Net sales

Victoria’s Secret posts a 4.5% drop in net sales in the first quarter of 2022

US-based fashion and beauty retailer Victoria’s Secret has announced that its net sales for the first trimester (Q1) in fiscal 2022 (FY22) were $1.484 billion, down 4.5% from $1.554 billion a year earlier.

The company’s net sales for the three months to April 30 were better than the expected range of a decline of 4% to 8%.

Its total comparable sales were also down 8% from the same period in FY21.

Victoria’s Secret’s net income fell to $80.8 million from $174.0 million in the first quarter of 2021, while its earnings per share (EPS) were $0.93, down from $1.97 the year before. last year.

The company’s reported operating profit was $94.1 million, while its adjusted operating profit fell to $115.8 million from $225.7 million year over year. another, due to “additional supply chain cost pressures and the anniversary of last year’s federal stimulus benefits.”

For the second quarter (Q2) of FY22, Victoria’s Secret expects sales to be up low-single-digit to low-single-digit down from the same period of FY21.

The company also expects operating income to be between $125 million and $155 million, up from $202.7 million in Q2 2021.

Victoria’s Secret CEO Martin Waters said, “We are pleased with our first quarter results and the strong execution of our team.

“Amid significant global headwinds and a challenging inflationary environment, we delivered sales results at the high end of our guidance range and better than expected adjusted diluted earnings per share.

“Our performance is a testament to the hard work and relentless focus of our team.

“Propelled by our brand revolution, we have strengthened our emotional connection with our customer and strengthened our leadership in the bras space through innovative product launches, while diligently focusing on the efficiency of our operations. sale to detail.”

Earlier this year, Victoria’s Secret reported a 25% increase in full-year sales to $6.78 billion in FY21 from $5.41 billion in FY20.