- Victoria's Secret & Co VSCO reported second-quarter FY21 sales growth of 51.3% year-on-year, to $1.61 billion, missing the analyst consensus of $1.70 billion.
- Victoria's Secret was recently separated from Bath & Body Works, Inc. BBWI (f/k/a L Brands, Inc).
- North American stores sales increased 185.2% Y/Y, International sales rose 21.9%, while Direct sales fell 23.6%.
- Gross profit rose 338.7% Y/Y to $669.6 million with a profit margin of 41.5%.
- The operating margin was 12.6%, and operating income for the quarter was $202.7 million.
- EPS of $1.71 beat the analyst consensus of $1.59.
- "Following the finalization of the spin-off from L Brands, our momentum continues, fueled by strong fundamentals: inspiring merchandise she loves, our new brand positioning, and disciplined business operations," said CEO Martin Waters.
- Outlook: Victoria's Secret sees Q3 FY21 sales growth in mid to high single digits.
- The company expects Q3 FY21 EPS of $0.60 - $0.70 versus the consensus of $0.91.
- Price Action: VSCO shares are trading lower by 8.63% at $65.5 in premarket on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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