Victoria’s Secret & Co. (“Victoria’s Secret” or the “Company”)
(NYSE: VSCO) today reported 2022 financial results for the fourth
quarter and fiscal year ended January 28, 2023.
Chief Executive Officer Martin Waters commented,
“As we look back on 2022, our first full year as an independent,
publicly-traded company, I would like to express my deepest
appreciation for the hard work and dedication of our team of
associates and partners around the world. In the holiday quarter,
our teams controlled what they could control despite a challenging
economic environment for our customer, delivered fourth quarter
adjusted operating income and adjusted earnings per diluted share
above our most recent guidance, and exited the year with Victoria’s
Secret and PINK inventory levels down double digits on an adjusted
basis — prudently positioned to begin 2023.”
Martin continued, “As we look into the new year,
we recognize the environment will likely remain challenging for the
foreseeable future. However, we firmly believe our brand
repositioning efforts are tracking well and our plans for growth
outlined at our Investor Day in October have us on the right path.
Our strategic growth plan and our focus on strengthening our core,
igniting growth, and transforming the foundation is beginning to
come to life. Several exciting examples of this strategy planned in
2023 include continuing to build on our core offerings as the
leader in the intimates market through a pipeline of bra launches,
the recent launch of our new Victoria’s Secret and PINK customer
loyalty program, introducing Adore Me as part of the VS&Co
family and leveraging Adore Me’s customer technology through our
established market leading brands, and expanding our international
footprint both in number of stores and number of countries. We
remain committed to evolving and innovating our business, and
delivering our long-term financial targets and returning value to
our shareholders.”
Fourth Quarter ResultsThe
Company reported net income of $173 million, or $2.10 per diluted
share for the fourth quarter of 2022. This result compares to net
income of $246 million, or $2.70 per diluted share for the fourth
quarter of 2021. Fourth quarter 2022 operating income was $243
million compared to operating income of $333 million in the fourth
quarter of 2021.
Excluding the impact of the items described at
the conclusion of this press release, fourth quarter 2022 adjusted
net income was $203 million, or $2.47 per diluted share, and
adjusted operating income was $280 million, compared to net income
of $246 million, or $2.70 per diluted share, and operating income
of $333 million in the fourth quarter of 2021. The fourth quarter
2022 adjusted results were above our most recent guidance range of
adjusted net income of $2.25 to $2.35 per diluted share and
adjusted operating income of $265 million to $275 million.
The Company reported net sales of $2.021 billion
for the fourth quarter of 2022, a decrease of 7% compared to net
sales of $2.175 billion in the prior year fourth quarter. This
result was in-line with our most recent guidance of a net sales
decline in the range of 7% to 8% compared to the fourth quarter of
2021. Total comparable sales for the fourth quarter of 2022
decreased 6% compared to the fourth quarter of 2021.
Adjusted net income and adjusted operating
income are non-GAAP financial measures. At the conclusion of this
press release, we have included more information regarding these
non-GAAP financial measures, including a reconciliation of each
non-GAAP financial measure to the most directly comparable
financial measure reported in accordance with GAAP.
Full Year ResultsThe Company
reported net income of $348 million, or $4.14 per diluted share for
the full year 2022. This result compares to net income of $646
million, or $7.18 per diluted share for the full year 2021. Full
year 2022 operating income was $478 million compared to operating
income of $870 million last year.
Excluding the impact of the items described at
the conclusion of this press release, full year 2022 adjusted net
income was $416 million, or $4.95 per diluted share, and adjusted
operating income was $566 million, compared to net income of $646
million, or $7.18 per diluted share, and operating income of $870
million last year.
The Company reported net sales of $6.344 billion
for the full year 2022, a decrease of 6% compared to net sales of
$6.785 billion in 2021. Total comparable sales for the full year
2022 decreased 8% compared to last year.
Capital AllocationDuring the
fourth quarter of 2022, the Company invested $36 million to
repurchase 0.9 million shares which completed the share repurchase
program announced in March 2022. In fiscal year 2022, the Company
invested a total of $250 million to repurchase 6.0 million shares
at an average price of $41.77 per share.
In January 2023, the Company announced a new
share repurchase program (“January 2023 Share Repurchase Program”)
providing for the repurchase of up to $250 million of the Company’s
common stock through the end of fiscal year 2023. As a component of
the January 2023 Share Repurchase Program, the Company entered into
an accelerated share repurchase agreement (“ASR”) with Goldman
Sachs & Co. LLC (“Goldman Sachs”) to repurchase $125 million of
the Company’s common stock. Under the terms of the ASR, the Company
made a payment of $125 million to Goldman Sachs on February 2, 2023
and received an initial delivery of approximately 2.4 million
shares of the Company’s common stock. The final number of shares to
be repurchased will be based on the volume-weighted average price
of the Company’s common stock during the term of the ASR, less a
discount and subject to adjustments pursuant to the terms of the
ASR. The final settlement of the ASR is expected to be completed in
the second quarter of 2023.
