- Victoria’s Secret & Co. held its top line mostly steady in Q1 but, according to GlobalData research, lost market share. Net sales were essentially flat to last year, nearing $1.4 billion, as comps dropped 1%.
- Gross margin shrank by 170 basis points to 35.2%, but the lingerie chain reached $2.8 million in net income, from last year’s $2.5 million net loss. The security breach that scuttled its Memorial Day sale is expected to siphon about $10 million from Q2 operating income, excluding any insurance payment, CFO Scott Sekella said Wednesday.
- Former Anthropologie Chief Marketing Officer Elizabeth Preis has taken that role at Victoria’s Secret & Co., CEO Hillary Super announced on the earnings call.
Victoria’s Secret expects $10M hit to Q2 operating income from cybersecurity breach | Retail Dive
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Sales on a reported and daily basis in the quarter increased 19.6% as compared to the second quarter of 2021. Excluding the unfavorable foreign exchange impact of 2.4%, sales on a daily, constant currency basis were up 22.0% compared to the second quarter of 2021. Gross profit margin for the second quarter of 2022 was 37.6%, a 255 basis point increase compared to the second quarter of 2021. The increase was driven by favorability in both segments and includes the lap of a $63 million pandemic product inventory adjustment in the prior year period within the High-Touch Solution N.A. segment. Operating earnings for the second quarter of 2022 of $534 million were up 60% versus the second quarter of 2021. Operating margin in the quarter of 13.9% increased 350 basis points over the second quarter of 2021 on stronger gross margins in both segments combined with 95 basis points of SG&A leverage gained on strong top-line growth.