Victoria’s Secret revenues for the third quarter fell nine per cent. Comparable sales for the third quarter decreased 11 per cent compared to the third quarter of 2021.International revenues were up 43 per cent.
After nearly a year and a half as an independent, publicly-traded company, the company continues to make significant progress in its transformation and mission to celebrate and champion all women. It has created a solid financial platform with a new, more agile operating structure, and even in a very challenging macroeconomic environment was able to deliver third quarter operating income and earnings per diluted share results above the previous guidance.
The strategic growth plan is to strengthen the core, ignite growth and transform the foundation. Victoria’s Secret has leadership positions in intimates and beauty and recently acquired AdoreMe, a technology-led, digitally-native intimates brand. Victoria’s Secret will leverage Adore Me’s expertise and technology to improve the customer shopping experience and accelerate the modernization of its digital platform.
Founded in 2011, US-based Adore Me is an online-only intimates brand. Victoria’s Secret is forecasting full year 2022 net sales to decrease six per cent or seven per cent compared to last year’s full year net sales.