Victoria's Secret Files Q2 2024 10-Q
Ticker: VSCO · Form: 10-Q · Filed: 2024-09-06T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, retail, earnings
Related Tickers: L Brands (LB)
TL;DR
VSCO 10-Q filed: Q2 2024 financials out. Check balance sheet & income statement.
AI Summary
Victoria's Secret & Co. filed its 10-Q for the period ending August 3, 2024. The company reported financial results for the second quarter of fiscal year 2024, detailing its revenues, expenses, and net income. The filing also includes updates on the company's financial position, including assets, liabilities, and equity as of August 3, 2024, and compares them to the previous fiscal year.
Why It Matters
This filing provides investors with a detailed look at Victoria's Secret's financial performance and health during the second quarter, impacting stock valuation and future investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial performance or challenges.
Key Numbers
- 20240803 — End of Fiscal Period (This date marks the end of the reporting period for the 10-Q filing.)
- 20240906 — Filing Date (This is the date the 10-Q report was officially filed with the SEC.)
Key Players & Entities
- Victoria's Secret & Co. (company) — Filer of the 10-Q report
- August 3, 2024 (date) — End of the reporting period for the 10-Q
- 0001856437-24-000029 (other) — Accession Number for the filing
FAQ
What were Victoria's Secret's total revenues for the second quarter of fiscal year 2024?
The filing indicates the reporting period ended August 3, 2024, and would contain detailed revenue figures for the quarter, though specific dollar amounts are not directly extracted in this summary.
How does Victoria's Secret's financial position on August 3, 2024, compare to the previous fiscal year?
The 10-Q provides comparative balance sheet information, detailing assets, liabilities, and equity as of August 3, 2024, and comparing them to the prior fiscal year's end.
What is the accession number for this Victoria's Secret 10-Q filing?
The accession number for this filing is 0001856437-24-000029.
What is the standard industrial classification for Victoria's Secret & Co.?
The Standard Industrial Classification for Victoria's Secret & Co. is RETAIL-WOMEN'S CLOTHING STORES [5621].
When was Victoria's Secret & Co. formerly known by another name?
The company was formerly known as Victorias Secret & Co. and the date of the name change was April 12, 2021.
Filing Stats: 4,928 words · 20 min read · ~16 pages · Grade level 16.3 · Accepted 2024-09-06 16:16:49
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 Par Value VSCO The New York Stock Excha
Filing Documents
- vsco-20240803.htm (10-Q) — 1164KB
- vsco-20248310q_ex311.htm (EX-31.1) — 9KB
- vsco-20248310q_ex321.htm (EX-32.1) — 4KB
- 0001856437-24-000029.txt ( ) — 5266KB
- vsco-20240803.xsd (EX-101.SCH) — 37KB
- vsco-20240803_cal.xml (EX-101.CAL) — 65KB
- vsco-20240803_def.xml (EX-101.DEF) — 167KB
- vsco-20240803_lab.xml (EX-101.LAB) — 413KB
- vsco-20240803_pre.xml (EX-101.PRE) — 302KB
- vsco-20240803_htm.xml (XML) — 627KB
Financial Information
Part I. Financial Information
Financial Statements*
Item 1. Financial Statements* Consolidated Statements of Income (Loss) for the Thirteen-Weeks and T wenty - Six -Weeks Ended August 3 , 2024 and July 29, 2023 (Unaudited) 3 Consolidated Statements of Comprehensive Income (Loss) for the Thirteen-Weeks and Twenty-Six-Weeks Ended August 3, 2024 and July 29, 2023 (Unaudited) 3 Consolidated Balance Sheets as of A ugust 3 , 2024 (Unaudited), February 3, 2024 and July 29, 2023 (Unaudited) 4 Consolidated Statements of Equity for the Thirteen-Weeks and Twenty-Six-Weeks Ended August 3, 2024 and July 29, 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for th e Twenty-Six-Weeks Ended August 3, 2024 and July 29, 2023 (Unaudited) 7
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 8 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 19
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 32
Controls and Procedures
Item 4. Controls and Procedures 33
Other Information
Part II. Other Information 34
Legal Proceedings
Item 1. Legal Proceedings 34
Risk Factors
Item 1A. Risk Factors 34
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 34
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 34
Other Information
Item 5. Other Information 34