Full Year and First Quarter 2023
OutlookThe Company’s financial guidance for full year and
first quarter 2023 includes forecasted operating results for
AdoreMe, Inc. (“Adore Me”), which was acquired by the Company on
December 30, 2022.
The Company is forecasting full year 2023 net
sales to increase in the mid-single digit range compared to last
year’s net sales of $6.344 billion. At this forecasted level of
sales, we expect the adjusted operating income rate for the full
year 2023 to be similar to 2022.
The Company is forecasting first quarter 2023
net sales to decrease in the mid-single digit range compared to
last year’s first quarter net sales of $1.484 billion. At this
forecasted level of sales, adjusted operating income for the first
quarter of 2023 is expected to be in the range of $55 million to
$85 million. Adjusted net income for the first quarter of 2023 is
estimated to be in the range of $0.30 to $0.60 per diluted
share.
Beginning in fiscal 2023, adjusted operating
income and adjusted net income per diluted share will exclude the
financial impact of purchase accounting items related to the Adore
Me acquisition, including the amortization of acquired intangible
assets, recognition in gross profit of purchase accounting fair
value adjustments to acquired inventories as it is sold, and
expense (income) related to changes in the estimated fair value of
contingent consideration and performance-based payments, as well as
other items that we believe are not indicative of our ongoing
operations. The Company is not able to provide a reconciliation of
forward-looking adjusted operating income or adjusted net income
per diluted share to the most directly comparable forward-looking
GAAP financial measures because the Company is unable to provide a
meaningful or accurate reconciliation or estimation of certain
reconciling items without unreasonable effort, due to the inherent
difficulty in forecasting the timing of, and quantifying, the
various purchase accounting items that are necessary for such
reconciliation.
Victoria’s Secret & Co. will conduct its
fourth quarter earnings call at 8:00 a.m. Eastern on
Friday, March 3, 2023. To listen, call 1-800-619-9066
(international dial-in number: 1-212-519-0836); conference ID
5358727. For an audio replay, call 1-866-363-4001 (international
replay number: 1-203-369-0204); conference ID 2746 or log onto
www.victoriassecretandco.com. The materials accompanying the
earnings call have been posted on the Investors 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 &
Co. Victoria’s Secret & Co. (NYSE: VSCO) is a Fortune
500 specialty retailer 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. VS&Co is comprised of
market leading brands, Victoria’s Secret and Victoria’s Secret
PINK, that share a common purpose of inspiring and uplifting our
customers in every stage of their lives, and Adore Me, a
technology-led, digital-first innovative intimates brand serving
women of all sizes and budgets at all phases of life. We are
committed to empowering our more than 30,000 associates across a
global footprint of approximately 1,360 retail stores in
approximately 70 countries. We provide our customers with products
and experiences that make them feel good inside and out while
driving positive change through the power of our products, platform
and advocacy.
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 U.S. Private Securities Litigation
Reform Act of 1995) contained in this press release or made by us,
our management, or our spokespeople 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. Forward-looking
statements include, without limitation, statements regarding our
future operating results, the implementation and impact of our
strategic plans, and our ability to meet environmental, social, and
governance goals. Words such as “estimate,” “commit,” “target,”
“goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,”
“anticipate,” “intend,” “potential” and any similar expressions may
identify forward-looking statements. Risks associated with the
following factors, among others, could affect our financial
performance and cause actual results to differ materially from
those expressed or implied in any forward-looking statements:
- 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;
- we may 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 may continue to have an adverse effect
on our business and results of operations;
- 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;
- our dependence on mall traffic and
the availability of suitable store locations on appropriate
terms;
- our ability to successfully operate
and expand internationally and related risks;
- our independent franchise, license,
wholesale, and joint venture partners;
- our direct channel business;
- our ability to protect our
reputation and the image of our brands;
- our ability to attract customers
with marketing, advertising and promotional programs;
- 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 realize the
potential benefits and synergies sought with the acquisition of
AdoreMe, Inc.;
- 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;
- legal and regulatory matters;
- delays or disruptions in shipping
and transportation and related pricing impacts; and
- disruption due to labor
disputes;
- our geographic concentration of
vendor and distribution facilities in central Ohio and Southeast
Asia;
- the ability of our vendors to
deliver products in a timely manner, meet quality standards and
comply with applicable laws and regulations;
- fluctuations in freight, product
input and energy costs, including those caused by inflation;
- our and our third-party service
providers’ ability to implement and maintain information technology
systems and to protect associated data and system
availability;
- our ability to maintain the
security of customer, associate, third-party and company
information;
- stock price volatility;
- shareholder activism matters;
- our ability to maintain our credit
rating;
- our ability to comply with
regulatory requirements; and
- legal, tax, trade and other
regulatory matters.
