Victoria's Secret & Co. Files 2024 10-K Report

TL;DR

<b>Victoria's Secret & Co. has filed its annual 10-K report for the fiscal year ending February 3, 2024, detailing its financial performance and business operations.</b>

AI Summary

Victoria's Secret & Co. (VSCO) filed a Annual Report (10-K) with the SEC on March 22, 2024. Victoria's Secret & Co. filed its 10-K report for the fiscal year ending February 3, 2024. The filing covers the fiscal year 2023. The company's principal executive offices are located at 4 Limited Parkway East, Reynoldsburg, OH 43068. The filing was made on March 22, 2024. The company operates in the Women's Clothing Stores retail sector.

Why It Matters

For investors and stakeholders tracking Victoria's Secret & Co., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Victoria's Secret & Co.'s financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's competitive position within the women's clothing retail sector and its ability to navigate market challenges.

Risk Assessment

Risk Level: — Victoria's Secret & Co. shows moderate risk based on this filing. The company operates in the highly competitive women's clothing retail sector, which is subject to changing fashion trends and consumer preferences, posing a medium risk to its financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Victoria's Secret & Co.'s performance and outlook in the retail apparel market.

Key Numbers

• 2024-02-03 — Fiscal Year End (The end date of the fiscal year reported in the 10-K.)
• 2024-03-22 — Filing Date (The date the 10-K report was filed with the SEC.)
• 4 Limited Parkway East, Reynoldsburg, OH 43068 — Business Address (The company's principal executive office address.)

Key Players & Entities

• Victoria's Secret & Co. (company) — Filer of the 10-K report.
• Reynoldsburg, OH (location) — Location of the company's principal executive offices.
• 2024-02-03 (date) — Fiscal year end date.
• 2024-03-22 (date) — Filing date of the 10-K report.

FAQ

Industry Context

Victoria's Secret & Co. operates within the women's clothing retail sector, a segment characterized by dynamic fashion trends and significant competition.

Regulatory Implications

The filing adheres to the Securities Exchange Act of 1934, requiring public companies to submit annual reports detailing their financial condition and business operations.

What Investors Should Do

1. Analyze the company's revenue and profitability trends for fiscal year 2023.
2. Assess the identified risk factors and their potential impact on future performance.
3. Compare key financial metrics with industry benchmarks and prior year results.

Key Dates

• 2024-02-03: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-K filing covers the fiscal year ending February 3, 2024, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value VSCO The New York Stock Excha
• $976 million — we made a cash payment of approximately $976 million to the Former Parent on August 2, 2021
• $2.015 b — ital The digital channel accounted for $2.015 billion, or 33%, of our revenue in 2023.
• $3.480 b — ical retail locations and accounted for $3.480 billion, or 56%, of our revenue in 2023.
• $687 m — . International net sales accounted for $687 million, or 11%, of our revenue in 2023.

Filing Documents

• vsco-20240203.htm (10-K) — 2019KB
• vsco-232024x10kex41.htm (EX-4.1) — 22KB
• vsco-232024x10kex211.htm (EX-21.1) — 8KB
• vsco-232024x10kex231.htm (EX-23.1) — 4KB
• vsco-232024x10kxex241.htm (EX-24.1) — 31KB
• vsco-232024x10kex311.htm (EX-31.1) — 9KB
• vsco-232024x10kex312.htm (EX-31.2) — 9KB
• vsco-232024x10kex321.htm (EX-32.1) — 4KB
• vsco-232024x10kex971.htm (EX-97.1) — 17KB
• vsco-20240203_g1.jpg (GRAPHIC) — 191KB
• 0001856437-24-000005.txt (&nbsp;) — 10558KB
• vsco-20240203.xsd (EX-101.SCH) — 77KB
• vsco-20240203_cal.xml (EX-101.CAL) — 107KB
• vsco-20240203_def.xml (EX-101.DEF) — 386KB
• vsco-20240203_lab.xml (EX-101.LAB) — 866KB
• vsco-20240203_pre.xml (EX-101.PRE) — 634KB
• vsco-20240203_htm.xml (XML) — 1335KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 29

Legal Proceedings

Item 3. Legal Proceedings 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

Reserved

Item 6. Reserved 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 51

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 53

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89

Controls and Procedures

Item 9A. Controls and Procedures 89

Other Information

Item 9B. Other Information 89

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 89 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 90

Executive Compensation

Item 11. Executive Compensation 90

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 90

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 90 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 91

Form 10-K Summary

Item 16. Form 10-K Summary 93

Signatures

Signatures 94 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS. General Victoria's Secret & Co. (together with its subsidiaries unless the context otherwise requires, "we", "us", "our" or the "Company") is a specialty retailer of women's intimate and other apparel and beauty products marketed under the Victoria's Secret, Victoria's Secret PINK ("PINK") and Adore Me brand names. We have approximately 910 stores in the United States ("U.S."), Canada and China, as well as our own websites, www.VictoriasSecret.com, www.PINK.com and www.AdoreMe.com, and other digital channels worldwide. Additionally, we have more than 460 stores in nearly 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the merchandise sourcing and production function serving us and our international partners. We operate as a single segment designed to seamlessly serve customers worldwide through stores and online channels. On December 30, 2022, we completed our acquisition of AdoreMe, Inc. ("Adore Me"), a digitally-native intimates brand. For additional information, see Note 2 to the Consolidated and Combined Financial Statements included in Item 8. Financial Statements and Supplementary Data. Our Brands Our business operates two market leading intimates and beauty brands, Victoria's Secret and PINK, that share a common purpose of supporting women in all they do, and Adore Me, a technology-led, digital first innovative intimates brand serving women of all sizes and budgets at all phases of life. We offer a range of products including signature bras, panties, lingerie, casual sleepwear, athleisure and swim, as well as prestige fragrances and body care. Victoria's Secret The Victoria's Secret brand offers a wide assortment of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear, athleisure and swim, as well as prestige fragrances and body care across its global retail locations and its online e-commerce channel. Victoria's Secret strives to provi