Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q3 2023 Earnings Presentation
14 slides from Victorias Secret &'s earnings presentation, Nov 29, 2023
Slide 1: Third Quarter Earnings
Third Quarter Earnings November 29, 2023
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 risks; • the ability of our vendors to deliver products in a timely manner, meet quality • We caution that any fo
Slide 3: Adjusted Consolidated Statements of Income (Loss)
Adjusted Consolidated Statements of Income (Loss) 1 Thirteen Weeks Ended October 28, 2023 & October 29, 2022 (Unaudited – In millions except per share amounts) 2023 2022 Increase (Decrease) % Increase (Decrease) Net Sales $1,265.1 $1,318.1 ($53.0) -4% Comparable Store Sales -11% -10% Comparable Sale
Slide 4: Adjusted Consolidated Statements of Income (Loss)
Adjusted Consolidated Statements of Income (Loss) 1 Thirty-Nine Weeks Ended October 28, 2023 & October 29, 2022 (Unaudited – In millions except per share amounts) 2023 2022 Increase (Decrease) % Increase (Decrease) Net Sales $4,099.3 $4,323.1 ($223.8) -5% Comparable Store Sales -13% -7% Comparable S
Slide 5: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) October 28, 2023 October 29, 2022 ASSETS Current Assets Cash and Cash Equivalents $124,309 $126,054 Accounts Receivable, Net 138,845 183,597 Inventories 1,210,837 1,241,583 Other 161,512 157,609 Total Current Assets 1,635,503 1,708,843 Property
Slide 6: 2023 Outlook
2023 Outlook (As of November 29, 2023) Fourth Quarter Full Year Net Sales Increase 2% to 4% compared to $2.021 billion in 2022 Decrease 2% to 3% compared to $6.344 billion in 2022 Adjusted Gross Margin Rate Approximately 38.5% to 39.5%, up from 2022 rate of 37.6% - Adjusted SG&A Expense Rate Approxi
Slide 7: Store Count & Selling Sq Ft – 2023 Forecast
Store Count & Selling Sq Ft – 2023 Forecast 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 (13 to 16) 53 811 to 814 (1) to 2 0% Selling Sq Ft 000's 5,617 63 (46 to 61) (81) 5,538 to 5,553 (79 to
Slide 8: Appendix
APPENDIX Third Quarter Earnings 8 November 29, 2023
Slide 9: Consolidated Statements of Income (Loss)
Consolidated Statements of Income (Loss) Thirteen Weeks Ended October 28, 2023 & October 29, 2022 (Unaudited – In thousands except per share amounts) 2023 2022 Net Sales $1,265,087 $1,318,077 Costs of Goods Sold, Buying and Occupancy (837,712) (860,705) Gross Profit 427,375 457,372 General, Administ
Slide 10: Consolidated Statements of Income (Loss)
Consolidated Statements of Income (Loss) Thirty-Nine Weeks Ended October 28, 2023 & October 29, 2022 (Unaudited – In thousands except per share amounts) 2023 2022 Net Sales $4,099,338 $4,323,091 Costs of Goods Sold, Buying and Occupancy (2,682,995) (2,808,963) Gross Profit 1,416,343 1,514,128 Genera
Slide 11: Selected Data
Selected Data Thirteen Weeks Ended October 28, 2023 & October 29, 2022 (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 - 38,636 Year $223,586 $163,927 Deprec
Slide 12: Non-GAAP Financial Information
Non-GAAP Financial Information Thirty-Nine Weeks Ended October 28, 2023 & October 29, 2022 (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), net income (loss) attributabl
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 2023 2022 2023 2022 Reported Gross Profit - GAAP $427,375 $457,372 $1,416,343 $1,514,128 % Net Sales 33.8% 34.7% 34.6% 35.0% Adore Me Acqu
Slide 14: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited) (a) In the third quarter of 2023, we recognized a $1.7 million charge ($0.3 million net of tax of $1.4 million), $6.5 million expense included in costs of goods sold and $1.1 million expense included in interest expense, partially offset by $5.9 million inc