victoria's secret earnings transcript

Q3 and Q4 last year were both in the 90% range, so very similar. In some cases, we're buying the same merchandise but with different design teams and different factories. My name is Amanda, and I will be your So those are the main reasons. And I still hear people say, hey, I dont know if you have seen that. I would be much more purposed about encouraging women who shop in the PINK brand to coming to the Victorias brand. We shared our first bilingual campaign for Victoria's Secret Beauty featuring Camilla Cabello. And particularly in the last quarter, we continue to see really, really favorable PR across the board, but there are a couple of things, headwinds that we had to face. At this time, I'd like to welcome everyone to the Victoria's Secret & Company's Third Quarter 2022 Earnings Conference Call. And then curious if you have any read-on changes in your average customer purchase frequency. We are skewing a little bit younger than we have done previously, a little bit more female than we have done previously. VSCO. Operator: Good morning. Overall, weve been able to increase prices by something in the range of low to mid-single digits on a year-over-year basis. So, as I think you know, we reached out to Jax with an open letter from Amy that was very well received. So, sleep is a very important category for us, and we think about it in two chunks. We anticipate increasing our Amazon exposure as we move through the fall season. I think over the several quarters, I think the business has demonstrated a very capable flex model, as evidenced by each of the last three quarters when North America business has been challenging. So hopefully, that helps. Additionally, the ASR execution that I mentioned happened early in the first quarter. First on the 1Q guide, it looks like it assumes the underlying revenue CAGR to 2019 accelerates a bit from the fourth quarter. And we are just delighted that we are able to service customers from all over the globe, and thats a testament to the strength that there is in the Victorias Secret and PINK brands. Its allowing the customer to feel welcome and included. Thank you. Business continues to experience momentum with most countries performing very well, and we continue to be optimistic about growth plans to expand our international footprint both in numbers of stores and numbers of countries around the world. So exit rate coming out of second quarter helped inform our guide trends within the second quarter outside of semiannual sale helped inform our guide. But think about 15% to 20% of our total system across Victoria's and PINK. It excludes fine -- one might traditionally call lingerie, meaning sexy sleep. We got a VIP tier at $750 million we've got features that we've never had before that will enable consumers to talk to each other as well as talk to us. Yes, Corey, on the second part of your question, I can appreciate the flat EBIT rate guide for the year. Can you just give us a little bit more color on the sequential deceleration you saw in the quarter on the top line as well as what the exit rate was, perhaps how the business is trending month-to-date? So weve taken some money out of our open to buy as that category is more difficult, and we will just lead in much harder on intimates and on sleep. I'm just trying to understand how your share changed year-over-year. Joining me on the call today are CEO, Martin Waters; and EVP of Finance, Brad Kramer. Hi, everyone. Our forecast also includes Adore Me, which is now in our results in 2023 and forecasted up in the mid-teens compared to their most recently completed fiscal year. So, in that definition, we have 20% market share. And then can you just remind us what beauty is as a percentage of sales, how thats trended over the last several years? Our conversion rates were down in the quarter compared to the fourth quarter last year but remained above pre-pandemic levels. I am going to round for you. I think the second piece, building on Adrienne's question, we're going to continue to lean into the marketing spend to invest in the business, both at top of funnel and also to support the new version of our fashion show, which is to come later this year. And the very relatively few people that did actually make it all the way through to the end of the series had a stronger perception of the brand coming out of it and they are going in. It's about where we expect it to be. Victorias Secret How large is PINK apparel? And the business has been profitable in each of the last 4 quarters. I think the second piece is, I'll just remind people that we are in the middle of separating from our former parent company or limited brands, separating into two different business, Bath & Body Works and Victoria's Secret. Beauty continues to perform quite well. Your line is open. We forget to renew them and we lose focus on the product life cycle. StockLight Blog; Twitter