(AOF) – Victoria’s Secret reported net income of $109 million, or $1.39 per diluted share, for fiscal 2023. compared to $348 million, or $4.14 per diluted share, for the fiscal year 2022. In 2023, its operating profit amounted to $246 million, compared to $478 million a year before. Its 2023 sales stood at $6.182 billion compared to $6.344 billion, a drop of 3%.
The retail chain expects fiscal 2024 net sales to be around $6 billion, a decline of 1-3%. Its adjusted operating profit for 2024 is expected to be between nearly $250 million and $275 million.
Its net revenue in the first quarter of 2024 is expected to decline 4-6% in the mid-single digits compared to last year’s first quarter net revenue ($1.407 billion).
Adjusted operating profit for this first quarter should be in the range of $10 million to $35 million.
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In France, financial aid aimed at encouraging consumers to repair rather than throw away objects now also applies to clothing and shoes.
The principle remains the same for clothing and shoes as for the selection of electronic products: the consumer must go to an approved repairer to benefit from assistance which cannot exceed 60% of the cost of the repair. The approved organization, “Refashion”, aims to increase the number of repairs by 35% by 2028. The Repair Fund, fueled by “eco-contributions” from brands, finances the operation. However, the question is whether this bonus will have to face the same difficulties as that for household appliances, which has not met with the expected success, in particular due to complex labeling procedures.