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Victorias Secret Stock Drops After-Hours Following Disappointing Q3 Results

Ryan Gustafson
November 29, 2023

Victorias Secret & Co. (NYSE:VSCO) shares were trading lower in Wednesday's after-hours session after the company reported third-quarter earnings.

What To Know: The company reported quarterly losses of 86 cents per share, missing the analyst consensus estimate of losses of 78 cents, a 396.55% decrease over earnings of 29 cents per share from the same period last year.

The company reported quarterly sales of $1.26 billion, which fell below the analyst consensus estimate of $1.27 billion, a 4.02% decrease over sales of $1.32 billion the same period last year.

Victorias Secret saw fourth-quarter Net Sales up 2% to 4% and adjusted earnings of between $2.20 and $2.60 per share, versus the $2.43 estimate. Full-year 2024 Net Sales were estimated to be down 2% to 3% and adjusted earnings were anticipated to be between $2.20 and $2.60 per share, versus the $2.16 estimate.

CEO Martin Waters weighed in, saying, "We are excited with early holiday sales trends in November in North America both in our stores and through our digital experiences online. The November sales and margin result was our best monthly performance in nearly two years and further evidence our initiatives are working, led by strong response to our holiday, giftable merchandise assortment; improving customer experiences; and a powerful marketing message with Mariah Carey, the voice of Christmas."

"Outside of North America, our business also has momentum, our footprint is growing both in stores and online, our partners are performing very well, and we continue to be excited about performance in China."

VSCO Price Action: Shares of VSCO were down 1.19% at $23.30 in the after-hours session at the time of publication Wednesday, according to Benzinga Pro.

Related Link: From Tesla To Toyota: UAW Launches Ambitious Campaign To Unionize Top Auto Players

Photo: Engin Akyurt from Pixabay

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