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Victoria's Secret Co. (VSCO) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 28, 2023

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Victoria's Secret Co.

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CIK: 1856437 Ticker: VSCO

Exhibit 99.1
vscologo_wordmarkxblack.jpg
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.

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Inside Victoria's Secret Co.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Equity
Consolidated Statements Of Income (Loss)
Accrued Expenses And Other
Accrued Expenses And Other (Details)
Accrued Expenses And Other (Tables)
Adore Me Acquisition
Adore Me Acquisition (Tables)
Adore Me Acquisition - Business Acquisition, Pro Forma Information (Details)
Adore Me Acquisition - Narrative (Details)
Adore Me Acquisition - Schedule Of Finite-Lived Intangible Assets Acquired As Part Of Business Combination (Details)
Adore Me Acquisition - Schedule Of Preliminary Purchase Price Allocation Of Assets Acquired And Liabilities Assumed (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Comprehensive Income (Loss)
Comprehensive Income (Loss) (Tables)
Comprehensive Income (Loss) - Components Of Accumulated Other Comprehensive Income (Loss) (Details)
Comprehensive Income (Loss) - Narrative (Details)
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies - Depreciable Life Range Of Property Plant And Equipment (Details)
Description Of Business, Basis Of Presentation And Summary Of Significant Accounting Policies - Narrative (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Narrative (Details)
Earnings (Loss) Per Share - Shares Utilized For The Calculation Of Basic And Diluted Earnings Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Carrying Value And Fair Value Of Long-Term Debt, Disclosure (Details)
Fair Value Measurements - Fair Value Of Contingent Consideration (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Activity Related To Its Unrecognized Tax Benefits (Details)
Income Taxes - Effect Of Temporary Differences That Cause Deferred Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate And The Effective Tax Rate (Details)
Intangible Assets
Intangible Assets - Narrative (Details)
Intangible Assets - Schedule Of Finite-Lived Intangible Assets (Details)
Intangible Assets, Goodwill And Other (Tables)
Inventories
Inventories (Tables)
Inventories - Summary Of Inventories (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Lease Maturities (Details)
Leases - Lease Term And Discount Rate (Details)
Leases - Narrative (Details)
Long-Lived Assets
Long-Lived Assets (Long-Lived Assets Impairment) (Details)
Long-Lived Assets (Tables)
Long-Lived Assets - Details Of Property And Equipment, Net (Details)
Long-Lived Assets - Narrative (Details)
Long-Term Debt And Borrowing Facilities
Long-Term Debt And Borrowing Facilities (Tables)
Long-Term Debt And Borrowing Facilities - Narrative (Details)
Long-Term Debt And Borrowing Facilities - Schedule Of Long-Term Debt Instruments (Details)
Long-Term Debt And Borrowing Facilities - Schedule Of Principal Payments On Long-Term Debt (Details)
Restructuring (Details)
Restructuring Activities
Retirement Benefits
Retirement Benefits - Narrative (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Schedule Of Disaggregation Of Revenue (Details)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Tables)
Share-Based Compensation - Restricted Stock Activity (Details)
Share-Based Compensation - Share-Based Compensation Expense (Details)
Shareholders' Equity
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Tables)
Shareholders' Equity - Schedule Of Repurchase Of Common Stock (Details)
Transactions With Former Parent
Transactions With Former Parent (Tables)
Transactions With Former Parent - Narrative (Details)
Transactions With Former Parent - Schedule Of Net Transfers From (To) Former Parent (Details)
Transactions With Former Parent - Schedule Of Spinoff Transactions (Details)
Ticker: VSCO
CIK: 1856437
Form Type: 10-K Annual Report
Accession Number: 0001856437-23-000013
Submitted to the SEC: Fri Mar 17 2023 4:16:12 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Saturday, January 28, 2023
Industry: Retail Womens Clothing Stores

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