Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q2 2022 Earnings Presentation
14 slides from Victorias Secret &'s earnings presentation, Aug 24, 2022
Slide 1: Second Quarter Earnings
Second Quarter Earnings August 24, 2022
Slide 2: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this presentation or made by the Company,
Slide 3: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in t
Slide 4: Adjusted Statements of Income - Thirteen Weeks
VICTORIA'S SECRET & CO. 1 ADJUSTED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED JULY 30, 2022 AND JULY 31, 2021 (Unaudited) (In millions except per share amounts) % Increase Increase 2022 2021 (Decrease) (Decrease) Net Sales $ 1,521.2 $ 1,613.8 $ (92.6) -6% Comparable Store Sa
Slide 5: Adjusted Statements of Income - Twenty-Six Weeks
VICTORIA'S SECRET & CO. 1 ADJUSTED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME TWENTY-SIX WEEKS ENDED JULY 30, 2022 AND JULY 31, 2021 (Unaudited) (In millions except per share amounts) % Increase Increase 2022 2021 (Decrease) (Decrease) Net Sales $ 3,005.0 $ 3,168.1 $ (163.1) -5% Comparable Store
Slide 6: Balance Sheets
VICTORIA'S SECRET & CO. CONSOLIDATED AND COMBINED BALANCE SHEETS (Unaudited) (In thousands) July 30, 2022 July 31, 2021 ASSETS Current Assets Cash and Cash Equivalents $ 200,960 $ 292,854 Cash in Escrow related to the Spin-Off - 600,000 Accounts Receivable, Net 149,325 98,543 Inventories 1,085,791 7
Slide 7: 2022 Outlook as of August 24, 2022
VICTORIA'S SECRET & CO. 2022 Outlook as of August 24, 2022 Third Quarter Full Year Decrease high single digits compared to Decrease mid to high single digits Net Sales $1.441 billion in 2021 compared to $6.785 billion in 2021 Gross Margin Rate About 34%, down from 2021 rate of 39.2% - SG&A Expense R
Slide 8: 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 19) -
Slide 9: Appendix
APPENDIX VS&Co
Slide 10: Statements of Income - Thirteen Weeks
VICTORIA'S SECRET & CO. CONSOLIDATED AND COMBINED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED JULY 30, 2022 AND JULY 31, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Net Sales $ 1,521,208 $ 1,613,847 Costs of Goods Sold, Buying and Occupancy (985,957) (944,261) Gross Profit 535,2
Slide 11: Statements of Income - Twenty-Six Weeks
VICTORIA'S SECRET & CO. CONSOLIDATED AND COMBINED STATEMENTS OF INCOME TWENTY-SIX WEEKS ENDED JULY 30, 2022 AND JULY 31, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Net Sales $ 3,005,014 $ 3,168,067 Costs of Goods Sold, Buying and Occupancy (1,948,257) (1,826,341) Gross Profit
Slide 12: Selected Data
SELECTED DATA TWENTY-SIX WEEKS ENDED JULY 30, 2022 AND JULY 31, 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 - 50,574 Fourth Quarter - 52,195 Year $ 58,239 $ 168,786 Depreciati
Slide 13: Adjusted Financial Information
VICTORIA'S SECRET & CO. ADJUSTED 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 14: Adjusted Financial Information
VICTORIA'S SECRET & CO. ADJUSTED FINANCIAL INFORMATION (Unaudited) (In thousands except per share amounts) Second Quarter Year-to-Date 2022 2021 2022 2021 Reconciliation of Reported to Adjusted Gross Profit Reported Gross Profit - GAAP $ 535,251 $ 669,586 $ 1,056,757 $ 1,341,726 % Net Sales 35.2% 41