Victoria’s Secret & Co. announced improved sales despite heightened promotional activity and fierce competition.
In its latest report on Thursday, the lingerie giant revealed that its preliminary sales and adjusted profit for the quarter ending May 4 exceeded or met its previous forecasts. Although net sales experienced a 3 to 4 percent decline during the period, it surpassed earlier expectations of a potential 6 percent decrease. Notably, the company highlighted the strong performance of its online sales, which outpaced in-store results.
Over the past two years, Victoria’s Secret has been contending with declining sales. In response, the retailer revamped its fashion show and expanded its offerings in swimwear and apparel to attract customers and reclaim its relevance. CEO Martin Waters noted positive feedback from shoppers regarding the new merchandise, indicating improving sales trends for both the flagship brand and the PINK apparel line.
Despite these encouraging developments, Waters cautioned about the persistently challenging conditions in the North American retail market, marked by intensified discounting and heightened competition. Despite the relatively optimistic quarter, the company opted to maintain its full-year guidance unchanged.
