Victoria’s Secret beats on profit forecast, while revenue meets expectations
2022.11.30 17:02
© Reuters.
By Liz Moyer
Investing.com — Victoria’s Secret & Co (NYSE:) reported fourth-quarter beat on profit expectations and met revenue expectations for the recent quarter.
Earnings per share of 29 cents were higher than the estimate of 22 cents. came in at $1.32 billion versus the consensus estimate of $1.32B. Comparable sales fell 11% from the same quarter last year.
Shares of the retailer fell 3.7% in after-hours trading. They are down 17% so far this year.
“We are well positioned to continue to navigate and execute in a shifting consumer landscape,” said CEO Martin Waters.
The company forecast fourth-quarter net sales to be down in the high single-digits from last year’s fourth quarter, while operating income for the quarter is expected to be in the range of $240 million to $290M. Net income for the fourth quarter 2022 is estimated to be in the range of $2.00 to $2.45 a share, the company said.
Full-year 2022 net sales are forecast to fall 6% to 7%, while adjusted operating income is expected to be in the range of $525M to $575M, or approximately 8% to 9% of sales, the company said. Adjusted net income for the full year 2022 is estimated to be in the range of $4.50 to $4.95 a share.
Victoria’s Secret Co’s stock price closed at $46.00. It is up 40.42% in the last 3 months and down -11.4% in the last 12 months.
