Earnings Results: Victoria’s Secret’s stock rallies on more upbeat third-quarter forecast, but retailer says its products don’t stand out enough

by | Oct 11, 2023 | Stock Market

Shares of Victoria’s Secret & Co. rose after hours on Wednesday after the maker of bras, lingerie and sleepwear said it could lose less than previously thought during the third quarter, as plans to boost growth help it navigate weaker demand for intimate wear. Shares of Victoria’s Secret
were up 3.2% after hours.

The company said it expected a third-quarter adjusted net loss per share of 70 cents to 90 cents, compared with a prior outlook for a loss of 70 cents to $1 a share. Victoria’s Secret said it expected sales to fall between 3% to 5% in the third quarter, compared with an earlier forecast for a drop in the “low- to mid-single-digit range.” And it said sales trends in North America had improved over the period. Victoria’s Secret said it was sticking to its full-year outlook for a sales decline in the “low-single-digit range.” Executives made the forecast ahead of an investor meeting set for Thursday. They said that their efforts to jump-start growth were “tracking well ahead of our plan as evidenced by significant growth in our …

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