Facebook Resources. Earnings Revised 06/05/23 Q1 2023 Victoria's Secret & Co Earnings Call 06/01/23 Earnings Revised 03/03/23 Q4 2022 Victoria's Secret & And the fact that we enjoy some high-income consumers is insufficient to offset the negative impact of ordinary consumers, shall we call them everyday consumers. And then I have a follow-up on SG&A. As we come into 2023, and we established new targets. However, we're really seeing investment is in, I'll call it, three key areas. So, all of those items suggest that the first quarter is a cash outflow quarter. The PINK apparel impact alone was a drag of more than four points on the fourth quarter for the company. So, the fundamental question, how do we know if things are going to work or not when we change merchandise? Sorry, I just had one quick follow-up on SG&A. We recently acquired Adore Me, as you know, a technology-led growth vehicle. Our most liked post in the last quarter was the Instagram post of our repositioning video about brand transformation, very high receptivity to that. That concludes our prepared remarks. So while we see inventories at the start of the fall season up in the 40s, we expect by the end of the season come the end of January to be at a much more normalized state, and we can say more about that if people have appetite for it. So again, I think, from our perspective, appropriate reflection of trend is important. Its not dominating the product. 1 Dec 22. We think it's a very, very good tool and it's an area where we can broaden the appeal of the franchise without needing to do all of the lifting within Victoria on her own. So I was wondering, sorry if I missed this, did you say how AUR is versus pre-pandemic levels? We would expect the international business in terms of system-wide retail sales to still be up in the low double digits. Victoria`s Secret & Co Transcripts BamSEC Good morning, Ike. Yes. And that looks really interesting. So, Hulu is a kind of a non-event. So, I'd be curious just your view on this structure here? And we plan to release our ESG materiality assessment and strategy this fall. So that's the key distinction we look at there. It takes time to reposition a brand. Too early to declare victory on the loyalty. But China has been extremely challenging because of the lockdowns, etcetera. We remain committed to our long-term range of mid-teens operating income rate. And I personally went through the PINK assortment with them, and they were extremely excited. Earnings Yes, Alex, in terms of some annual sales, as T.J. mentioned, June was the best performing sales month of the year. We're confident in our opportunities to remain committed and remain committed to delivering long-term sustainable value for our shareholders. And so that dials back the AUR to something closer to down high single digits for the quarter, but up very materially to 2019. Also with me today is Kevin Wynk, VP of External Financial Reporting and IR. Before we dive right into the quarter, I want to first share my deepest appreciation for the hard work and dedication of our associates and partners all around the world. And if she comes in, say, through PINK, which will be, I guess more traditional path, is she now moving over to Victorias Secret? Thanks for taking my question and good morning. Were trending towards a mid-single digit growth over its control group. And last question? And that might be around using some of the technology thats being tested in store of the future. T.J.? Great. Yes. Good morning. Would it also lift gross margin? We dont do that anymore. T.J.? We expected June to be the best month of the quarter due to the lengthening of semiannual sale year-over-year, and that July would exit kind of more in line with the quarter. And how are you thinking about marketing strategy in the back half? This content is reserved for subscribers Our adjusted operating income of $127 million was within our previously communicated guidance range. Our partners have a line of sight to over 100 new stores in a 3-year period, plus growth in digital that we didnt have previously. Were opening 16 15 or 16 in total this year. And then the exit rate, to your question, was more like high single-digit declines in the month of July, which have continued on into the early first couple of weeks of August. So, we have completely scrubbed all aspects of the business, and we've edited out things that we think don't fit. We're happy to make, and we're confident we'll see benefits from that as we move throughout the year. As I mentioned, just as a side note, the expense profile for Adore Me is slightly different than ours that's some deleverage on the SG&A line. And while the best way for us to compete on that is with newness and to talk about emotional content, and fresh merchandise, that's definitely the best way to go to market. Aside from the financials, over the last 90 days, we have executed several key actions in