Net sales

Victoria’s Secret reports 7% increase in third quarter net sales

Victoria’s Secret operates nearly 1,400 retail stores around the world. Credit: m01229 / Flickr.

U.S. fashion and beauty retailer Victoria’s Secret reported net sales of $ 1.441 billion for the third quarter (Q3) of 2021 (FY21).

This represents an increase of 7% from $ 1.353 billion in the same period last year (FY20) and a decrease of 9% from the third quarter of 2019.

The retailer’s total comparable sales for the quarter were up 4% from the third quarter of 2019.

Its net profit was $ 75.2 million, a significant drop from $ 143.4 million in the corresponding period last year.

In the three months leading up to October 30, Victoria’s Secret reported earnings per share (EPS) of $ 0.81, halved from $ 1.62 in the same fiscal year quarter.

Operating income for the quarter was $ 107.9 million, compared to $ 127.4 million in the same period last year.

Victoria’s Secret CEO Martin Waters said: “I am very pleased with our strong performance in the third quarter, which reflects growth across all major categories.

“Our work to transform our brand, deepen our relationships with our customers and improve our operational fundamentals is gaining ground.

“We continue to improve our merchandise assortment and expand our already strong customer base.

“I am proud of the commitment and resilience shown by our teams, who achieved these results under difficult circumstances and, in so doing, demonstrate the power of a healthy culture.

“We continue to monitor global supply chain issues and believe that our close partnerships with our suppliers and our work to get ahead of the curve will help alleviate these challenges. ”

For the fourth quarter (Q4) of FY21, Victoria’s Secret expects its EPS to be between $ 2.35 and $ 2.65.

The company’s sales are expected to be in a zero to three percent range from sales of $ 2.1 billion in the fourth quarter of last year.

Victoria’s Secret operates a network of nearly 1,400 retail stores around the world.

In July, the company announced plans to pilot a non-mall store format later in the year.