Victoria's Secret reported Q1 2024 revenue of $1.359 billion, down 3% from $1.407 billion in Q1 2023, with comparable sales declining 5%. The company posted a net loss of $3 million, compared to a net income of $4 million in the prior year period. Operating income decreased slightly to $26 million from $28 million, with an operating margin of 1.9%.North American store sales fell 7% to $729 million due to lower average unit retail prices, reduced traffic and conversion rates. Direct channel sales declined 3% to $449 million as increased conversion was offset by lower average unit retail and traffic. However, international sales showed strength, growing 16% to $181 million driven by improved performance in China and wholesale arrangements.The company maintained its strategic focus on core acceleration, growth ignition and foundation transformation. Gross profit rate improved to 36.9% from 35.7%, benefiting from supply chain initiatives, while general and administrative expenses increased slightly to $475 million. The company ended the quarter with $105 million in cash and $482 million available under its credit facility.

Victoria's Secret reported Q1 2024 revenue of $1.359 billion, down 3% from $1.407 billion in Q1 2023, with comparable sales declining 5%. The company posted a net loss of $3 million, compared to a net income of $4 million in the prior year period. Operating income decreased slightly to $26 million from $28 million, with an operating margin of 1.9%.North American store sales fell 7% to $729 million due to lower average unit retail prices, reduced traffic and conversion rates. Direct channel sales declined 3% to $449 million as increased conversion was offset by lower average unit retail and traffic. However, international sales showed strength, growing 16% to $181 million driven by improved performance in China and wholesale arrangements.The company maintained its strategic focus on core acceleration, growth ignition and foundation transformation. Gross profit rate improved to 36.9% from 35.7%, benefiting from supply chain initiatives, while general and administrative expenses increased slightly to $475 million. The company ended the quarter with $105 million in cash and $482 million available under its credit facility.