Except as may be required by law, we assume no
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. Additional
information regarding these and other factors can be found in “Item
1A. Risk Factors” in our Annual Report on Form 10-K and Quarterly
Report on Form 10-Q filed with the Securities and Exchange
Commission on March 18, 2022 and December 2, 2022,
respectively.
For further information, please contact: |
|
|
|
Victoria’s Secret &
Co.: |
|
Investor
Relations: |
Media
Relations: |
Kevin Wynk |
Brooke Wilson |
investorrelations@victoria.com |
communications@victoria.com |
Total Sales (Millions):
|
FourthQuarter2022 |
|
FourthQuarter2021 |
|
%Inc/(Dec) |
|
Full Year2022 |
|
Full Year2021 |
|
%Inc/(Dec) |
|
|
|
|
|
|
|
|
|
|
|
|
Stores – North America |
$ |
1,197.4 |
|
$ |
1,304.1 |
|
(8.2 |
%) |
|
$ |
3,909.5 |
|
$ |
4,194.1 |
|
(6.8 |
%) |
Direct |
|
666.8 |
|
|
718.3 |
|
(7.2 |
%) |
|
|
1,843.0 |
|
|
2,114.3 |
|
(12.8 |
%) |
International1 |
|
157.0 |
|
|
153.0 |
|
2.6 |
% |
|
|
591.8 |
|
|
476.2 |
|
24.3 |
% |
Total |
$ |
2,021.2 |
|
$ |
2,175.4 |
|
(7.1 |
%) |
|
$ |
6,344.3 |
|
$ |
6,784.6 |
|
(6.5 |
%) |
1 – Results include consolidated joint venture sales in China,
royalties associated with franchised stores and wholesale
sales.
Comparable Sales Increase (Decrease):
|
FourthQuarter2022 |
|
FourthQuarter2021 |
|
Full Year2022 |
|
Full Year2021 |
|
|
|
|
|
|
|
|
Stores and Direct1 |
(6%) |
|
1% |
|
(8%) |
|
3% |
Stores Only2 |
(7%) |
|
12% |
|
(7%) |
|
10% |
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.
Please 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.
and Canada, consolidated joint venture stores in China and direct
sales.2 – Results include company-operated stores in the U.S. and
Canada and consolidated joint venture stores in China.
Total Stores:
|
|
|
|
|
|
|
|
|
Stores at 1/29/22 |
Opened |
Closed |
Acquired |
Reclassed to Joint Venture |
Stores at 1/28/23 |
|
|
|
|
|
|
|
Company-Operated: |
|
|
|
|
|
|
U.S. |
808 |
16 |
(12) |
- |
- |
812 |
Canada |
26 |
- |
(1) |
- |
- |
25 |
Subtotal
Company-Operated |
834 |
16 |
(13) |
- |
- |
837 |
|
|
|
|
|
|
|
China Joint
Venture: |
|
|
|
|
|
|
Beauty &
Accessories1 |
35 |
6 |
(10) |
- |
8 |
39 |
Full
Assortment |
30 |
4 |
(1) |
- |
- |
33 |
Subtotal China
Joint Venture |
65 |
10 |
(11) |
- |
8 |
72 |
|
|
|
|
|
|
|
Partner-Operated: |
|
|
|
|
|
|
Beauty &
Accessories |
335 |
20 |
(39) |
- |
(8) |
308 |
Full
Assortment |
128 |
21 |
(14) |
- |
- |
135 |
Subtotal
Partner-Operated |
463 |
41 |
(53) |
- |
(8) |
443 |
|
|
|
|
|
|
|
Adore Me |
- |
- |
- |
6 |
- |
6 |
|
|
|
|
|
|
|
Total |
1,362 |
67 |
(77) |
6 |
- |
1,358 |
1 – Includes thirteen partner-operated stores at 1/28/23.
