Victoria's Secret & Co (NYSE:VSCO)
$ 36.3965 0.6165 (1.72%) Market Cap: 2.86 Bil Enterprise Value: 5.45 Bil PE Ratio: 21.16 PB Ratio: 6.04 GF Score: 67/100
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Q1 2024 Victoria's Secret & Co Earnings Call Transcript

Jun 06, 2024 / 12:00PM GMT
Release Date Price: $21.15 (-6.46%)

Key Points

Positve
  • First quarter results exceeded or met expectations on all key financial metrics.
  • Sequential improvement in quarterly sales trends for the third consecutive quarter in North America.
  • Digital sales performance outperformed stores, driven by investments in customer experience.
  • International business showed strong momentum with net sales up 16% year-over-year.
  • The multi-tender loyalty program has 30 million members driving 80% of weekly sales.
Negative
  • The retail environment in North America remains challenging and highly promotional.
  • Despite improvements, the PINK brand is still underperforming compared to Victoria's Secret.
  • Sales forecast for the second quarter of 2024 is expected to decrease in the low single-digit range.
  • The intimates market in North America is expected to remain pressured throughout the first half of 2024.
  • The company remains cautious about the broader retail environment in North America.
Operator

Good morning. My name is Ivy and I will be your conference operator today. At this time, I'd like to welcome everyone to the Victoria's Secrets & Company first-quarter 2024 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

I would now like to turn the call over to Mr. Kevin Wynk, Vice President of External Financial Reporting and Investor Relations at Victoria's Secrets & Company. Kevin, you may begin.

Kevin Wynk;s Secret;Co;Vice President of External Financial Reporting and Investor Relations
Victoria

'&-

Thank you, Ivy. Good morning, and welcome to Victoria's Secret & Company's first quarter earnings conference call for the period ending May 4, 2024. As a matter of formality, I would like to remind you that any forward-looking statements we may make today are subject to our Safe Harbor statements found in our SEC filings and in our press release. Joining me on the call today is CEO, Mark Waters, and CFO, Tim Johnson. We are

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