support of our strategy and positioning for the long-term, including we simplified our corporate leadership structure to unite our brands to better align our teams with a shifting consumer landscape to become more efficient as an organization and to enable more nimble and agile execution of our strategy in support of long-term growth. So a new bra launched in 2 weeks, top BSL style and it will offer us a considerable beat year-over-year against the Bare launch that we had last year. Good morning and thank you for taking my questions. It's a rebuild of the use of our logo, more minimal, less overt logo, an exit from some of our legacy graphics. Good morning. the investor presentation posted on the Investors section of our website. WebEarnings Summary. Our international business continues to be a bright spot, with sales up nearly 30% compared to last year and we returned the business to profitability in the last two quarters. But also, she needs a nudge in the promotional in the sense of having a promotional reason to come and shop with us. We're going to invest in store of the future. Telsey Advisory Group Adjusts Price Target on Victoria's Secret to We've got new benefits for customers we've got an -- all Access tier at $300. But again, referencing the time I spent with our stores team, they were super energized by it, take-up has been good. So, hope that helps. You maybe have a guess at that yourself. A reminder, this is free. It was very impressive this quarter. But and again, to the comment I made with Loraine, as sales returned to more normal levels, obviously, we would expect to start to see an even playing field on B&O or maybe some actual leverage as we move into the future. Transcript : Victoria's Secret & Co., Q3 2023 Earnings Call, Dec Thank you for participating. Given today's challenging environment, we believe an adjusted operating income rate in the high single digits demonstrates stabilization of our business and represents a solid base, we will leverage when more normal macro trends return in North America. From the perspective of it's a digitally only -- digital-only business, in large part, they have five or six stores more in test mode than anything else, but it's a digital business for the most part. So, as it relates to growth, obviously, the most important area for us to focus on past, we're a bra company. So hopefully, that helps. 07:45a. Transcripts Victoria's Secret & Co. (VSCO) CEO Martin Waters on Q1 2022 Results - Earnings Call Transcript Jun. Clearly, in fairness to you, you didn't have visibility to our thoughts around PINK and PINK apparel. Thank you for taking my question. In terms of absolute dollars, the rate of sales might tick up a little bit depending on where volume goes, but that expense level is something that we're comfortable with from a dollar perspective. We are first and foremost, an intimates business. What date does Victoria's Secret's (VSCO) report Earnings And as I mentioned earlier, our partners in the franchise network see opportunity for over 100 stores in the 3 years that are coming, all of which will be built in the store of the future likeness. I mean day 1 impact on our sales last week. I guess my first question, Martin, just a follow-up on PINK. Reported EPS is I think were continuing to look for opportunities in both expense and margin to get us out past 2023. So thats a thing in and of itself. And there's about $100 million more capital going into our stores organization, our stores late this year than we had in prior year. So, the teams are doing a very good job of flexing and executing against the expense initiatives. We are a lingerie company and being best at bras in both of our big brands is the most important thing to do. Our next question comes from Ike Boruchow with Wells Fargo. And that's what we'll do. Good morning, and welcome to Victorias Secret & Co.s fourth quarter earnings conference call for the period ending January 28, 2023. This past year, we also made acquisitions and developed partnerships and organized ourselves to fuel our future growth. Then maybe also something you mentioned at Investor Day, but I don't hear an update on the marketplace strategy. Victorias Secret & Co. (NYSE:VSCO) Q4 2022 Earnings Call The reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by $0.26. When the new management team took over, we determined that the marketplace should be curated and it should be curated on the basis of three things. As we move into the fall season, we'll see if there's the typical kind of seasonal build in rates or not or where rates go. And then number two, could you talk about maybe what you saw on the intimate side at PINK just so we can get a sense for how the business is performing overall? Quarterly performance benefited from strong business momentum across This past year, we achieved third-party pay equity certification for all genders, races, ethnicities and intersections of those