|
|
|
|
|
VICTORIA'S
SECRET & CO. |
CONSOLIDATED
STATEMENTS OF INCOME |
THIRTEEN
WEEKS ENDED JANUARY 28, 2023 AND JANUARY 29, 2022 |
(Unaudited) |
(In
thousands except per share amounts) |
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
Net Sales |
$ |
2,021,206 |
|
|
$ |
2,175,432 |
|
Costs of Goods Sold, Buying and Occupancy |
|
(1,276,938 |
) |
|
|
(1,322,187 |
) |
Gross Profit |
|
744,268 |
|
|
|
853,245 |
|
General, Administrative and Store Operating Expenses |
|
(500,857 |
) |
|
|
(520,039 |
) |
Operating Income |
|
243,411 |
|
|
|
333,206 |
|
Interest Expense |
|
(19,666 |
) |
|
|
(11,765 |
) |
Other Income |
|
2,236 |
|
|
|
1,470 |
|
Income Before Income Taxes |
|
225,981 |
|
|
|
322,911 |
|
Provision for Income Taxes |
|
53,890 |
|
|
|
76,859 |
|
Net Income |
|
172,091 |
|
|
|
246,052 |
|
Less: Net Loss Attributable to Noncontrolling Interest |
|
(898 |
) |
|
|
- |
|
Net Income Attributable to Victoria's Secret & Co. |
$ |
172,989 |
|
|
$ |
246,052 |
|
Net Income
Per Diluted Share Attributable to Victoria's Secret & Co. |
|
$ |
2.10 |
|
|
$ |
2.70 |
|
Weighted Average Shares Outstanding |
|
82,299 |
|
|
|
91,100 |
|
VICTORIA'S
SECRET & CO. |
CONSOLIDATED
AND COMBINED STATEMENTS OF INCOME |
FIFTY-TWO
WEEKS ENDED JANUARY 28, 2023 AND JANUARY 29, 2022 |
(Unaudited) |
(In
thousands except per share amounts) |
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
Net Sales |
$ |
6,344,298 |
|
|
$ |
6,784,633 |
|
Costs of Goods Sold, Buying and Occupancy |
|
(4,085,901 |
) |
|
|
(4,024,595 |
) |
Gross Profit |
|
2,258,397 |
|
|
|
2,760,038 |
|
General, Administrative and Store Operating Expenses |
|
(1,780,764 |
) |
|
|
(1,890,501 |
) |
Operating Income |
|
477,633 |
|
|
|
869,537 |
|
Interest Expense |
|
(60,376 |
) |
|
|
(27,424 |
) |
Other Income (Loss) |
|
(419 |
) |
|
|
1,005 |
|
Income Before Income Taxes |
|
416,838 |
|
|
|
843,118 |
|
Provision for Income Taxes |
|
79,175 |
|
|
|
196,737 |
|
Net Income |
|
337,663 |
|
|
|
646,381 |
|
Less: Net Loss Attributable to Noncontrolling Interest |
|
(10,443 |
) |
|
|
- |
|
Net Income Attributable to Victoria's Secret & Co. |
$ |
348,106 |
|
|
$ |
646,381 |
|
Net Income
Per Diluted Share Attributable to Victoria's Secret & Co. |
|
$ |
4.14 |
|
|
$ |
7.18 |
|
Weighted Average Shares Outstanding1 |
|
84,069 |
|
|
|
90,039 |
|
|
|
|
|
|
1 - Reported Weighted
Average Shares Outstanding reflects diluted shares in 2022. For
periods prior to the separation from former parent L Brands, Inc.
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. |
|
NON-GAAP
FINANCIAL INFORMATION |
|
(Unaudited) |
|
(In
thousands except per share amounts) |
|
|
The non-GAAP financial
information presented in this press release 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 such non-GAAP financial measures 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
financial 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.
