Victoria's Secret Files Q3 2024 10-Q
Ticker: VSCO · Form: 10-Q · Filed: 2024-12-09T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
Related Tickers: VSCO
TL;DR
VSCO's Q3 10-Q is in! Check financials for Nov 2, 2024.
AI Summary
Victoria's Secret & Co. filed its 10-Q for the period ending November 2, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial data and balance sheet information as of November 2, 2024, are presented, reflecting the company's financial position.
Why It Matters
This filing provides investors with the latest financial results and disclosures for Victoria's Secret, crucial for understanding the company's performance and outlook in the retail sector.
Risk Assessment
Risk Level: medium — 10-Q filings are standard disclosures, but the financial details within can reveal significant risks or opportunities.
Key Numbers
- 2024-11-02 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 2024-12-09 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- Victoria's Secret & Co. (company) — Filer of the 10-Q report
- November 2, 2024 (date) — End of the reporting period
- 20241209 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended November 2, 2024.
When was this 10-Q filed with the SEC?
This 10-Q filing was made on December 9, 2024.
What is the company's Central Index Key (CIK)?
The Central Index Key for Victoria's Secret & Co. is 0001856437.
What is the company's fiscal year end?
Victoria's Secret & Co.'s fiscal year ends on February 1st.
What is the SEC file number for Victoria's Secret & Co.?
The SEC file number for Victoria's Secret & Co. is 001-40515.
Filing Stats: 4,980 words · 20 min read · ~17 pages · Grade level 17 · Accepted 2024-12-09 16:16:56
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 Par Value VSCO The New York Stock Excha
Filing Documents
- vsco-20241102.htm (10-Q) — 1174KB
- vsco-202411210q_ex311.htm (EX-31.1) — 9KB
- vsco-202411210q_ex312.htm (EX-31.2) — 9KB
- vsco-202411210q_ex321.htm (EX-32.1) — 5KB
- 0001856437-24-000033.txt ( ) — 5305KB
- vsco-20241102.xsd (EX-101.SCH) — 37KB
- vsco-20241102_cal.xml (EX-101.CAL) — 66KB
- vsco-20241102_def.xml (EX-101.DEF) — 171KB
- vsco-20241102_lab.xml (EX-101.LAB) — 417KB
- vsco-20241102_pre.xml (EX-101.PRE) — 305KB
- vsco-20241102_htm.xml (XML) — 630KB
Financial Information
Part I. Financial Information
Financial Statements*
Item 1. Financial Statements* Consolidated Statements of Loss for the Thirteen-Weeks and T h irty - Nine -Weeks Ended Nove mber 2 , 2024 and October 28 , 2023 (Unaudited) 3 Consolidated Statements of Comprehensive Loss for the Thirteen-Weeks and T hir ty- Nine -Weeks Ended November 2 , 2024 and October 28 , 2023 (Unaudited) 3 Consolidated Balance Sheets as of November 2 , 2024 (Unaudited), February 3, 2024 and October 28 , 2023 (Unaudited) 4 Consolidated Statements of Equity for the Thirteen-Weeks and T hir ty- Nine -Weeks Ended November 2 , 2024 and October 28 , 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the T hir ty- Nine -Weeks Ended November 2 , 2024 and October 28 , 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 18
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 19
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 31
Controls and Procedures
Item 4. Controls and Procedures 32
Other Information
Part II. Other Information 33
Legal Proceedings
Item 1. Legal Proceedings 33
Risk Factors
Item 1A. Risk Factors 33
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 33
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 33
Other Information
Item 5. Other Information 33
Exhibits
Item 6. Exhibits 34 Signature 35 * Victoria's Secret & Co.'s fiscal year ends on the Saturday nearest to January 31. As used herein, "third quarter of 2024" and "third quarter of 2023" refer to the thirteen-week periods ended November 2, 2024 and October 28, 2023, respectively. "Year-to-date 2024" and "year-to-date 2023" refer to the thirty-nine-week periods ended November 2, 2024 and October 28, 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 LOSS (in millions except per share amounts) (Unaudited) Third Quarter Year-to-Date 2024 2023 2024 2023 Net Sales $ 1,347 $ 1,265 $ 4,124 $ 4,099 Costs of Goods Sold, Buying and Occupancy ( 879 ) ( 838 ) ( 2,653 ) ( 2,683 ) Gross Profit 468 427 1,471 1,416 General, Administrative and Store Operating Expenses ( 515 ) ( 494 ) ( 1,429 ) ( 1,429 ) Operating Income (Loss) ( 47 ) ( 67 ) 42 ( 13 ) Interest Expense ( 22 ) ( 26 ) ( 66 ) ( 72 ) Other Income (Loss) ( 1 ) — 1 — Loss Before Income Taxes ( 70 ) ( 93 ) ( 23 ) ( 85 ) Provision (Benefit) for Income Taxes ( 15 ) ( 22 ) 2 ( 17 ) Net Loss ( 55 ) ( 71 ) ( 25 ) ( 68 ) Less: Net Income Attributable to Noncontrolling Interest 1 — 3 4 Net Loss Attributable to Victoria's Secret & Co. $ ( 56 ) $ ( 71 ) $ ( 28 ) $ ( 72 ) Net Loss Per Basic Share Attributable to Victoria's Secret & Co. $ ( 0.71 ) $ ( 0.92 ) $ ( 0.36 ) $ ( 0.93 ) Net Loss Per Diluted Share Attributable to Victoria's Secret & Co. $ ( 0.71 ) $ ( 0.92 ) $ ( 0.36 ) $ ( 0.93 ) VICTORIA'S SECRET & CO. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in millions) (Unaudited) Third Quarter Year-to-Date 2024 2023 2024 2023 Net Loss $ ( 55 ) $ ( 71 ) $ ( 25 ) $ ( 68 ) Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation 1 ( 2 ) — ( 4 ) Total Other Comprehensive Income (Loss), Net of Tax 1 ( 2 ) — ( 4 ) Total Comprehensive Loss ( 54 ) ( 73 ) ( 25 ) ( 72 ) Less: Net Income Attributable to Noncontrolling Interest 1 — 3 4 Less: Foreign Currency Translation Attributable to Noncontrolling Interest 1 ( 1 ) — ( 2 ) Comprehensive Loss Attributable to Victoria's Secret & Co. $ ( 56 ) $ ( 72 ) $ ( 28 ) $ ( 74 ) 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) November 2, 2024 February 3,
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 approximately 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 490 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 third quarter of 2024, the Company made certain executive leadership changes, including the appointment of a new Chief Executive Officer and the elimination of two executive officer roles to streamline its executive leadership team. 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, "third quarter of 2024" and "third quarter of 2023" refer to the thirteen-week periods ended November 2, 2024 and October 28, 2023, respectively. "Year-to-date 2024" and "year-to-date 2023" refer to the thirty-nine-week periods ended November 2, 2024 and October 28, 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