Victoria’s Secret & Co. (“Victoria’s Secret” or the “Company”)
(NYSE: VSCO) today reported 2023 financial results for the second
quarter ended July 29, 2023.
Chief Executive Officer Martin Waters commented,
“We delivered second quarter sales, adjusted operating income and
adjusted diluted earnings per share within our guidance range while
the macro environment continues to put pressure on our customer
base and our core intimates categories. As anticipated, and what
was a continuation of first quarter trends, sales performance in
the second quarter was particularly challenging in the overall
stores and digital intimates market in North America which impacted
both our Victoria’s Secret and PINK businesses in the quarter. In
contrast, our international business experienced sales growth in
excess of 25% compared to last year and strong profit flow thru,
and our recently acquired Adore Me brand also grew sales during the
quarter highlighting the strength of the business model and unique
digital strategies. Our teams were resiliently focused on what was
within our control, managing selling margins, diligently
controlling costs, and delivering inventory levels at our
Victoria’s Secret and PINK businesses down low-double digits
compared to last year.”
Martin continued, “With our second quarter
results in-line with our guidance, our outlook calls for improving
sales trends throughout the fall season. We entered the third
quarter with relatively lean inventory levels, and I am encouraged
by August sales trends which were better than July, second quarter
and the entirety of the spring season. The teams have been working
tirelessly on multiple growth initiatives designed to change our
sales trends in the third quarter and the all-important holiday
season. Initiatives such as our new multi-tender loyalty program, a
reimagined merchandise strategy for our PINK brand, new technology
to enhance the customer experience, the launch of our Victoria’s
Secret ICON bra, and coming in September the Victoria’s Secret
World Tour ’23 which will be our largest marketing investment in
the last five years. These are only a portion of our initiatives
for growing our business over the longer-term, and I believe we
have the right leadership team in place at the right time for our
business to be successful. We remain confident in our brand
repositioning efforts and our strategic plans for growth and are
committed to delivering our long-term financial targets and
returning value to our shareholders.”
Second Quarter ResultsThe
Company reported a net loss of $1 million, or $0.02 per diluted
share for the second quarter of 2023. This result compares to net
income of $70 million, or $0.83 per diluted share for the second
quarter of 2022. Second quarter 2023 operating income was $26
million compared to operating income of $98 million in the second
quarter of 2022.
Excluding the impact of the items described at
the conclusion of this press release, second quarter 2023 adjusted
net income was $19 million, or $0.24 per diluted share, and
adjusted operating income was $49 million. These results were near
the midpoint of the previously communicated guidance range for
adjusted net income of $0.10 to $0.40 per diluted share and
adjusted operating income of $35 million to $65 million. Second
quarter 2022 adjusted net income was $92 million, or $1.09 per
diluted share, and adjusted operating income was $127 million.
The Company reported net sales of $1.427 billion
for the second quarter of 2023, a decrease of 6% compared to net
sales of $1.521 billion in the prior year second quarter. Total
comparable sales for the second quarter of 2023 decreased 11%
compared to the second quarter of 2022.
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.
Capital AllocationIn 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. In the second quarter of
2023, the ASR was completed, and the Company received an additional
approximately 1.3 million shares of the Company’s common stock. The
total approximately 3.7 million shares repurchased under the ASR
was 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.
Third Quarter and Full Year 2023
OutlookThe Company is forecasting third quarter 2023 net
sales to decrease in the low- to mid-single digit range compared to
last year’s third quarter net sales of $1.318 billion. At this
forecasted level of sales, adjusted operating loss for the third
quarter of 2023 is expected to be in the range of $45 million to
$75 million. Adjusted net loss for the third quarter of 2023 is
estimated to be in the range of $0.70 to $1.00 per diluted
share.
The Company is forecasting full year 2023 net
sales to decrease in the low-single digit range compared to last
year and we expect the adjusted operating income rate to be in the
range of 5% to 6% of net sales, consistent with the current analyst
consensus estimate which reflects a net sales decrease of
approximately 2% compared to full year 2022 and an adjusted
operating income rate of approximately 5.5% of net sales.
The analyst consensus estimate represents the
average of third-party analyst estimates and is current as of
August 30, 2023. The Company has not independently verified, makes
no representation as to the reliability or accuracy of, and
disclaims any potential liability associated with such data.
