Victoria’s Secret & Co. Reports Fourth Quarter 2022 Results
Fourth quarter 2022 diluted EPS of $2.10
Fourth quarter 2022 adjusted diluted EPS of $2.47 exceeded guidance
Provides initial full year and first quarter 2023 guidance
Reynoldsburg, Ohio (March 2, 2023)—Victoria’s Secret & Co. (“Victoria’s Secret” or the “Company”) (NYSE: VSCO) today reported 2022 financial results for the fourth quarter and fiscal year ended January 28, 2023.
Chief Executive Officer Martin Waters commented, “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.”
Martin continued, “As we look into the new year, we recognize the environment will likely remain challenging for the foreseeable future. However, we firmly believe our brand repositioning efforts are tracking well and our plans for growth outlined at our Investor Day in October have us on the right path. Our strategic growth plan and our focus on strengthening our core, igniting growth, and transforming the foundation is beginning to come to life. Several exciting examples of this strategy planned in 2023 include continuing to build on our core offerings as the leader in the intimates market through a pipeline of bra launches, the recent launch of our new Victoria’s Secret and PINK customer loyalty program, introducing Adore Me as part of the VS&Co family and leveraging Adore Me’s customer technology through our established market leading brands, and expanding our international footprint both in number of stores and number of countries. We remain committed to evolving and innovating our business, and delivering our long-term financial targets and returning value to our shareholders.”
Fourth Quarter Results
The Company reported net income of $173 million, or $2.10 per diluted share for the fourth quarter of 2022. This result compares to net income of $246 million, or $2.70 per diluted share for the fourth quarter of 2021. Fourth quarter 2022 operating income was $243 million compared to operating income of $333 million in the fourth quarter of 2021.
The following information was filed by Victoria's Secret Co. (VSCO) on Thursday, March 2, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.