Victoria's Secret reported Q2 2024 net income of $32 million, compared to a $1 million loss in Q2 2023, as operating income doubled to $62 million from $26 million. Net sales slightly declined 1% to $1.42 billion, with comparable sales down 3%. The gross profit rate improved to 35.4% from 34.1%, driven by supply chain cost reductions.North American store sales decreased 2% to $800 million as higher traffic was offset by lower conversion rates and average unit retail prices. Direct channel sales dipped 1% to $430 million, while international sales grew 6% to $187 million, boosted by franchise royalties and wholesale arrangements. General and administrative expenses decreased 5% to $439 million.The company maintained strong liquidity with $169 million in cash and $483 million available under its credit facility. Management remains focused on strategic priorities including accelerating core business, igniting growth, and transforming foundation. The Board approved a new $250 million share repurchase program in March 2024, demonstrating confidence in the company's financial position.

Victoria's Secret reported Q2 2024 net income of $32 million, compared to a $1 million loss in Q2 2023, as operating income doubled to $62 million from $26 million. Net sales slightly declined 1% to $1.42 billion, with comparable sales down 3%. The gross profit rate improved to 35.4% from 34.1%, driven by supply chain cost reductions.North American store sales decreased 2% to $800 million as higher traffic was offset by lower conversion rates and average unit retail prices. Direct channel sales dipped 1% to $430 million, while international sales grew 6% to $187 million, boosted by franchise royalties and wholesale arrangements. General and administrative expenses decreased 5% to $439 million.The company maintained strong liquidity with $169 million in cash and $483 million available under its credit facility. Management remains focused on strategic priorities including accelerating core business, igniting growth, and transforming foundation. The Board approved a new $250 million share repurchase program in March 2024, demonstrating confidence in the company's financial position.