- 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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The Postal Regulatory Commission voted unanimously to designate Commissioner Mark Acton as vice chairman of the Commission effective January 1, 2023, succeeding Commissioner Ann Fisher. Agency regulations provide that the commissioners elect a member to serve as vice chairman for a term of one year. Commissioner Mark Acton was reappointed to the Commission by President Barack H. Obama on December 12, 2016, for a third term of continued public service extending until October 14, 2022, and was confirmed by the United States Senate on December 10, 2016. President George W. Bush first nominated Mr. Acton as a postal rate commissioner on November 7, 2005, and he was confirmed by the Senate on August 3, 2006. Prior to his appointments, Mr. Acton served as special assistant to the chairman of the Postal Rate Commission and assisted in managing all aspects of agency operations.
RTL Deutschland is reorganizing its publishing business, and selling the Gruner + Jahr brands “Brigitte,” “Gala” and “Eltern” to Funke Mediengruppe as part of the reorganization. The titles are synonymous with high-quality journalistic content and high brand recognition in the German media market. The brands’ approximately 300 employees will be taken over by Funke Mediengruppe with their existing employment contracts. The sale is subject to approval by the relevant antitrust authorities. The move marks another step in RTL Deutschland’s systematic pursuit of its “Best Owner” philosophy. Funke is one of the leading publishing groups in the German-speaking territories, with a clear focus on print and publishing – an environment in which “Brigitte,” “Gala,” and “Eltern” can best continue their future development. At the same time, securing jobs long-term remains a key objective of the transaction. The other journalistic brands from the Gruner + Jahr portfolio will be tied in even closer to RTL Deutschland’s content business: The brands “Geolino,” “Geolino mini,” and “Art” will in future be bundled into the Stern+ journalistic suite under the supervision of Gregor Peter Schmitz at RTL News, while the “Schöner Wohnen,” “Couch,” and “Häuser” brands will from now on be managed as part of the RTL Consumer Products division under the supervision of Thorsten Braun, with a view to further enhancing their strong growth in the furniture and furnishings sector.
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