(Filed Under wholesale Lingerie News). Victoria’s Secret reported on December 29 that it has accelerated plans to repurchase $250 million shares of its stock, and noted strong sales growth over the holiday season.
The company stated it is tasking Goldman Sachs to handle the repurchase of “approximately 4.1 million shares of the Company’s common stock on December 31, 2021.”
VS also “reaffirmed the fourth quarter guidance provided on November 17, 2021 which forecasted sales to be in the range of flat to up 3% versus last year’s fourth quarter sales of $2.100 billion, operating income to be in the range of $295 million to $335 million and diluted earnings per share to be in the range of $2.35 to $2.65.”
CEO Martin Waters stated, “I am very pleased with our fourth quarter performance to date and believe we have solid plans in place for the balance of this holiday selling season. I was particularly encouraged by our sales growth during the peak shopping days over the Thanksgiving weekend and the large rush of business as we approached December 25th. Our stores are in a good inventory position as we begin our semi-annual sale and anniversary the positive stimulus impact on sales in January of last year. Performance has been broad-based across all of our businesses, and our stores channel has been a position of strength for our results. The teams have executed well and focused on what we can control in this challenging supply chain environment, and I could not be more proud of our efforts.”
“Over the past few months, we have stabilized our business and created a platform for future growth while generating significant cash flow. Our financial stability and cash flow potential are pillars of strength and competitive advantages. With the unanimous support of our board of directors, we are announcing our first-ever share repurchase. We believe this share repurchase reflects our confidence in the company and is another step on our journey to create long-term, sustainable value for our shareholders.”
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