Victoria’s Secret, the world’s largest intimates specialty retailer, has reported a 7 per cent sales increase to $1.44 billion in the third quarter (Q3) of FY21 ended on October 30, 2021, against sales of $1.35 billion in the same period of previous fiscal. However, net income for the three-month period dropped to $75.2 million (Q3 FY20: $143.4 million).
Victoria's Secret, the world's largest intimates specialty retailer, has reported a 7 per cent sales increase to $1.44 billion in the third quarter (Q3) of FY21 ended on October 30, 2021, against sales of $1.35 billion in the same period of previous fiscal. However, net income for the three-month period dropped to $75.2 million (Q3 FY20: $143.4 million).#
“I am very pleased with our solid third quarter performance which reflects growth in all core categories. Our work to transform our brand, deepen our customer connections and improve our operational fundamentals is gaining positive traction. We continue to improve our merchandise assortment and expand our already strong customer file,” Martin Waters, CEO at Victoria’s Secret, said in a press release.
Victoria's Secret, the world's largest intimates specialty retailer, has reported a 7 per cent sales increase to $1.44 billion in the third quarter (Q3) of FY21 ended on October 30, 2021, against sales of $1.35 billion in the same period of previous fiscal. However, net income for the three-month period dropped to $75.2 million (Q3 FY20: $143.4 million).#
The American lingerie retailer’s sales from stores in North America climbed 21.9 per cent to $920.3 million ($755.2 million), whereas direct sales plunged 13.5 per cent to $406.3 million ($470.0 million). Moreover, international sales dipped 10.4 per cent during Q3 to $114.5 million ($127.9 million).
Victoria's Secret, the world's largest intimates specialty retailer, has reported a 7 per cent sales increase to $1.44 billion in the third quarter (Q3) of FY21 ended on October 30, 2021, against sales of $1.35 billion in the same period of previous fiscal. However, net income for the three-month period dropped to $75.2 million (Q3 FY20: $143.4 million).#
Gross profit for the quarter rose to $565.0 million ($496.8 million), while operating income totalled to $107.9 million ($127.4 million).
Victoria's Secret, the world's largest intimates specialty retailer, has reported a 7 per cent sales increase to $1.44 billion in the third quarter (Q3) of FY21 ended on October 30, 2021, against sales of $1.35 billion in the same period of previous fiscal. However, net income for the three-month period dropped to $75.2 million (Q3 FY20: $143.4 million).#
“We continue to monitor global supply chain issues and believe our close partnerships with our vendors and our work to get ahead of the curve will help mitigate those challenges. Looking ahead, the leadership team and I believe we have the right strategy and a dedicated team focused on driving long-term growth and creating value for our shareholders,” Waters concluded.
Victoria's Secret, the world's largest intimates specialty retailer, has reported a 7 per cent sales increase to $1.44 billion in the third quarter (Q3) of FY21 ended on October 30, 2021, against sales of $1.35 billion in the same period of previous fiscal. However, net income for the three-month period dropped to $75.2 million (Q3 FY20: $143.4 million).#
In its outlook, Victoria’s Secret said that it expects its fourth quarter sales to be in the range of flat up to 3 per cent against the Q4 of 2020.
Fibre2Fashion News Desk (JL)
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