Victoria's Secret shares plunge as shrinking demand hits sales forecasts [CNBC]
Victorias Secret & Co. (VSCO)
Company Research
Source: CNBC
The company, popular for its PINK brand of intimates, forecast fiscal 2024 net sales of $6 billion, indicating a third annual sales dip in a row, below LSEG estimates of $6.14 billion. “Broader intimates market in North America will remain pressured throughout the first and second quarter, with sales trends improving throughout the back half of 2024,” the company said as it forecast a glum first quarter. It expects first-quarter net sales to decline in the mid-single-digit range, compared with analysts' expectation of a 2.5% fall. The company, however, announced repurchase of up to $250 million worth of shares. “While the newly announced share repurchase program can help support the stock near-term, ultimate visibility to operational improvements remains challenging,” said Dana Telsey of Telsey Advisory Group. Shares of the company, which has been grappling with declining demand, lost nearly 26% of their value last year, and were down 3.5% so far this year. While the comp
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VSCO
Earnings
- 3/6/24 - Beat
VSCO
Sec Filings
- 4/22/24 - Form PRE
- 3/22/24 - Form 4
- 3/22/24 - Form 10-K
- VSCO's page on the SEC website