Victorias Secret & Co. - VSCO STOCK NEWS

Victoria’s Secret & Co. (NYSE: VSCO) reported a diluted EPS of $0.83 and adjusted EPS of $1.09 for Q2 2022, reflecting a decrease in net income from $151 million in Q2 2021 to $70 million. Net sales fell 6% year-over-year to $1.521 billion, with comparable sales decreasing by 8%. The company announced a share repurchase program of up to $250 million, spending $62 million in Q2. Full-year 2022 net sales are expected to decline in the mid to high single digits, with operating income projected between $525 million and $575 million. Third quarter earnings may range from $0.00 to $0.25.

Victoria's Secret has introduced the inclusive lingerie brand Elomi within its VS&Co-Lab platform, as of August 16, 2022. This partnership aims to promote body positivity and offers a diverse range of lingerie sizes, expanding the options on VictoriasSecret.com to over 100 sizes. Elomi's offerings will include products priced between $20.00 to $76.00. The collaboration aligns with both brands' commitment to support and empower women, reinforcing Elomi's market leadership in full-figure lingerie.

Victoria’s Secret & Co. (NYSE: VSCO) has launched the VS&Co Essentials program, aimed at distributing essential undergarments to over one million women and young adults by 2025. The initiative begins with a donation of nearly one million panties, supporting approximately 140,000 individuals. This effort aligns with the company’s mission to empower women, led in part by a partnership with the nonprofit I Support The Girls, which has experienced a 35% increase in requests for essential items. Future expansions include international donations in 2023.

Victoria’s Secret & Co. (NYSE: VSCO) will hold its second quarter 2022 earnings conference call on August 25, 2022, at 8:00 a.m. ET, following the earnings release on August 24. Interested parties can access the live webcast on the company's website or call in using the provided domestic and international numbers. This call aims to update stakeholders on financial performance and future outlook, emphasizing the brand's commitment to its customer base and workforce.

Victoria's Secret announced the launch of Bare Eau de Parfum, its first fine fragrance in five years, emphasizing individuality and self-expression. The fragrance adapts to the wearer's body chemistry, crafted with upcycled materials and responsibly sourced ingredients. It features a unique blend of musks, with top notes of mandarins, a floral heart of Egyptian violet petals, and a base of Australian sandalwood. Available in stores and online starting July 19, 2022 in the U.S. and August 23, 2022 globally, the fragrance is positioned as Victoria's Secret's most personal scent yet.

Victoria's Secret & Co. (NYSE: VSCO) has announced a new leadership structure aimed at enhancing customer focus and driving growth. The reorganization will merge its three business lines—Victoria's Secret, PINK, and Beauty—into a single collaborative entity. Key leadership appointments include Amy Hauk as CEO for Victoria's Secret and PINK, Chris Rupp as Chief Customer Officer, and Greg Unis as Chief Growth Officer. This restructuring will affect approximately 160 management roles, resulting in an annual cost reduction of about $40 million, while also incurring a non-GAAP charge of around $30 million.

VSCO announced the launch of its digital brand, Happy Nation, in the metaverse via Roblox. This integration promotes sustainability and community support through a partnership with the non-profit 'Undies for Everyone,' providing new underwear to children in need. The hub features three themed obstacle courses aimed at engaging tweens while fostering inclusivity and environmental awareness. Happy Nation pledges to donate up to 10,500 pairs of underwear based on player participation in these courses, showcasing a commitment to social responsibility.

Victoria’s Secret & Co. (NYSE: VSCO) reported first quarter 2022 results with a net income of $80.8 million, or $0.93 per diluted share, compared to $174 million, or $1.97 per share last year. Adjusted earnings were $1.11 per share, exceeding guidance. Sales declined 4.5% year-over-year to $1.484 billion, while comparable sales decreased 8%. The company returned $110 million to shareholders via share repurchases. Looking ahead, second quarter sales are projected to range from a slight increase to a decrease, with earnings expected between $0.95 and $1.25 per diluted share.

Victoria’s Secret & Co. (NYSE: VSCO) announced the election of Mariam Naficy to its Board of Directors during the 2022 Annual Meeting of Shareholders. Naficy boasts over 20 years of experience in digital and direct-to-consumer retailing, co-founding Minted in 2007 and leading its growth. The Board now includes eight directors, seven of whom are women and independent. Board Chair Donna James emphasized Naficy's entrepreneur expertise as crucial for the company's transformation efforts. Naficy expressed excitement about contributing to the brand’s purpose-driven vision.