Victoria's Secret execs expect customers to feel the pain of higher prices for the rest of the year.
Shares of Victoria’s Secret & Co. fell after hours on Wednesday after the maker of lingerie and women’s wear forecast declines in fourth-quarter sales and profit that were below analysts’ expectations, with management saying they expected the pain customers have felt from higher prices to continue for the rest of the year.
Victoria’s Secret executives said they expected fourth-quarter sales to fall “in the high-single-digit range” when compared to the $2.175 billion recorded in the same quarter last year. FactSet forecast fourth-quarter sales of $2.021 billion. For the third quarter, Victoria’s Secret reported net income of $24 million, or 29 cents a share, compared with $75 million, or 81 cents a share, in the same quarter last year. The company reported sales of $1.318 billion, a 9% decrease from $1.441 billion in the quarter a year ago. Same-store sales fell 11%.
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