Victorias Secret & Co. - VSCO STOCK NEWS

Victoria’s Secret & Co. (NYSE: VSCO) announced a new share repurchase program authorizing the buyback of up to $250 million in common stock. This program follows the completion of a previous buyback initiative. The company projects fourth quarter 2022 operating income between $245 million and $265 million, with diluted EPS anticipated to range from $2.05 to $2.25, indicating slightly less optimistic guidance than previously communicated. The firm expects a high-single digit decline in net sales compared to $2.175 billion last year.

Victoria’s Secret & Co. (NYSE: VSCO) has completed the acquisition of Adore Me, Inc., a digitally-native intimates brand. This acquisition aims to enhance VSCO's digital focus and customer engagement. Adore Me is expected to generate approximately $250 million in profitable sales for fiscal year 2022. The deal is anticipated to be accretive to earnings and cash flow in 2023, enabling VSCO to leverage Adore Me’s technology for a better shopping experience. CEO Martin Waters expressed optimism about the growth potential and synergies created by this acquisition.

Victoria’s Secret reported third quarter 2022 results, showcasing net income of $24 million ($0.29 per diluted share), exceeding previous guidance. However, this marks a decline from $75 million ($0.81 per diluted share) in Q3 2021. Operating income was $43 million, also above guidance but down from $108 million a year prior. Net sales dropped 9% to $1.318 billion, with comparable sales down 11%. The company anticipates Q4 sales to decrease in the high-single digit range, forecasting full-year net sales to decline by 6-7%. An acquisition of Adore Me is expected to finalize by January 2023.

NetVirta, creator of Verifyt®, has partnered with Victoria's Secret to enhance online bra fitting for women. This collaboration provides customers with personalized size recommendations using 3D scanning technology, addressing the common challenge of finding the correct bra fit when shopping online. The integration of Verifyt® is expected to minimize online returns and improve conversion rates for Victoria's Secret. NetVirta aims to extend its innovative solutions beyond the current offerings, with future applications including virtual try-ons.

Victoria's Secret & Co. (NYSE: VSCO) has partnered with NetVirta to introduce innovative bra fit technology in its app. This technology allows customers to obtain personalized bra size recommendations through 3D scanning, enhancing the shopping experience and reducing return rates. With over 23,000 trained associates, the brand already leads the industry in bra fit services. This initiative aims to simplify online bra shopping, addressing common fitting challenges and empowering customers to make confident purchases.

Victoria's Secret & Co. (NYSE:VSCO) will announce its third quarter 2022 earnings after market close on Wednesday, November 30. A live webcast conference call is scheduled for Thursday, December 1, at 8:00 a.m. ET, where executives will discuss the results. Investors can access the call via victoriassecretandco.com or by telephone. The call will be archived on their website for those unable to attend live.

Victoria’s Secret & Co. (NYSE: VSCO) has announced its acquisition of Adore Me, a digitally-native intimates brand, for $400 million upfront, plus performance-based incentives. This strategic move aims to enhance VS&Co’s digital-first focus and broaden its customer base while leveraging Adore Me's technology and expertise. The acquisition is unanimously approved and expected to close by January 2023, aligned with VS&Co’s goal to modernize its operations and improve customer experiences. Adore Me, known for its innovative Home Try-On service, serves over 1.2 million customers and emphasizes inclusivity and sustainability.

Victoria's Secret & Co. (NYSE: VSCO) has provided an update on its third quarter 2022 financial expectations, estimating operating income at the high end of the $10 million to $40 million range and earnings per share at the high end of $0.00 to $0.25. This guidance reflects a projected net sales decline in the high single-digit range compared to the previous year. The company will outline its strategic vision at an upcoming investor meeting, focusing on strengthening its core business, igniting growth through expanding its global footprint, and transforming its organizational foundation for improved agility.

Victoria’s Secret & Co. will hold an investor day on October 13, 2022, in Chicago, Illinois, where senior leaders will outline the company’s strategic vision post-spinoff. This event marks a significant milestone in the company’s journey as an independent entity. Due to limited space, attendance is by invitation only, but the event will be live-streamed starting at 10:00 AM Eastern on the Company’s website, with a replay available afterward.