Analyst estimates of sales and operating margin may be calculated
differently from how the Company calculates such measures and may
include or exclude certain material adjustments that may be
required by generally accepted accounting principles. Forecasted
adjusted operating income (loss) and adjusted net income (loss) per
diluted share for the full year and third quarter 2023 excludes the
financial impact of purchase accounting items related to the Adore
Me acquisition, including 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 the amortization of intangible assets. The Company is
not able to provide a reconciliation of forward-looking adjusted
operating income (loss) or adjusted net income (loss) 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
second quarter earnings call at 8:00 a.m. Eastern on
Thursday, August 31, 2023. To listen, call 1-800-619-9066
(international dial-in number: 1-212-519-0836); conference ID
5358727. For an audio replay, call 1-800-839-1151 (international
replay number: 1-203-369-3392); conference ID 5358727 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
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 1,350 retail stores in nearly 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 filed with the
Securities and Exchange Commission on March 17, 2023.
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):
|
SecondQuarter2023 |
|
SecondQuarter2022 |
|
%Inc/(Dec) |
|
Year-to-Date2023 |
|
Year-to-Date2022 |
|
%Inc/(Dec) |
|
|
|
|
|
|
|
|
|
|
|
|
Stores – North America1 |
$ |
817.2 |
|
$ |
968.5 |
|
(15.6 |
%) |
|
$ |
1,603.0 |
|
$ |
1,899.4 |
|
(15.6 |
%) |
Direct1 |
|
433.9 |
|
|
413.7 |
|
4.9 |
% |
|
|
898.4 |
|
|
834.3 |
|
7.7 |
% |
International2 |
|
175.8 |
|
|
139.0 |
|
26.5 |
% |
|
|
332.9 |
|
|
271.3 |
|
22.7 |
% |
Total |
$ |
1,426.9 |
|
$ |
1,521.2 |
|
(6.2 |
%) |
|
$ |
2,834.3 |
|
$ |
3,005.0 |
|
(5.7 |
%) |
1 – Results in 2023 include Adore Me sales.2 – Results include
consolidated joint venture sales in China, royalties associated
with franchised stores and wholesale sales.
Comparable Sales Increase (Decrease):
|
SecondQuarter2023 |
|
SecondQuarter2022 |
|
Year-to-Date2023 |
|
Year-to-Date2022 |
|
|
|
|
|
|
|
|
Stores and Direct1 |
(11 |
%) |
|
(8 |
%) |
|
(11 |
%) |
|
(8 |
%) |
Stores
Only2 |
(14 |
%) |
|
(7 |
%) |
|
(14 |
%) |
|
(5 |
%) |
NOTE: 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 1/28/23 |
Opened |
Closed |
Stores at 7/29/23 |
|
|
|
|
|
Company-Operated: |
|
|
|
|
U.S. |
812 |
3 |
(7 |
) |
808 |
Canada |
25 |
- |
(1 |
) |
24 |
Subtotal
Company-Operated |
837 |
3 |
(8 |
) |
832 |
|
|
|
|
|
China Joint
Venture: |
|
|
|
|
Beauty &
Accessories1 |
39 |
2 |
(3 |
) |
38 |
Full
Assortment |
33 |
1 |
(1 |
) |
33 |
Subtotal China
Joint Venture |
72 |
3 |
(4 |
) |
71 |
|
|
|
|
|
Partner-Operated: |
|
|
|
|
Beauty &
Accessories |
308 |
7 |
(15 |
) |
300 |
Full
Assortment |
135 |
15 |
(9 |
) |
141 |
Subtotal
Partner-Operated |
443 |
22 |
(24 |
) |
441 |
|
|
|
|
|
Adore Me |
6 |
- |
- |
|
6 |
|
|
|
|
|
Total |
1,358 |
28 |
(36 |
) |
1,350 |
1 – Includes fifteen partner-operated stores at 7/29/23.
