Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q2 2023 Earnings Presentation
13 slides from Victorias Secret &'s earnings presentation, Aug 30, 2023
Slide 1: Second Quarter Earnings
Second Quarter Earnings August 30, 2023
Slide 2: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • our dependence on mall traffic and the availability of suitable store locations • our geographic concentration of vendor and distribution facilities in central on appropriate terms; Ohio a
Slide 3: Adjusted Consolidated Statements of Income (Thirteen Weeks)
Adjusted Consolidated Statements of Income 1 Thirteen Weeks Ended July 29, 2023 & July 30, 2022 (Unaudited – In millions except per share amounts) 2023 2022 Increase (Decrease) % Increase (Decrease) Net Sales $1,426.9 $1,521.2 ($94.3) -6% Comparable Store Sales -14% -7% Comparable Sales -11% -8% Gro
Slide 4: Adjusted Consolidated Statements of Income (Twenty-Six Weeks)
Adjusted Consolidated Statements of Income 1 Twenty-Six Weeks Ended July 29, 2023 & July 30, 2022 (Unaudited – In millions except per share amounts) 2023 2022 Increase (Decrease) % Increase (Decrease) Net Sales $2,834.3 $3,005.0 ($170.7) -6% Comparable Store Sales -14% -5% Comparable Sales -11% -8%
Slide 5: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In Thousands) July 29, 2023 July 30, 2022 ASSETS Current Assets Cash and Cash Equivalents $130,507 $200,960 Accounts Receivable, Net 140,006 149,325 Inventories 1,040,420 1,085,791 Other 166,613 115,446 Total Current Assets 1,477,546 1,551,522 Property and Eq
Slide 6: 2023 Outlook
2023 Outlook (As of August 30, 2023) Third Quarter Full Year Decrease low-single digits compared to $6.344 billion in Decrease low- to mid-single digits compared to $1.318 1 Net Sales 2022, compared to current analyst consensus estimate billion in 2022 which reflects a decrease of approximately 2% A
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 to 20 (13 to 18) 48 809 to 819 (3) to 7 0% to 1% Selling Sq Ft 000's 5,617 63 to 85 (46 to 79) (56) 5,5
Slide 8: Appendix
APPENDIX Second Quarter Earnings 8 August 30, 2023
Slide 9: Consolidated Statements of Income (Thirteen Weeks)
Consolidated Statements of Income Thirteen Weeks Ended July 29, 2023 & July 30, 2022 (Unaudited – In thousands except per share amounts) 2023 2022 Net Sales $1,426,871 $1,521,208 Costs of Goods Sold, Buying and Occupancy (940,297) (985,957) Gross Profit 486,574 535,251 General, Administrative and St
Slide 10: Consolidated Statements of Income (Twenty-Six Weeks)
Consolidated Statements of Income Twenty-Six Weeks Ended July 29, 2023 & July 30, 2022 (Unaudited – In thousands except per share amounts) 2023 2022 Net Sales $2,834,251 $3,005,014 Costs of Goods Sold, Buying and Occupancy (1,845,283) (1,948,257) Gross Profit 988,968 1,056,757 General, Administrativ
Slide 11: Selected Data
Selected Data Thirteen Weeks Ended July 29, 2023 & July 30, 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 - 67,052 Fourth Quarter - 38,636 Year $143,956 $163,927 Depreciation & Am
Slide 12: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) In addition to our results provided in accordance with GAAP, this presentation provides non-GAAP financial measures that present operating income, net income attributable to Victoria's Secret & Co. and net income per
Slide 13: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited) Adjusted results exclude the following items: (a) In the second quarter of 2023, we recognized a $17.5 million charge ($15.6 million net of tax of $1.9 million), $9.7 million included in general, administrative and store operating expense, $6.7 million incl