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- Victoria's Secret & Co (NYSE:VSCO) reported second-quarter FY21 sales growth of 51.3% year-on-year, to $1.61 billion, missing the analyst consensus of $1.70 billion.
- Victoria's Secret was recently separated from Bath & Body Works, Inc. (NYSE:BBWI) (f/k/a L Brands, Inc).
- North American stores sales increased 185.2% Y/Y, International sales rose 21.9%, while Direct sales fell 23.6%.
- Gross profit rose 338.7% Y/Y to $669.6 million with a profit margin of 41.5%.
- The operating margin was 12.6%, and operating income for the quarter was $202.7 million.
- EPS of $1.71 beat the analyst consensus of $1.59.
- "Following the finalization of the spin-off from L Brands, our momentum continues, fueled by strong fundamentals: inspiring merchandise she loves, our new brand positioning, and disciplined business operations," said CEO Martin Waters.
- Outlook: Victoria's Secret sees Q3 FY21 sales growth in mid to high single digits.
- The company expects Q3 FY21 EPS of $0.60 - $0.70 versus the consensus of $0.91.
- Price Action: VSCO shares are trading lower by 8.63% at $65.5 in premarket on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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