|
|
|
|
|
VICTORIA'S SECRET & CO. |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) |
THIRTEEN WEEKS ENDED JULY 29, 2023 AND JULY 30,
2022 |
(Unaudited) |
(In thousands except per share amounts) |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
Net Sales |
$ |
1,426,871 |
|
|
$ |
1,521,208 |
|
Costs of Goods Sold, Buying and Occupancy |
|
(940,297 |
) |
|
|
(985,957 |
) |
Gross Profit |
|
486,574 |
|
|
|
535,251 |
|
General, Administrative and Store Operating Expenses |
|
(460,528 |
) |
|
|
(437,739 |
) |
Operating Income |
|
26,046 |
|
|
|
97,512 |
|
Interest Expense |
|
(23,967 |
) |
|
|
(12,968 |
) |
Other Loss |
|
(106 |
) |
|
|
(1,328 |
) |
Income Before Income Taxes |
|
1,973 |
|
|
|
83,216 |
|
Provision for Income Taxes |
|
2,845 |
|
|
|
16,005 |
|
Net Income (Loss) |
|
(872 |
) |
|
|
67,211 |
|
Less: Net Income (Loss) Attributable to Noncontrolling
Interest |
|
556 |
|
|
|
(2,715 |
) |
Net Income (Loss) Attributable to Victoria's Secret & Co. |
$ |
(1,428 |
) |
|
$ |
69,926 |
|
Net Income (Loss) Per Diluted Share Attributable to Victoria's
Secret & Co. |
|
$ |
(0.02 |
) |
|
$ |
0.83 |
|
Weighted Average Shares Outstanding 1 |
|
77,310 |
|
|
|
84,292 |
|
|
|
|
|
|
1 -Reported Weighted Average Shares Outstanding in the second
quarter of 2023 reflects basic shares due to the Net Loss. |
|
|
|
|
|
VICTORIA'S SECRET & CO. |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) |
TWENTY-SIX WEEKS ENDED JULY 29, 2023 AND JULY 30,
2022 |
(Unaudited) |
(In thousands except per share amounts) |
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Net Sales |
$ |
2,834,251 |
|
$ |
3,005,014 |
|
Costs of Goods Sold, Buying and Occupancy |
(1,845,283) |
|
(1,948,257) |
|
Gross Profit |
988,968 |
|
1,056,757 |
|
General, Administrative and Store Operating Expenses |
(934,648) |
|
(865,122) |
|
Operating Income |
54,320 |
|
191,635 |
|
Interest Expense |
(46,472) |
|
(25,382) |
|
Other Loss |
(104) |
|
(5,037) |
|
Income Before Income Taxes |
7,744 |
|
161,216 |
|
Provision for Income Taxes |
4,804 |
|
17,861 |
|
Net Income |
2,940 |
|
143,355 |
|
Less: Net Income (Loss) Attributable to Noncontrolling
Interest |
3,643 |
|
(7,394) |
|
Net Income (Loss) Attributable to Victoria's Secret & Co. |
$ |
(703) |
|
$ |
150,749 |
|
Net Income (Loss) Per Diluted Share Attributable to Victoria's
Secret & Co. |
|
$ |
(0.01) |
|
$ |
1.76 |
|
Weighted Average Shares Outstanding 1 |
77,756 |
|
85,674 |
|
|
|
|
|
|
|
1 -Reported Weighted Average Shares Outstanding in 2023 reflects
basic shares due to the Net Loss. |
|
|
|
|
|
|
|
|
VICTORIA'S
SECRET & CO. |
NON-GAAP
FINANCIAL INFORMATION |
(Unaudited) |
(In
thousands except per share amounts) |
|
In addition to our
results provided in accordance with GAAP above and throughout this
press release, provided below are non-GAAP financial measures that
present operating income, net income attributable to Victoria's
Secret & Co. and net income per diluted share attributable to
Victoria's Secret & Co. on an adjusted basis, which remove
certain special items. We believe that these special items are not
indicative of our ongoing operations due to their size and nature.
The intangible asset amortization excluded from these non-GAAP
financial measures is excluded because the amortization, unlike the
related revenue, is not affected by operations of any particular
period unless an intangible asset becomes impaired or the estimated
useful life of an intangible asset is revised. We use adjusted
financial information as key performance measures of results of
operations for the purpose of evaluating performance internally.
These non-GAAP measurements are not intended to replace the
presentation of our financial results in accordance with GAAP.