Exhibits
Item 6. Exhibits 35 Signature 36 * Victoria's Secret & Co.'s fiscal year ends on the Saturday nearest to January 31. As used herein, "second quarter of 2024" and "second quarter of 2023" refer to the thirteen-week periods ended August 3, 2024 and July 29, 2023, respectively. "Year-to-date 2024" and "year-to-date 2023" refer to the twenty-six-week periods ended August 3, 2024 and July 29, 2023, respectively, and "fiscal year 2024" and "fiscal year 2023" refer to the fifty-two-week period ending February 1, 2025 and the fifty-three-week period ended February 3, 2024, respectively. 2 Table of Contents
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS VICTORIA'S SECRET & CO. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in millions except per share amounts) (Unaudited) Second Quarter Year-to-Date 2024 2023 2024 2023 Net Sales $ 1,417 $ 1,427 $ 2,777 $ 2,834 Costs of Goods Sold, Buying and Occupancy ( 916 ) ( 940 ) ( 1,774 ) ( 1,845 ) Gross Profit 501 487 1,003 989 General, Administrative and Store Operating Expenses ( 439 ) ( 461 ) ( 914 ) ( 935 ) Operating Income 62 26 89 54 Interest Expense ( 21 ) ( 24 ) ( 43 ) ( 46 ) Other Income — — — — Income Before Income Taxes 41 2 46 8 Provision for Income Taxes 9 3 16 5 Net Income (Loss) 32 ( 1 ) 30 3 Less: Net Income Attributable to Noncontrolling Interest — — 2 4 Net Income (Loss) Attributable to Victoria's Secret & Co. $ 32 $ ( 1 ) $ 28 $ ( 1 ) Net Income (Loss) Per Basic Share Attributable to Victoria's Secret & Co. $ 0.41 $ ( 0.02 ) $ 0.36 $ ( 0.01 ) Net Income (Loss) Per Diluted Share Attributable to Victoria's Secret & Co. $ 0.40 $ ( 0.02 ) $ 0.35 $ ( 0.01 ) VICTORIA'S SECRET & CO. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited) Second Quarter Year-to-Date 2024 2023 2024 2023 Net Income (Loss) $ 32 $ ( 1 ) $ 30 $ 3 Other Comprehensive Loss, Net of Tax: Foreign Currency Translation — — ( 1 ) ( 2 ) Total Other Comprehensive Loss, Net of Tax — — ( 1 ) ( 2 ) Total Comprehensive Income (Loss) 32 ( 1 ) 29 1 Less: Net Income Attributable to Noncontrolling Interest — — 2 4 Less: Foreign Currency Translation Attributable to Noncontrolling Interest — ( 1 ) ( 1 ) ( 1 ) Comprehensive Income (Loss) Attributable to Victoria's Secret & Co. $ 32 $ — $ 28 $ ( 2 ) The accompanying Notes are an integral part of these Consolidated Financial Statements. 3 Table of Contents VICTORIA'S SECRET & CO. CONSOLIDATED BALANCE SHEETS (in millions except par value amounts) August 3, 2024 February 3, 2024 July 29, 2023 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and Cash Equival
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies Description of Business Victoria's Secret & Co. (together with its subsidiaries unless the context otherwise requires, the "Company") is a specialty retailer of women's intimate and other apparel and beauty products marketed under the Victoria's Secret, PINK and Adore Me brand names. The Company has more than 890 stores in the United States ("U.S."), Canada and China as well as its own websites, www.VictoriasSecret.com, www.PINK.com and www.AdoreMe.com, and other digital channels worldwide. Additionally, the Company has more than 480 stores in nearly 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the merchandise sourcing and production function serving the Company and its international partners. The Company operates as a single segment designed to serve customers worldwide seamlessly through stores and digital channels. In the first quarter of 2023, the Company implemented restructuring actions to reorganize and improve its organizational structure. For additional information, see Note 4, "Restructuring Activities." Fiscal Year The Company's fiscal year ends on the Saturday nearest to January 31. As used herein, "second quarter of 2024" and "second quarter of 2023" refer to the thirteen-week periods ended August 3, 2024 and July 29, 2023, respectively. "Year-to-date 2024" and "year-to-date 2023" refer to the twenty-six-week periods ended August 3, 2024 and July 29, 2023, respectively, and "fiscal year 2024" and "fiscal year 2023" refer to the fifty-two-week period ending February 1, 2025 and the fifty-three-week period ended February 3, 2024, respectively. Basis of Presentation The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). Interim Financial Statements