(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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