Victoria's Secret misses by $0.02, reports revs in-line; provides Q3 guidance; expects FY24 net sales to decline by low single digits yr/yr
- Reports Q2 (Jul) earnings of $0.24 per share, excluding non-recurring items, $0.02 worse than the FactSet Consensus of $0.26; revenues fell 6.2% year/year to $1.43 bln vs the $1.44 bln FactSet Consensus.
- Co issues guidance for Q3 (Oct), sees EPS of $(1.00)-$(0.70), may not be comparable to ($0.14) FactSet Consensus; sees net sales to decrease in the low-to-mid-single digit range yr/yr compared to the -0.2% FactSet Consensus.
- Co expects FY24 (Jan) net sales to decrease in the low-single digit range yr/yr compared to the -1.8% FactSet Consensus.
- Co added, "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."