Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q3 2022 Earnings Presentation
13 slides from Victorias Secret &'s earnings presentation, Nov 30, 2022
Slide 1: Third Quarter Earnings
Third Quarter Earnings November 30, 2022
Slide 2: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • our ability to realize the potential benefits and synergies sought with the pending acquisition of AdoreMe, Inc.; • We caution that any forward-looking statements (as such term is defined
Slide 3: Consolidated Statements of Income, Thirteen Weeks Ended October 29, 2022
VICTORIA'S SECRET & CO. CONSOLIDATED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (In millions except per share amounts) % Increase Increase 2022 2021 (Decrease) (Decrease) Net Sales $ 1,318.1 $ 1,441.1 $ (123.0) -9% Comparable Store Sales -10% 7% Compa
Slide 4: Adjusted Consolidated and Combined Statements of Income, Thirty-Nine Weeks
VICTORIA'S SECRET & CO. 1 ADJUSTED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME THIRTY-NINE WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (In millions except per share amounts) % Increase Increase 2022 2021 (Decrease) (Decrease) Net Sales $ 4,323.1 $ 4,609.2 $ (286.1) -6% Comparabl
Slide 5: Consolidated Balance Sheets
VICTORIA'S SECRET & CO. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) October 29, 2022 October 30, 2021 ASSETS Current Assets Cash and Cash Equivalents $ 126,054 $ 330,527 Accounts Receivable, Net 183,597 145,222 Inventories 1,241,583 1,019,376 Other 157,609 113,642 Total Current Assets 1,7
Slide 6: 2022 Outlook as of November 30, 2022
VICTORIA'S SECRET & CO. 2022 Outlook as of November 30, 2022 Fourth Quarter Full Year Net Sales Decrease high-single digits compared to $2.175 Decrease 6% to 7% compared to $6.785 billion in billion in 2021 2021 Gross Margin Rate Approximately 37% to 38%, down from 2021 rate of 39.2% - SG&A Expense
Slide 7: Store Count and Selling Sq Ft 2022 Forecast
VICTORIA'S SECRET & CO. STORE COUNT AND SELLING SQ FT 2022 Forecast Reclassed to Joint Total Reconstructions Increase / (Decrease) Beginning of Year New Stores Closures End of Year Venture (a) and Change in SSF Excludes Reclassed to Joint Venture Company-Operated U.S. Store Count 808 16 (9 to 14) -
Slide 8: Appendix
APPENDIX VS&Co
Slide 9: Consolidated Statements of Income, Thirteen Weeks Ended October 29, 2022
VICTORIA'S SECRET & CO. CONSOLIDATED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Net Sales $ 1,318,077 $ 1,441,134 Costs of Goods Sold, Buying and Occupancy (860,705) (876,067) Gross Profit 457,372 565,
Slide 10: Consolidated and Combined Statements of Income, Thirty-Nine Weeks
VICTORIA'S SECRET & CO. CONSOLIDATED AND COMBINED STATEMENTS OF INCOME THIRTY-NINE WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Net Sales $ 4,323,091 $ 4,609,201 Costs of Goods Sold, Buying and Occupancy (2,808,963) (2,702,408) Gross
Slide 11: Selected Data
SELECTED DATA THIRTY-NINE WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited, in thousands) Capital Expenditures 2022 2021 First Quarter $ 21,181 $ 19,303 Second Quarter 37,058 46,714 Spring Season $ 58,239 $ 66,017 Third Quarter 67,052 50,574 Fourth Quarter - 52,195 Year $ 125,291 $ 168,7
Slide 12: Non-GAAP Financial Information
VICTORIA'S SECRET & CO. NON-GAAP FINANCIAL INFORMATION (Unaudited) The non-GAAP financial information presented in this presentation should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles. Further, the Company’s defini
Slide 13: Non-GAAP Financial Information
VICTORIA'S SECRET & CO. NON-GAAP FINANCIAL INFORMATION (Unaudited) (In thousands except per share amounts) Third Quarter Year-to-Date 2022 2021 2022 2021 Reconciliation of Reported to Adjusted Gross Profit Reported Gross Profit - GAAP $ 457,372 $ 565,067 $ 1,514,128 $ 1,906,793 % Net Sales 34.7% 39.