Victoria’s Secret reports Q2 earnings, raises forecast

Second quarter net income at Victoria’s Secret was 32 million dollars or 40 cents per diluted share, while adjusted net income was 31 million dollars or 40 cents per diluted share and adjusted operating income was 62 million dollars.

The company’s net sales for the quarter of 1.417 billion dollars, decreased by 1 percent and comparable sales decreased by 3 percent.

“Our financial results for the second quarter came in at the high end of expectations and we delivered year-over-year quarterly operating income growth for the first time since 2021,” said the company’s interim CEO and chief financial and administrative officer Timothy Johnson.

Raising its full year outlook, the company is now forecasting full year net sales to be down approximately 1 percent, compared to prior guidance of down low-single digits. At this forecasted level of sales, adjusted operating income is now expected to be in the range of 275 million dollars to 300 million dollars, compared to prior guidance of 250 million dollars to 275 million dollars.

For the third quarter, net sales are expected to increase low-single digits, adjusted operating loss to be in the range of 40 million dollars to 60 million dollars and adjusted net loss per share to be in the range of 60 cents to 80 cents.