Victoria's Secret misses by $0.08, reports revs in-line; guides Q4 EPS in-line, revs in-line; guides FY24 EPS in-line (23.57 +1.24)
- Reports Q3 (Oct) loss of $0.86 per share, excluding non-recurring items, $0.08 worse than the FactSet Consensus of ($0.78) and vs company guidance of ($0.70)-($0.90); revenues fell 4.0% year/year to $1.27 bln vs the $1.27 bln FactSet Consensus.
- Total comparable sales decreased 7% year-over-year.
- "Our sales trend in North America continued to improve as planned each month throughout the third quarter with October being our strongest month."
- "We are excited with early holiday sales trends in November in North America both in our stores and through our digital experiences online. The November sales and margin result was our best monthly performance in nearly two years."
- Co issues in-line guidance for Q4, sees EPS of $2.20-2.60, excluding non-recurring items, vs. $2.44 FactSet Consensus; sees Q4 revs increasing 2-4%, which translates to ~$2.06-2.10 bln vs. $2.07 bln FactSet Consensus.
- Co issues in-line guidance for FY24, sees EPS of $1.85-2.25, excluding non-recurring items, vs. $2.17 FactSet Consensus. The Company is forecasting full year 2023 net sales to decrease in the range of 2% to 3% compared to last year.