(Filed Under Financial and General Interest News). Victoria’s Secret earned $646.4 million on sales of $6.785 billion in 2021 compared to a loss of $72.316 million on sales of $5.413 billion in 2020.
In the fourth quarter, the company earned $246.1 million on sales of $2.175 billion, compared to earnings of $282.4 million on sales of $2.100 billion in the same quarter last year.
CEO Martin Waters stated: “I am pleased with our fourth quarter performance in a challenging retail environment. Our associates across the globe focused on execution and delivered upon all of our financial expectations while continuing to transform our brand, enhance our customer experience, and strengthen our dominant merchandise positioning in the intimates category.”
“2021 was a milestone year for our company, our first as a public company. I am pleased that we delivered on our major objectives and I would like to thank all of our associates, supplier partners, Board of Directors, and shareholders for your support. We are keenly aware 2022 will present continued challenges for retailers in this inflationary environment. However, we have a very resilient, dedicated team and strategy prepared to meet these challenges head-on by focusing on the customer journey, being ‘best at bras’, prioritizing people and planet, and launching new initiatives for future growth.”
Looking ahead at 2022, Victoria’s Secret “is forecasting first quarter 2022 sales to be in the range of $1.425 billion to $1.495 billion versus first quarter 2021 sales of $1.554 billion. At this forecasted level of sales, operating income is expected to be in the range of $80 million to $110 million compared to $225.7 million in 2021, with the decrease predominantly due to incremental supply chain cost pressures this year and anniversarying federal stimulus benefits which drove higher sales and operating income last year. At this forecasted level of operating income, diluted earnings per share are estimated to be in the range of $0.70 to $0.95 compared to earnings per diluted share of $1.97 last year.”
“The company is forecasting full year 2022 sales to be in the range of flat to up low-single digits versus 2021 sales of $6.785 billion. At this level of sales, the company estimates operating income to be directionally in line with 2021 operating income of $869.5 million.”
Victoria’s Secret claims it currently has “nearly 1,400 retail stores worldwide and a predominately female workforce of more than 30,000,” noting this is the “largest team of specialty trained bra fit experts worldwide.”
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