establishment of Victoria's Secret U.K. and Ireland Joint Venture
(d) |
|
|
- |
|
|
- |
|
|
- |
|
|
(0.31 |
) |
|
|
Tax Benefit
Related to a Tax Matter Associated with Foreign Investments
(e) |
|
|
|
- |
|
|
- |
|
|
- |
|
|
(0.49 |
) |
|
|
Adjusted Net Income Per Diluted Share |
|
$ |
2.70 |
|
$ |
3.20 |
|
$ |
7.18 |
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) In the second
quarter of 2020, we recognized a $117.1 million charge ($98.7
million net of tax of $18.5 million), included in buying and
occupancy expenses, related to the impairment of certain lease and
store assets. In the first quarter of 2020, we recognized a $96.8
million charge ($72.0 million net of tax of $24.8 million),
included in buying and occupancy expenses, related to the
impairment of certain store assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) In the second
quarter of 2020, we recognized a $51.2 million charge ($40.2
million net of tax of $11.0 million), included in general,
administrative and store operating expenses, related to
restructuring activities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) In the second
quarter of 2020, we recognized a $36.3 million gain ($24.7 million
net of tax of $11.6 million), principally included in buying and
occupancy expenses, related to the closure and termination of our
lease and the related liability for the Hong Kong flagship
store. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) In the third
quarter of 2020, we recognized a $29.9 million pre-tax gain ($27.2
million net of tax of $2.7 million), included in general,
administrative and store operating expenses, related to the
establishment of a joint venture for the U.K. and Ireland business
with Next PLC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) In the third
quarter of 2020, we recognized a $43.6 million tax benefit related
to a tax matter associated with foreign investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
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