Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q1 2024 Earnings Presentation
12 slides from Victorias Secret &'s earnings presentation, Jun 5, 2024
Slide 1: First Quarter Earnings
First Quarter Earnings June 5, 2024 First Quarter Earnings June 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 Income
Adjusted Consolidated Statements of Income 1 Thirteen Weeks Ended May 4, 2024 & April 29, 2023 (Unaudited – In millions except per share amounts) 2024 2023 Increase (Decrease) % Increase (Decrease) Net Sales $1,359.4 $1,407.4 ($48.0) -3% Comparable Store Sales -8% -14% Comparable Sales -5% -11% Gros
Slide 4: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) May 4, 2024 April 29, 2023 ASSETS Current Assets Cash and Cash Equivalents $104,583 $132,445 Accounts Receivable, Net 151,698 125,500 Inventories 987,033 1,040,701 Other 149,466 135,968 Total Current Assets 1,392,780 1,434,614 Property and Equip
Slide 5: 2024 Outlook
2024 Outlook (As of June 5, 2024) Second Quarter Full Year Decrease low-single digits compared to $1.427 Approximately $6.0 billion, decrease low-single Net Sales billion in 2023 digits compared to 2023 excluding the extra week Approximately 34.5% to 35.5%, flat to up Adjusted Gross Margin Rate - co
Slide 6: 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 (38 to 42) 50 to 57 780 to 784 (28 to 24) (3%) Selling Sq Ft 000's 5,542 78 (150 to 188) (39 to 43) 5,3
Slide 7: Appendix
APPENDIX First Quarter Earnings 7 June 5, 2024
Slide 8: Consolidated Statements of Income (Loss)
Consolidated Statements of Income (Loss) Thirteen Weeks Ended May 4, 2024 & April 29, 2023 (Unaudited – In thousands except per share amounts) 2024 2023 Net Sales $1,359,442 $1,407,380 Costs of Goods Sold, Buying and Occupancy (858,127) (904,986) Gross Profit 501,315 502,394 General, Administrative
Slide 9: Selected Data
Selected Data Thirteen Weeks Ended May 4, 2024 & April 29, 2023 (Unaudited – In thousands) Capital Expenditures 2024 2023 First Quarter $38,521 $54,851 Second Quarter - 89,105 Spring Season $38,521 $143,956 Third Quarter - 79,630 Fourth Quarter - 32,100 Year $38,521 $255,686 Depreciation & Amortizat
Slide 10: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Two Weeks Ended 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, net i
Slide 11: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) First Quarter Reconciliation of Reported to Adjusted Gross Profit 2024 2023 Reported Gross Profit - GAAP $501,315 $502,394 % Net Sales 36.9% 35.7% Adore Me Acquisition-related Items (a) - 8,587 Restructuring Charge (c
Slide 12: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited) Adjusted results exclude the following items: (a) In the first quarter of 2024, we recognized an $8.1 million pre-tax charge ($8.1 million net of tax of less than $0.1 million), $7.0 million included in general, administrative and store operating expense an