Management uses adjusted financial information as key performance
measures of results of operations for the purpose of evaluating
performance internally. The non-GAAP financial information should
be read in conjunction with the Company’s historical financial
statements and notes thereto contained in our Annual Report on Form
10-K and our Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission. The table below reconciles the
non-GAAP financial measures to their most directly comparable GAAP
financial measures. |
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Year-to-Date |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
|
|
Reconciliation of Reported to Adjusted Operating
Income |
|
|
|
|
|
|
|
|
|
|
Reported Operating Income - GAAP |
|
$ |
243,411 |
|
|
$ |
333,206 |
|
$ |
477,633 |
|
|
$ |
869,537 |
|
|
Occupancy-related Legal Matter (a) |
|
|
- |
|
|
|
- |
|
|
21,679 |
|
|
|
- |
|
|
Restructuring Charges (b) |
|
|
5,704 |
|
|
|
- |
|
|
35,052 |
|
|
|
- |
|
|
Happy Nation Restructuring Charge (c) |
|
|
15,926 |
|
|
|
- |
|
|
15,926 |
|
|
|
- |
|
|
Adore Me Acquisition Transaction Costs (d) |
|
|
15,424 |
|
|
|
- |
|
|
15,424 |
|
|
|
- |
|
|
Adjusted Operating Income |
|
$ |
280,465 |
|
|
$ |
333,206 |
|
$ |
565,714 |
|
|
$ |
869,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Reported to Adjusted Net Income
Attributable to Victoria's Secret & Co. |
|
|
|
|
|
|
|
|
Reported Net Income Attributable to Victoria's Secret & Co. -
GAAP |
|
$ |
172,989 |
|
|
$ |
246,052 |
|
$ |
348,106 |
|
|
$ |
646,381 |
|
|
Occupancy-related Legal Matter (a) |
|
|
- |
|
|
|
- |
|
|
21,679 |
|
|
|
- |
|
|
Restructuring Charges (b) |
|
|
5,704 |
|
|
|
- |
|
|
35,052 |
|
|
|
- |
|
|
Happy Nation Restructuring Charge (c) |
|
|
15,926 |
|
|
|
- |
|
|
15,926 |
|
|
|
- |
|
|
Adore Me Acquisition Transaction Costs (d) |
|
|
15,424 |
|
|
|
- |
|
|
15,424 |
|
|
|
- |
|
|
Tax Effect of Adjusted Items |
|
|
(7,040 |
) |
|
|
- |
|
|
(19,795 |
) |
|
|
- |
|
|
Adjusted Net Income Attributable to Victoria's Secret &
Co. |
|
$ |
203,003 |
|
|
$ |
246,052 |
|
$ |
416,392 |
|
|
$ |
646,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Reported to Adjusted Net Income Per
Diluted Share Attributable to Victoria's Secret &
Co. |
|
|
|
|
|
Reported Net Income Per Diluted Share Attributable to Victoria's
Secret & Co. - GAAP |
|
$ |
2.10 |
|
|
$ |
2.70 |
|
$ |
4.14 |
|
|
$ |
7.18 |
|
|
Occupancy-related Legal Matter (a) |
|
|
- |
|
|
|
- |
|
|
0.19 |
|
|
|
- |
|
|
Restructuring Charges (b) |
|
|
0.05 |
|
|
|
- |
|
|
0.31 |
|
|
|
- |
|
|
Happy Nation Restructuring Charge (c) |
|
|
0.15 |
|
|
|
- |
|
|
0.14 |
|
|
|
- |
|
|
Adore Me Acquisition Transaction Costs (d) |
|
|
0.17 |
|
|
|
- |
|
|
0.16 |
|
|
|
- |
|
|
Adjusted Net Income Per Diluted Share Attributable to Victoria's
Secret & Co. |
|
$ |
2.47 |
|
|
$ |
2.70 |
|
$ |
4.95 |
|
|
$ |
7.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
In the first quarter
of 2022, we recognized a $21.7 million pre-tax charge ($16.2
million net of tax of $5.5 million), included in buying and
occupancy expense, related to a legal matter with a landlord
regarding a high-profile store that we surrendered to the landlord
prior to separation. |
|
|
(b) |
In the second quarter
of 2022, we recognized a $29.3 million pre-tax charge ($22.1
million net of tax of $7.2 million), $16.2 million included in
general, administrative and store operating expense and $13.1
million included in buying and occupancy expense, related to
restructuring activities to reorganize our leadership structure. In
the fourth quarter of 2022, we recognized a $5.7 million pre-tax
charge ($4.3 million net of tax of $1.4 million), $4.8 million
included in general, administrative and store operating expense and
$0.9 million included in buying and occupancy expense, related to
restructuring activities to continue to reorganize and improve our
organizational structure. |
|
|
(c) |
In the fourth quarter
of 2022, we recognized a $15.9 million pre-tax charge ($12.1
million net of tax of $3.9 million), $15.1 million included in cost
of goods sold, buying and occupancy expense and $0.8 million
included in general, administrative and store operating expense,
for inventory and other costs related to restructuring actions
associated with Happy Nation. |
|
|
(d) |
In the fourth quarter
of 2022, we recognized a $15.4 million pre-tax charge ($13.7
million net of tax of $1.7 million), included in general,
administrative and store operating expense, related to professional
services and other transaction-related costs associated with the
acquisition of Adore Me. |
|
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