The US lingerie supplier Victoria’s Secret & Co. presented mixed results for the third quarter of the 2022/23 financial year on Wednesday evening. While sales development fell short of market expectations, earnings exceeded forecasts.
In the 13 weeks ended October 29, group sales were $1.32 billion. He missed the level of the same quarter of the previous year by nine percent. Despite extensive cost reductions, the operating result was not even half as high as in the same period of the previous year. It fell 60.5 percent to $42.6 million. Net profit attributable to shareholders even shrank by 67.6 percent to 24.4 million US dollars (23.3 million euros). However, both the company itself and the analysts had expected an even more significant decline in advance.
In the first nine months of the current fiscal year, sales were 4.32 billion US dollars and thus around six percent below the level of the same period last year. Net income attributable to shareholders decreased 56.3 percent to $175.1 million.