Victoria's Secret under pressure from inflation; Forecast of cuts
Victoria's Secret joins the list of retailers feeling the effects of inflation.
The lingerie and beauty company - which includes Victoria's Secret Lingerie, Victoria's Secret Beauty and the Pink brands - released quarterly results on Wednesday after the market closed, falling short of results (and falling short of Wall's expectations). Street) as consumers continue to retreat from spending on discretionary items.
Models from Victoria's Secret "Very Sexy Collection". Courtesy photoThe loungewear giant is just one of many retailers trying to manage price hikes, supply chain bottlenecks, budget-conscious shoppers, inventory excess and reduced customer traffic at a time of uncertainty. In the case of Victoria's Secret, the end result was a balance sheet of $67.2 million in net profit for the quarter ending July 30, up from $151 million a year ago, more than $1.08 billion dollars of excess inventory and the company reduced its current quarter and full-year guidance.
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Bella Hadid in Victoria's Secret. Courtesy photo"We have adjusted our inventory position and cost structure accordingly while enabling continued investment in growth initiatives," said Martin Waters, CEO of Victoria's Secret & Co., in a statement. He added that the company...
Victoria's Secret joins the list of retailers feeling the effects of inflation.
The lingerie and beauty company - which includes Victoria's Secret Lingerie, Victoria's Secret Beauty and the Pink brands - released quarterly results on Wednesday after the market closed, falling short of results (and falling short of Wall's expectations). Street) as consumers continue to retreat from spending on discretionary items.
Models from Victoria's Secret "Very Sexy Collection". Courtesy photoThe loungewear giant is just one of many retailers trying to manage price hikes, supply chain bottlenecks, budget-conscious shoppers, inventory excess and reduced customer traffic at a time of uncertainty. In the case of Victoria's Secret, the end result was a balance sheet of $67.2 million in net profit for the quarter ending July 30, up from $151 million a year ago, more than $1.08 billion dollars of excess inventory and the company reduced its current quarter and full-year guidance.
Related Galleries
Bella Hadid in Victoria's Secret. Courtesy photo"We have adjusted our inventory position and cost structure accordingly while enabling continued investment in growth initiatives," said Martin Waters, CEO of Victoria's Secret & Co., in a statement. He added that the company...
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