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Victoria's Secret & Co. has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports net sales of $1.347 billion for the third quarter of 2024, an increase from $1.265 billion in the same quarter of 2023. The increase in sales is attributed to higher traffic in stores and online channels.
Operating loss for the third quarter of 2024 was $47 million, an improvement from the $67 million loss reported in the third quarter of 2023. The improvement is primarily due to increased sales and reduced supply chain costs.
Net loss attributable to Victoria's Secret & Co. was $56 million for the third quarter of 2024, compared to a net loss of $71 million in the same period of 2023.
The company reported a gross profit of $468 million for the third quarter of 2024, up from $427 million in the previous year. The gross profit rate also improved to 34.8% from 33.8%.
General, administrative, and store operating expenses increased to $515 million from $494 million in the third quarter of 2023, driven by restructuring charges and increased wage rates.
Interest expense decreased to $22 million from $26 million in the third quarter of 2023, reflecting lower average outstanding debt.
Victoria's Secret & Co. has a working capital of $260 million as of November 2, 2024, and total liabilities of $4.468 billion.
The company did not repurchase any shares under the March 2024 Share Repurchase Program during the third quarter of 2024. The program authorizes up to $250 million in share repurchases.
Victoria's Secret & Co. continues to focus on its strategic priorities, including accelerating core business, igniting growth, and transforming its foundation.
The company made leadership changes in the third quarter of 2024, including the appointment of a new CEO and the elimination of two executive officer roles.
Victoria's Secret & Co. does not anticipate paying cash dividends in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Victorias Secret & Co. quarterly 10-Q report dated December 9, 2024. To report an error, please email earnings@qz.com.