The annual sales of US lingerie giant Victoria’s Secret grew by 25 per cent in 2021. As per a Fashion Network report, the company recorded net sales of $6.785 billion during the year compared to $5.413 billion in 2020.

The company’s net income grew to $646.4 million compared to a net loss of $72.3 million in the previous year

In the fourth quarter, Victoria's Secret sales totalled $2.175 billion, an increase of 4 per cent over the corresponding quarter last year. Quarterly net income, however, fell to $246.1 million, or diluted earnings per share of $2.70, compared to net income of $282.4 million, or earnings per share of $3.20. Despite the earnings dip, the company said it was "pleased" with the fourth quarter result, "in a challenging retail environment."

Coinciding with the earnings update, Victoria's Secret announced the approval a new share repurchase program, providing for the repurchase of up to $250 million of the company’s common stock. The $250 million authorization is expected to be utilized to repurchase shares in the open market, subject to market conditions and other factors, the company added.