Despite a 'challenged' customer and highly promotional environment, lingerie company raised its fourth-quarter guidance
Victoria’s Secret & Co. stock soared 8% Tuesday after the lingerie company raised its fourth-quarter guidance to reflect a better-than-expected holiday season in the face of a “challenged” consumer.
“Our sales performance was at the better end of our guidance with margins solidly in line with our expectations despite our response to a very promotional environment during the holiday season,” Chief Executive Martin Waters said in a statement. The company said it would end the year with inventory levels down in the low double digits and expects its expenses to come at the “better end” of its range. Higher-than-usual inventories have vexed apparel retailers this year as shoppers have shown sensitivity to high inflation, forcing companies to discount heavily or struggle with out-of-date assortments.“We sense the company saw better full-price and clearance pricing especially in January coinciding with its semiannual sale.
“As we turn the page to the new year, we recognize the economic environment is not ideal and may cause 2023 results to look similar to the year we just finished,” Waters added.
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