Instead, we believe that the presentation of adjusted financial
information provides additional information to investors to
facilitate the comparison of past and present operations. Further,
our definition of adjusted financial information may differ from
similarly titled measures used by other companies. The table below
reconciles the GAAP financial measures to the non-GAAP financial
measures. |
|
|
|
|
|
|
Second Quarter |
|
Year-to-Date |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Reconciliation of Reported to Adjusted Operating
Income |
|
|
|
|
|
|
|
|
|
Reported Operating Income - GAAP |
|
$ |
26,046 |
|
|
$ |
97,512 |
|
|
$ |
54,320 |
|
|
$ |
191,635 |
|
|
Adore Me Acquisition-related Items (a) |
|
|
16,366 |
|
|
|
- |
|
|
|
25,687 |
|
|
|
- |
|
|
Amortization of Intangible Assets (b) |
|
|
6,284 |
|
|
|
- |
|
|
|
12,568 |
|
|
|
- |
|
|
Restructuring Charges (c) |
|
|
- |
|
|
|
29,348 |
|
|
|
11,125 |
|
|
|
29,348 |
|
|
Occupancy-related Legal Matter (d) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21,679 |
|
|
Adjusted Operating Income |
|
$ |
48,696 |
|
|
$ |
126,860 |
|
|
$ |
103,700 |
|
|
$ |
242,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Reported to Adjusted Net Income (Loss)
Attributable to Victoria's Secret & Co. |
|
|
|
|
|
|
|
Reported Net Income (Loss) Attributable to Victoria's Secret &
Co. - GAAP |
|
$ |
(1,428 |
) |
|
$ |
69,926 |
|
|
$ |
(703 |
) |
|
$ |
150,749 |
|
|
Adore Me Acquisition-related Items (a) |
|
|
17,461 |
|
|
|
- |
|
|
|
27,877 |
|
|
|
- |
|
|
Amortization of Intangible Assets (b) |
|
|
6,284 |
|
|
|
- |
|
|
|
12,568 |
|
|
|
- |
|
|
Restructuring Charges (c) |
|
|
- |
|
|
|
29,348 |
|
|
|
11,125 |
|
|
|
29,348 |
|
|
Occupancy-related Legal Matter (d) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21,679 |
|
|
Tax Effect of Adjusted Items |
|
|
(3,465 |
) |
|
|
(7,278 |
) |
|
|
(10,105 |
) |
|
|
(12,755 |
) |
|
Adjusted Net Income Attributable to Victoria's Secret &
Co. |
|
$ |
18,852 |
|
|
$ |
91,996 |
|
|
$ |
40,762 |
|
|
$ |
189,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Reported to Adjusted Net Income (Loss) Per Diluted Share
Attributable to Victoria's Secret & Co. |
|
|
|
Reported Net Income (Loss) Per Diluted Share Attributable to
Victoria's Secret & Co. - GAAP |
|
$ |
(0.02 |
) |
|
$ |
0.83 |
|
|
$ |
(0.01 |
) |
|
$ |
1.76 |
|
|
Adore Me Acquisition-related Items (a) |
|
|
0.20 |
|
|
|
- |
|
|
|
0.30 |
|
|
|
- |
|
|
Amortization of Intangible Assets (b) |
|
|
0.06 |
|
|
|
- |
|
|
|
0.12 |
|
|
|
- |
|
|
Restructuring Charges (c) |
|
|
- |
|
|
|
0.26 |
|
|
|
0.11 |
|
|
|
0.26 |
|
|
Occupancy-related Legal Matter (d) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.19 |
|
|
Adjusted Net Income Per Diluted Share Attributable to Victoria's
Secret & Co. |
|
$ |
0.24 |
|
|
$ |
1.09 |
|
|
$ |
0.52 |
|
|
$ |
2.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
In the second quarter of 2023, we recognized a $17.5 million charge
($15.6 million net of tax of $1.9 million), $9.7 million included
in general, administrative and store operating expense, $6.7
million included in costs of goods sold and $1.1 million included
in interest expense, related to the financial impact of purchase
accounting items related to the acquisition of Adore Me.
Year-to-date 2023, we recognized charges of $27.9 million ($23.8
million net of tax of $4.1 million), $15.3 million included in
costs of goods sold, $10.4 million included in general,
administrative and store operating expense and $2.2 million
included in interest expense, related to the financial impact of
purchase accounting items and professional service costs related to
the acquisition of Adore Me. |
|
(b) |
In the second quarter of 2023, we recognized $6.3 million of
amortization expense ($4.7 million net of tax of $1.6 million)
included in general, administrative and store operating expense
related to the acquisition of Adore Me. Year-to-date 2023, we
recognized $12.6 million of amortization expense ($9.3 million net
of tax of $3.3 million) included in general, administrative and
store operating expense related to the acquisition of Adore
Me. |
|
(c) |
In the first quarter of 2023, we recognized a $11.1 million pre-tax
charge ($8.4 million net of tax of $2.7 million), $7.8 million
included in general, administrative and store operating expense and
$3.3 million included in buying and occupancy expense, related to
restructuring activities to continue to reorganize and improve our
organizational structure. In the second quarter of 2022, we
recognized a $29.3 million 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. |
|
(d) |
In the first quarter of 2022, we recognized a $21.7 million 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. |
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