Victoria's Secret logs sales, earnings dip in 2022

By

Benjamin Fitzgerald

Published
Mar 3, 2023

Lingerie giant Victoria's Secret announced on Friday revenues for the full-year 2022 fell 6% to $6.344 billion, after a single-digit revenue decline in the fourth quarter ending January 28.

The Columbus, Ohio-based company said fourth-quarter sales fell 7% to ​$2.021 billion, compared to the same period in 2021, while net income during the three months decreased 30% to $173 million, or $2.10 per diluted share for the fourth quarter of 2022. 

Full-year net income totalled $348 million, or $4.14 per diluted share, a 46% decline on 2021.

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“As we look back on 2022, our first full year as an independent, publicly-traded company, I would like to express my deepest appreciation for the hard work and dedication of our team of associates and partners around the world. In the holiday quarter, our teams controlled what they could control despite a challenging economic environment for our customer, delivered fourth quarter adjusted operating income and adjusted earnings per diluted share above our most recent guidance, and exited the year with Victoria’s Secret and PINK inventory levels down double digits on an adjusted basis — prudently positioned to begin 2023," said chief executive officer, Martin Waters.

However, the turnaround is yet to see fruit in 2023, with the retailer announcing its first-quarter sales are expected to decrease by a percentage in the mid-single-digit range. Adjusted profits were projected at $0.30 cents to $0.60 cents a share.