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Victoria’s Secret recorded its strongest quarterly growth in over two years, with Q3 revenue rising 7% to $1.35 billion and shares gaining 2.3% after hours. The retailer also lifted its 2024 sales forecast, signaling continued momentum across all regions and merchandise categories.
Victoria’s Secret Shares Surge After Q3 Earnings Beat Expectations
Following Tuesday's announcement of better-than-expected third-quarter earnings and an increase to full-year outlook, shares of Victoria's Secret & Co. rose 2.3% in after-hours trade, Investing.com reports.
Analysts had predicted a $0.65 loss for the quarter ending November 2, but the business actually achieved an adjusted loss of $0.50 per share. Sales were $1.35 billion, up 7% year-over-year, more than the $1.29 billion predicted by analysts.
With consistent growth across all geographies, sales channels, and key product categories, Victoria's Secret had its strongest quarterly performance since 2021. International business climbed by more than 20%, while sales in North America rose by mid-single digits.
Victoria’s Secret Holiday Merchandise Sparks Momentum
"I am very encouraged by the strength of our third quarter business and the positive, early customer response to our holiday merchandise assortments," Hillary Super, CEO, stated. Black Friday and Cyber Monday weren't enough to derail the company's momentum, she said.
Total comparable sales for the quarter saw a 3% year-over-year increase (EPA:TTEF). Margins improved from the prior year because to the company's disciplined inventory management and cost control efforts.
Upgraded 2024 Outlook Highlights Growth Potential
Beyond that, Victoria's Secret upgraded its outlook for the entire year 2024. After earlier predicting a 1% drop, the firm is now projecting a 1% to 2% increase in net sales. The previous range of $275 million to $300 million was superseded by a new range of $315 million to $345 million for adjusted operating income.
Despite analysts predicting $2.09 in earnings per share for the fourth quarter, Victoria's Secret is projecting $2.00 to $2.30. Q4 net sales are expected to rise 2% to 4% year over year, according to the business.
