Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q4 2021 Earnings Presentation
16 slides from Victorias Secret &'s earnings presentation, Mar 2, 2022
Slide 1: Fourth Quarter and Full Year Earnings
Fourth Quarter and Full Year Earnings March 2, 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 Private Securities Litigation Reform Act of 1995) contained in this presentation or made by our Company or ou
Slide 3: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this presentation to reflec
Slide 4: Consolidated and Combined Statements of Income, Thirteen Weeks
VICTORIA'S SECRET & CO. CONSOLIDATED AND COMBINED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 (Unaudited) (In millions except per share amounts) % Increase Increase 2021 2020 (Decrease) (Decrease) Net Sales $ 2,175.4 $ 2,099.7 $ 75.7 4% Comparable Store Sales 12%
Slide 5: Adjusted Consolidated and Combined Statements of Income, Fifty-Two Weeks
VICTORIA'S SECRET & CO. 1 ADJUSTED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME FIFTY-TWO WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 (Unaudited) (In millions except per share amounts) % Increase Increase 2021 2020 (Decrease) (Decrease) Net Sales $ 6,784.6 $ 5,412.8 $ 1,371.8 25% Comparable
Slide 6: Consolidated and Combined Balance Sheets
VICTORIA'S SECRET & CO. CONSOLIDATED AND COMBINED BALANCE SHEETS (Unaudited) (In thousands) January 29, 2022 January 30, 2021 ASSETS Current Assets Cash and Cash Equivalents $ 489,783 $ 335,028 Accounts Receivable, Net 162,388 121,285 Inventories 948,750 701,062 Other 89,736 81,808 Total Current Ass
Slide 7: Q4 and Full Year 2021 Summary Results
VICTORIA'S SECRET & CO. ($ amounts in millions) (Unaudited) Q4 2021 Full Year 2021 Comparable store sales 12% 10% Comparable sales 1% 3% Sales change 4% 25% Sales $2,175 $6,785 Gross profit (% of sales) 39.2% 40.7% Operating income (% of sales) 15.3% 12.8% Operating income $333 $870 Net income $246
Slide 8: 2022 Outlook as of March 2, 2022
VICTORIA'S SECRET & CO. 2022 Outlook as of March 2, 2022 First Quarter Net Sales $1.425 billion to $1.495 billion Gross Margin Rate About 37%, down from 2021 rate of 43.2% SG&AExpense Rate About 31%, up to 2021 rate of 28.7% Operating Income Between $80 million and $110 million Net Non-Operating Exp
Slide 9: Company-Operated Store Count and Selling Sq Ft 2021
VICTORIA'S SECRET & CO. COMPANY - OPERATED STORE COUNT AND SELLING SQ FT 2021 Actual Total Reconstructions Beginning of Year New Stores Closures End of Year Increase / (Decrease) and Change in SSF U.S. Store Count 846 - (38) 3 808 (38) (4%) Selling Sq Ft 000's 5,861 - (252) - 5,609 (252) (4%) Canada
Slide 10: Company-Operated Store Count and Selling Sq Ft 2022 Forecast
VICTORIA'S SECRET & CO. COMPANY - OPERATED STORE COUNT AND SELLING SQ FT 2022 Forecast Total Reconstructions Beginning of Year New Stores Closures End of Year Increase / (Decrease) and Change in SSF U.S. Store Count 808 15 (10 to 27) approx. 20 796 to 813 (12) to 5 (1%) to 1% Selling Sq Ft 000's 5,6
Slide 11: International Store Count 2021 Actual
VICTORIA'S SECRET & CO. INTERNATIONAL STORE COUNT 2021 Actual 2020 2021 2021 2021 Year End New Stores Closures Year End Partner - Operated Stores Full Assortment 120 8 - 128 Beauty & Accessories 338 16 (19) 335 Partner - Operated Total 458 24 (19) 463 Company - Operated Stores Full Assortment - Grea
Slide 12: International Store Count 2022 Forecast
VICTORIA'S SECRET & CO. INTERNATIONAL STORE COUNT 2022 Forecast 2021 2022 2022 2022 Year End New Stores Closures Year End Partner - Operated Stores Full Assortment 128 16 to 20 - 144 to 148 Beauty & Accessories 335 9 to 13 (7 to 10) 334 to 341 Partner - Operated Total 463 25 to 33 (7 to 10) 478 to 4
Slide 13: Appendix
APPENDIX VS&Co
Slide 14: Historical Reported Results - Carve Out Basis, Fiscal 2020 Quarterly
VICTORIA'S SECRET & CO. Historical Reported Results - Carve Out Basis Fiscal 2020 - Quarterly (Unaudited) (In thousands) First Quarter Second Quarter Victoria's Secret Total Victoria's Secret Total Corporate / Other (2) Corporate / Other (2) Segment (1) VS & Co. Segment (1) VS & Co. Net Sales $ 893,
Slide 15: Adjusted Financial Information
VICTORIA'S SECRET & CO. ADJUSTED FINANCIAL INFORMATION (Unaudited) (In thousands except per share amounts) The Adjusted Financial Information should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles. Further, the Company
Slide 16: Adjusted Financial Information, Fifty-Two Weeks Ended January 29, 2022
VICTORIA'S SECRET & CO. ADJUSTED FINANCIAL INFORMATION FIFTY-TWO WEEKS ENDED JANUARY 29, 2022 (Unaudited, in millions) Reconciliation of Net Income to EBITDA Net Income $ 646.4 Interest Expense 27.4 Provision for Income Taxes 196.7 Depreciation and Amortization 302.6 EBITDA $ 1,173.1 SELECTED DATA F