Victoria's Secret Clocks 9% Sales Decline In Q3, Misses Street View By A Whisker

Victoria’s Secret & Co VSCO reported a third-quarter FY22 sales decline of 9% year-on-year to $1.318 billion, marginally missing the consensus of $1.32 billion.
Comparable sales decreased 11% for Stores and Direct.
Gross profit fell 19% to $457.4 million, with a margin of 34.7%.
Operating margin was 3.2%, and operating income for the quarter declined 60.5% to $42.6 million.
The company had a 1,351 store count as of October 29, 2022, versus 1,362 stores on January 29, 2022.
EPS of $0.29 beat the analyst consensus of $0.23.
Outlook: Victoria’s Secret sees Q4 sales to decrease in the high-single digit range. It expects Q4 EPS of $2.00 - $2.45 versus the consensus of $2.32.
It sees FY22 sales to decrease 6% - 7%
The company expects FY22 adjusted EPS of $4.50 - $4.95 against an estimate of $4.73.
Price Action: VSCO shares are trading lower by 4.33% at $44.01 in premarket on the last check Thursday.
Photo Via Wikimedia Commons

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