Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q4 2023 Earnings Presentation
15 slides from Victorias Secret &'s earnings presentation, Mar 6, 2024
Slide 1: Fourth Quarter Earnings
Fourth Quarter Earnings March 6, 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 Income
Adjusted Consolidated Statements of Income1 Fourteen Weeks Ended February 3, 2024 & Thirteen Weeks Ended January 28, 2023 (Unaudited – In millions except per share amounts) 2023 2022 Increase (Decrease) % Increase (Decrease) Net Sales $2,082.5 $2,021.2 $61.3 3% Comparable Store Sales -8% -7% Compara
Slide 4: Adjusted Consolidated Statements of Income
Adjusted Consolidated Statements of Income 1 Fifty-Three Weeks Ended February 3, 2024 & Fifty-Two Weeks Ended January 28, 2023 (Unaudited – In millions except per share amounts) 2023 2022 Increase (Decrease) % Increase (Decrease) Net Sales $6,181.8 $6,344.3 ($162.5) -3% Comparable Store Sales -11% -
Slide 5: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) February 3, 2024 January 28, 2023 ASSETS Current Assets Cash and Cash Equivalents $269,645 $426,801 Accounts Receivable, Net 152,174 141,053 Inventories 985,093 1,052,100 Other 126,229 117,261 Total Current Assets 1,533,141 1,737,215 Property an
Slide 6: 2024 Outlook
2024 Outlook (As of March 6, 2024) First Quarter Full Year Approximately $6.0 billion, decrease low-single digits Net Sales Decrease mid-single digits compared to $1.407 billion in 2023 compared to 2023 excluding the extra week Approximately 36.5% to 37.5%, flat to up compared to 2023 rate Adjusted
Slide 7: Store Count & Selling Sq Ft – 2023 Actuals
Store Count & Selling Sq Ft – 2023 Actuals Total Beginning of Reconstructions New Stores Closures End of Year Increase / (Decrease) Year and Change in SSF Company-Operated U.S. Store Count 812 15 (19) 55 808 (4) 0% Selling Sq Ft 000's 5,617 63 (68) (70) 5,542 (75) (1%) Canada Store Count 25 - (2) 2
Slide 8: Store Count & Selling Sq Ft – 2024 Forecast
Store Count & Selling Sq Ft – 2024 Forecast Total Beginning of Reconstructions New Stores Closures End of Year Increase / (Decrease) Year and Change in SSF Company-Operated U.S. Store Count 808 14 (35) 50 to 57 787 (21) (3%) Selling Sq Ft 000's 5,542 78 (137) (39 to 43) 5,440 to 5,444 (102 to 98) (2
Slide 9: Appendix
APPENDIX Fourth Quarter Earnings 9 March 6, 2024
Slide 10: Consolidated Statements of Income
Consolidated Statements of Income Fourteen Weeks Ended February 3, 2024 & Thirteen Weeks Ended January 28, 2023 (Unaudited – In thousands except per share amounts) 2023 2022 Net Sales $2,082,452 $2,021,206 Costs of Goods Sold, Buying and Occupancy (1,256,611) (1,276,938) Gross Profit 825,841 744,268
Slide 11: Consolidated Statements of Income
Consolidated Statements of Income Fifty-Three Weeks Ended February 3, 2024 & Fifty-Two Weeks Ended January 28, 2023 (Unaudited – In thousands except per share amounts) 2023 2022 Net Sales $6,181,790 $6,344,298 Costs of Goods Sold, Buying and Occupancy (3,939,607) (4,085,901) Gross Profit 2,242,183 2
Slide 12: Selected Data
Selected Data Fourteen Weeks Ended February 3, 2024 & Thirteen Weeks Ended January 28, 2023 (Unaudited – In thousands) Capital Expenditures 2023 2022 First Quarter $54,851 $21,181 Second Quarter 89,105 37,058 Spring Season $143,956 $58,239 Third Quarter 79,630 67,052 Fourth Quarter 32,100 38,636 Yea
Slide 13: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Three Weeks Ended February 3, 2024 & Fifty-Two Weeks Ended January 28, 2023 (Unaudited – In millions) In addition to our results provided in accordance with GAAP, this presentation provides non-GAAP financial measures that present operating income, net income att
Slide 14: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Fourth Quarter Year-to-Date Reconciliation of Reported to Adjusted Gross Profit 2023 2022 2023 2022 Reported Gross Profit - GAAP $825,841 $744,268 $2,242,183 $2,258,397 % Net Sales 39.7% 36.8% 36.3% 35.6% Adore Me Acq
Slide 15: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited) Adjusted results exclude the following items: (a) In the fourth quarter of 2023, we recognized a $20.0 million pre-tax charge ($17.9 million net of tax of $2.1 million), $11.6 million included in general, administrative and store operating expense, $7.2 mil