Victoria's Secret & Co (NYSE:VSCO)
$ 25.59 -0.4 (-1.54%) Market Cap: 2.01 Bil Enterprise Value: 4.65 Bil PE Ratio: 14.88 PB Ratio: 4.25 GF Score: 70/100
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Q2 2024 Victoria's Secret & Co Earnings Call Transcript

Aug 29, 2024 / 12:00PM GMT
Release Date Price: $23.96 (-3.70%)

Key Points

Positve
  • Second-quarter results exceeded or met expectations on all key financial metrics.
  • Year-over-year quarterly operating income growth for the first time since 2021.
  • Continued sequential improvement in quarterly sales results in North America for the fourth consecutive quarter.
  • Digital market share increased in both bras and panties, along with an overall increase in sports bra market share for the second consecutive quarter.
  • International business and Adore Me experienced high-single-digit sales growth.
Negative
  • Second-quarter sales were $1.4 billion, a decrease of 1% compared to last year.
  • Conversion rates in digital channels were down during the semi-annual sale period.
  • The overall insurance market in North America softened in the second quarter.
  • Promotional environment remains competitive, potentially impacting gross margins.
  • Transportation rates have spiked recently, turning from a tailwind to a headwind for the back half of the year.
Operator

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

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

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

'&-

Thank you, Amanda. Good morning, and welcome to Victoria's Secret & Company's second-quarter earnings conference call for the period ended August 3, 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 releases. Joining me on the call today is CFO and Interim CEO, Tim

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