Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q3 2024 Earnings Presentation
14 slides from Victorias Secret &'s earnings presentation, Dec 5, 2024
Slide 1: Third Quarter Earnings
Third Quarter Earnings December 5, 2024 Third Quarter Earnings December 5, 2024
Slide 2: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • our ability to successfully operate and expand internationally and related • our geographic concentration of production and distribution facilities in risks; central Ohio and Southeast Asi
Slide 3: Adjusted Consolidated Statements of Loss
Adjusted Consolidated Statements of Loss 1 Thirteen Weeks Ended November 2, 2024 & October 28, 2023 (Unaudited – In millions except per share amounts) 2024 2023 Increase (Decrease) % Increase (Decrease) Net Sales $1,347.4 $1,265.1 $82.3 7% Comparable Store Sales 2% (11%) Comparable Sales 3% (7%) Gro
Slide 4: Adjusted Consolidated Statements of Income (Loss)
Adjusted Consolidated Statements of Income (Loss) 1 Thirty-Nine Weeks Ended November 2, 2024 & October 28, 2023 (Unaudited – In millions except per share amounts) 2024 2023 Increase (Decrease) % Increase (Decrease) Net Sales $4,124.1 $4,099.3 $24.8 1% Comparable Store Sales (4%) (13%) Comparable Sal
Slide 5: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) November 2, 2024 October 28, 2023 ASSETS Current Assets Cash and Cash Equivalents $160,806 $124,309 Accounts Receivable, Net 163,387 138,845 Inventories 1,290,148 1,210,837 Other 171,956 161,512 Total Current Assets 1,786,297 1,635,503 Property
Slide 6: 2024 Outlook
2024 Outlook (As of December 5, 2024) Fourth Quarter Full Year Increase 2% to 4% compared to Q4 2023 Increase 1% to 2% compared to 2023 excluding Net Sales excluding the extra week the extra week Approximately 38.5% to 39.5%, compared to 2023 Adjusted Gross Margin Rate - rate of 40.0% Approximately
Slide 7: Store Count & Selling Sq Ft – 2024 Forecast
Store Count & Selling Sq Ft – 2024 Forecast Total Beginning of Year New Stores Closures Reconstructions and End of Year Increase / (Decrease) Change in SSF Company-Operated U.S. Store Count 808 16 (42) 47 to 48 782 (26) (3%) Selling Sq Ft (in thousands) 5,542 77 (184) (35 to 40) 5,395 to 5,400 (147
Slide 8: Appendix
APPENDIX Third Quarter Earnings 8 December 5, 2024
Slide 9: Consolidated Statements of Loss
Consolidated Statements of Loss Thirteen Weeks Ended November 2, 2024 & October 28, 2023 (Unaudited – In thousands except per share amounts) 2024 2023 Net Sales $1,347,424 $1,265,087 Costs of Goods Sold, Buying and Occupancy (879,137) (837,712) Gross Profit 468,287 427,375 General, Administrative an
Slide 10: Consolidated Statements of Loss
Consolidated Statements of Loss Thirty-Nine Weeks Ended November 2, 2024 & October 28, 2023 (Unaudited – In thousands except per share amounts) 2024 2023 Net Sales $4,124,059 $4,099,338 Costs of Goods Sold, Buying and Occupancy (2,653,091) (2,682,995) Gross Profit 1,470,968 1,416,343 General, Admini
Slide 11: Selected Data
Selected Data Thirteen Weeks Ended November 2, 2024 & October 28, 2023 (Unaudited – In thousands) Capital Expenditures 2024 2023 First Quarter $38,521 $54,851 Second Quarter 60,772 89,105 Spring Season $99,293 $143,956 Third Quarter 50,537 79,630 Fourth Quarter - 32,100 Year $149,830 $255,686 1 Depr
Slide 12: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Two Weeks Ending February 1, 2025 Forecast & Fifty-Three Weeks Ended February 3, 2024 (Unaudited – In millions) In addition to our results provided in accordance with GAAP, this presentation provides non-GAAP financial measures that present operating income (loss
Slide 13: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Third Quarter Year-to-Date Reconciliation of Reported to Adjusted Gross Profit 2024 2023 2024 2023 Reported Gross Profit - GAAP $468,287 $427,375 $1,470,968 $1,416,343 % Net Sales 34.8% 33.8% 35.7% 34.6% Adore Me Acqu
Slide 14: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited) Adjusted results exclude the following items: (a) In the third quarter of 2024 and 2023, we recognized pre-tax expense of $1.4 million and $1.7 million (expense of $1.5 million and $0.3 million net of tax benefit of $0.1 million and tax expense of $1.4 mill