Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q4 2024 Earnings Presentation
15 slides from Victorias Secret &'s earnings presentation, Mar 5, 2025
Slide 1: Fourth Quarter Earnings
Fourth Quarter Earnings March 5, 2025
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 (Fourth Quarter)
Adjusted Consolidated Statements of Income 1 Thirteen Weeks Ended February 1, 2025 & Fourteen Weeks Ended February 3, 2024 (Unaudited – In millions except per share amounts) 2024 2023 Increase (Decrease) % Increase (Decrease) Net Sales $2,105.5 $2,082.5 $23.0 1% Comparable Store Sales 3% (8%) Compar
Slide 4: Adjusted Consolidated Statements of Income (Full Year)
Adjusted Consolidated Statements of Income 1 Fifty-Two Weeks Ended February 1, 2025 & Fifty-Three Weeks Ended February 3, 2024 (Unaudited – In millions except per share amounts) 2024 2023 Increase (Decrease) % Increase (Decrease) Net Sales $6,229.6 $6,181.8 $47.8 1% Comparable Store Sales (2%) (11%)
Slide 5: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) February 1, 2025 February 3, 2024 ASSETS Current Assets Cash and Cash Equivalents $226,591 $269,645 Accounts Receivable, Net 159,192 152,174 Inventories 954,630 985,093 Other 100,808 126,229 Total Current Assets 1,441,221 1,533,141 Property and
Slide 6: 2025 Outlook
2025 Outlook (As of March 5, 2025) First Quarter Full Year Net Sales Approximately $1.30 billion to $1.33 billion Approximately $6.2 billion to $6.3 billion Approximately 36.5%, compared to 2024 rate of Adjusted Gross Margin Rate - 36.9% Approximately 34.5% to 35.5%, compared to 2024 Adjusted SG&A E
Slide 7: Store Count & Selling Sq Ft – 2024 Actuals
Store Count & Selling Sq Ft – 2024 Actuals 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) 48 782 (26) (3%) Selling Sq Ft (in thousands) 5,542 77 (184) (37) 5,398 (144) (3%) Canada Store Cou
Slide 8: Store Count & Selling Sq Ft – 2025 Forecast
Store Count & Selling Sq Ft – 2025 Forecast Total Beginning of Year New Stores Closures Reconstructions and End of Year Increase / (Decrease) Change in SSF Company-Operated U.S. Store Count 782 14 to 16 (28 to 36) 58 760 to 770 (22 to 12) (3%) to (2%) Selling Sq Ft 000's 5,398 81 to 90 (123 to 195)
Slide 9: Appendix
Appendix Fourth Quarter Earnings 9 March 5, 2025
Slide 10: Consolidated Statements of Income (Fourth Quarter)
Consolidated Statements of Income Thirteen Weeks Ended February 1, 2025 & Fourteen Weeks Ended February 3, 2024 (Unaudited – In thousands except per share amounts) 2024 2023 Net Sales $2,105,501 $2,082,452 Costs of Goods Sold, Buying and Occupancy (1,292,068) (1,256,611) Gross Profit 813,433 825,841
Slide 11: Consolidated Statements of Income (Full Year)
Consolidated Statements of Income Fifty-Two Weeks Ended February 1, 2025 & Fifty-Three Weeks Ended February 3, 2024 (Unaudited – In thousands except per share amounts) 2024 2023 Net Sales $6,229,560 $6,181,790 Costs of Goods Sold, Buying and Occupancy (3,945,159) (3,939,607) Gross Profit 2,284,401 2
Slide 12: Selected Data
Selected Data Thirteen Weeks Ended February 1, 2025 & Fourteen Weeks Ended February 3, 2024 (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 27,716 32,100 Yea
Slide 13: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Two Weeks Ending January 31, 2026 Forecast & February 1, 2025 (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 (loss) attributab
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 2024 2023 2024 2023 Reported Gross Profit - GAAP $813,433 $825,841 $2,284,401 $2,242,183 % Net Sales 38.6% 39.7% 36.7% 36.3% 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 2024 and 2023, we recognized pre-tax expense of $4.9 million and $20.0 million ($1.5 million and $17.9 million net of tax expense of $3.4 million and $2.1 million, respectively) rela