© Reuters.
biedexmarkets.com — Victoria’s Secret reported Wednesday reported soft sales guidance following mixed fourth-quarter results as the lingerie retailer grapples with waning demand.
For Q1, the company forecast net sales to decrease mid-single digits compared to last year’s first quarter net sales of $1.41B, with adjusted operating income in a range of $10M to $35M. Analysts were looking for a net sales of $1.4B, representing decline of about 0.5%.
Victoria’s Secret & Co (NYSE:) plunged 24% in aftermarket hours following the news.
For the three months ended Feb.3, the company adjusted earnings per share of $2.58 per diluted share on revenue of $2.08B, compared with estimate of adjusted EPS of $2.45 on revenue of $2.09B.
For the full-year, adjusted operating income for fiscal year 2024 was expected to be about $250M to $275M on net sales of about $6.0B, or down low-single digits compared to a comparative 52-weeks from fiscal year 2023. Analysts were expecting net sales of $6.18B.
The company also announced a new $250 million stock buyback program.