identities. I'll let T.J. take the financial question. Earnings per share: $2.70 vs. $2.63 expected Revenue: $2.18 billion vs. $2.14 billion expected Net income for the three-month period ended Jan. 29 fell to $246 We deployed a new digital bra-fit technology and have begun to make meaningful improvements to our digital experience to improve the customer journey. Our next question comes from Simeon Siegel with BMO Capital Markets. We also see that where our customers buy into those third parties, they also buy into Victoria or PINK at the same time, and they're our most valuable customers with the highest spend per customer. And it was and much more aggressive kind of liquidation mode or inventory liquidation to move back during those times. I find myself humming it around the house as well. Good morning. So thats the good news about the agility that we have in the supply chain and the good news of supply chain returning to more normalized levels. On the bifurcation, its an interesting question. Thanks, Madison and good morning everyone. Our next question comes from Jonna Kim with TD Cowen. And so too early to declare victory on what that means in terms of capital for future years, but its certainly encouraging and energizing. Great. Well, you never know for certain, but I feel pretty good about what we've got. It raises an important subject. You guys noted in the commentary with the earnings release, Certainly, it seems like there are some priorities this year for spend between tech investment, incentive comp, supporting Adore Me. This was our fourth consecutive quarter since the separation that we delivered adjusted operating income and adjusted earnings per share results within or above our guidance. Thank you. Victoria's Secret Its one that we manage with a laser focus, and we think were particularly good at it. KP Tissue, Inc. (KPTSF) Q1 2023 Earnings Call Transcript Nordex SE (NRDXF) Q1 2023 Earnings Call Transcript Chorus Aviation Inc. (CHRRF) Q1 2023 Earnings Call Transcript Fisker: Change In Production Target Is A Game-Changer Impel Pharmaceuticals Inc. (IMPL) Q1 2023 Earnings Call Transcript Its a portion of the gross margin rate decline. And then the second part of sleep is more casual sleep, which did particularly well during the COVID period and obviously, is a major part of gifting during the fourth quarter. So, in the old days, going into a season, you would be pretty clear about what you were producing and where your spend was going to go. And of course, that runs chain-wide, Dana. Transcript : Victoria's Secret & Co., Q1 2024 Earnings Call, Jun So, it continues to be a steady build. Maybe how is that in the context how are to somebody want be? Victoria's Secret & Co. (NYSE:VSCO) Q4 2022 Results Conference Call March 3, 2023 8:00 AM ET. As you mentioned, the supply chain pressures certainly have abated. So, very significant change year-over-year. For the third quarter, we are forecasting sales to decrease in the high single-digit range compared to last year, which assumes second quarter trends and the challenging broader retail environment will continue. Additionally, in 2022, we continued our commitment to women, our associates, our partners and our communities. We have returned agility to be close to where we used to be entering the season at like 70% or 30% open so that we're keeping our powder dry to enable us to chase the winners. And so thats a key driver of the change. Joining me on the call today is CEO, Martin Waters; and CFO, TJ Johnson. The Company offers lingeries, bras, panties, pajamas, sleepwear, swimsuits, and other apparel, as well as offers personal care and beauty products. Bare contains a blend of musks and other fragrances that adapt to each wearer individually, making the smell that comes off each individual unique to them, and thats a very important differentiator. The second question was about AUR. Your line is open. So, I hope that helps. Thank you. So that's how we get from negative high singles to negative mid-singles with the addition of Adore Me. Victoria's Secret (VSCO) reports Q4 2021 earnings, issues weak Victoria's Secret & Co. (VSCO) Q3 2022 Earnings Call Thank you very much. So across the board, were being more prudent. And of course, I'm delighted to welcome Adore Me associates to our family for the first time this quarter. We're down double digit on an adjusted basis. At this time, I'd like to welcome everyone to the Victoria's Secret & Co. Fourth Quarter 2022 Earnings Conference Call. We expanded our store of the future fleet to 52 stores worldwide, and we released our first ever ESG summary report in the spring, our ESG materiality report in the fall, and we look forward to publishing our first full ESG report next month. WebVictorias Secret & Co. (NYSE:VSCO) Q3 2022 Earnings Call Transcript December 1, 2022 Victorias Secret & Co. beats earnings expectations.

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