Victoria’s Secret, the popular lingerie, clothing, and beauty retailer based in Reynoldsburg, Ohio, has announced its second consecutive quarterly loss. The company reported a loss of $71.2 million, or 92 cents a share, for the quarter ended Oct. 28. This is in contrast to the $24.4 million profit, or 29 cents a share, earned during the same period last year. Analysts had predicted a per-share loss of 79 cents, according to FactSet.
After accounting for certain one-time items, Victoria’s Secret posted an adjusted per-share loss of 86 cents, which was wider than the forecasted 78-cent loss by analysts.
The company’s revenue also experienced a decline of 4%, amounting to $1.27 billion. This aligns with the expectations set by analysts polled by FactSet.
Despite these challenges, Chief Executive Martin Waters shared some positive news. He mentioned that the sales trend in North America has been gradually improving throughout the third quarter. Additionally, early holiday sales trends in North America have been promising for Victoria’s Secret.
It is clear that Victoria’s Secret is actively working towards recovery and improvement in the face of declining sales. The company remains committed to providing customers with high-quality products and a seamless shopping experience.