We continue to get closer to the consumer. And maybe what do you include in that market? I said 15% to 20% across the year. Martin, any help contextualizing the size of the PINK apparel now versus historically and maybe if you have a view on where it should be in the future? The overarching headline would be that we are really pleased with the progress that we have made and the repositioning of the brand. Victorias Secret & Co. (NYSE:VSCO) Q4 2022 Earnings Call Transcript March 3, 2023 Operator: Good morning. We expanded our store of the future fleet to 52 stores worldwide, and we released our first ever ESG summary report in the spring, our ESG materiality report in the fall, and we look forward to publishing our first full ESG report next month. With this in mind, we expect sales for 2023 to increase in the mid-single-digit range compared to 2022. And we plan to release our ESG materiality assessment and strategy this fall. We see opportunity for growth in both international and in the new business areas or emerging business areas now under Gregs leadership. Corey, your line is open. And how much is on air this year versus last year? Please be advised that todays conference is being recorded. Our most liked post in the last quarter was the Instagram post of our repositioning video about brand transformation, very high receptivity to that. Its very catchy. And then obviously, Q2 and Q3 are a little more -- or a little lower, very similar to the VS business, as you mentioned. So, I don't mean discount outlets. Thanks for having my question today. If we think about second quarter margins being down a little over 500 basis points and were guiding to a similar outcome in the third quarter, I would suggest to you that from a margin standpoint, the promotionality from second quarter to third quarter, we expect to be relatively similar as we look at margin rate, promotionality might be approximately half of the gross margin rate decline with the other half being a combination of, depending on the quarter youre looking at, being a combination of either supply chain pressure we experienced in second quarter or in the third quarter, where supply chain kind of moderates. I want to just hit the AUR point because there is a lot to unpack. And then the fourth item I'd mention as it relates to SG&A increase year-over-year. This content is reserved for subscribers WebVictoria's Secret & Co. (NYSE:VSCO) Q4 2022 Earnings Call Transcript March 3, 2023Operator: Good morning. At this time, I'd like to welcome everyone to the Victoria's Secret & Co. Fourth Quarter 2022 Earnings Conference Call. I don't see that changing. So, thanks for asking. We see growth in new brands. So thank you all for your interest in our business. Thanks. Very helpful. Great question, Omar. And then, Martin, I was just wondering if youd be willing to flesh out the mining for new growth vehicles comment anymore from the prepared remarks. Maybe how is that in the context how are to somebody want be? So, when we started working with parties, I'm going to say a couple of years ago, it was a little bit of across the board, lots of different brands, particularly too many brands, frankly. So that would be slightly rate accretive to the company, which means given their operating margins are similar to ours, their expense levels are going to be in the mid- to high 40s. Victorias Secret & Co. (NYSE:VSCO) Q3 2022 Earnings Call Transcript December 1, 2022 Victorias Secret & Co. beats earnings expectations. After several years of missteps, we collectively undertook and committed to a revolution of our brand and our strategy aspiring to become the Victorias Secret our customers deserve, a Victorias Secret where everyone feels seen, respected and valued. It was very impressive this quarter. But more important to me is the clues that it gives us to back into the 850 existing locations that we have. Sales during semiannual [ph] sales were up to last year. We are not particularly longer on inventory in that category than elsewhere, but we will be very prudent on our purchases for the back half of the year. I guess my first question, Martin, just a follow-up on PINK. Our next question comes from Jonna Kim with TD Cowen. How large is PINK apparel? Overall, weve been able to increase prices by something in the range of low to mid-single digits on a year-over-year basis. But you can tell from that framing that it's a significant part of the business. Analysts on Wall Street expect Victorias Secret will release earnings per share of $0.838. So earlier they can get customers in the funnel better, similar from a try on a home perspective. We believe we are two years into a five-year journey in the turnaround of our business, and we have a clear road map to be the world's leading fashion retailer of intimate apparel. And as part of that new structure, we welcomed a Chief Customer Officer, a Chief Supply Chain Officer and also named a Chief Growth Officer, giving us focused leadership expertise to steer us to the next stage of our transformational journey. Within that, the VS and PINK business for the North America business, primarily is about $430 million or flat to last year in the first quarter, even with those investments in technology, marketing and also bonus-related costs. Is that all loungewear, sleepwear, athleisure type? And then, Martin, could you also address if there has been any impact from the viral social media song Victorias Secret? This year, as Martin just mentioned, as we have written in some of our prepared remarks, at the midpoint, our operating income is more like $550 million or 8% or 9% again in a very difficult environment, the key headwinds there being sales and supply chain over the last 12 months. Thanks. Overview; Team; Affiliate partnerships; Board & Investors; What we do. Secondly, we're going to leverage the technology and try on at home that Adore Me has perfected, and we're going to apply that to our much larger scale customer base in Victoria's and PINK and the same with subscription services that will be applied towards the back half of the year. I think, clearly, we are getting traction in bras and intimates as key categories. And we feel really good about where we are now in the curation. Is that something that you are seeing as you look at VS and PINK? So one of the learns coming out of this is the penetration and the newness and reg price was higher than it was into our clearance business. So we live and learn and we continue to get better. Thank you for participating. KP Tissue, Inc. (KPTSF) Q1 2023 Earnings Call Transcript Nordex SE (NRDXF) Q1 2023 Earnings Call Transcript Chorus Aviation Inc. (CHRRF) Q1 2023 Earnings Call Transcript Fisker: Change In Production Target Is A Game-Changer Impel Pharmaceuticals Inc. (IMPL) Q1 2023 Earnings Call Transcript We are available today for up to 45 minutes to answer any questions after our prepared remarks. WebEarnings Summary. Can you just think about -- or help explain how you think the new structure maybe will help benefit the brand? And how much are you expecting a reversal in freight on the cost side? Telsey Advisory Group Adjusts Price Target on Victoria's Secret to Thanks for taking my question. It has been -- intimates has been increasing as a proportion of the business over the last several years steadily, it is our focus. I do think its important to note that our traffic change or deceleration month-to-month in terms of store traffic trends aligned generally with what the mall was seeing from our perspective and align generally with what you are likely seeing from other retailers or I guess, the credit card data or however you monitor that. Paul, your line is open. We were not wrong. Matthew, your line is open. But I think as we understand the business better, as we spend more time on the long-term strategy, we see an opportunity in the core business as we unite the brands under Amys leadership to grow in line with the market in our key categories. Yes. That concludes today's conference. Incidentally, in many of those occasions, not all of them, but many of those occasions, we take the opportunity to downsize sometimes bring PINK from being stand-alone into the box, which leads to higher sales densities and more efficiency in terms of the way that we run the operation. Transcript : Victoria's Secret & Co., Q1 2024 Earnings Call, Jun 01, 2023 | MarketScreener Homepage Equities United States Nyse Victoria's Secret & Co. News Summary VSCO US9264001028 VICTORIA'S SECRET & CO. (VSCO) Add to my list Report Summary Quotes Charts News Ratings Calendar Company Financials Our next question comes from Corey Tarlowe with Jefferies. So excited about that, and I already spoke a little bit about that. The partnership with Elomi Lingerie will now expand the overall size offering available on victoriassecret.com to over 100 sizes. Can you talk a little bit about what factors this year you view as transitory and then maybe paint us a path on how to return back up into the double-digits? Thanks for the question. I think, Lauren, this is T.J. Ill take the first part and then ask Martin and Brad to speak to the second part. That's helpful. So, in the old days, going into a season, you would be pretty clear about what you were producing and where your spend was going to go. Good morning and thank you for taking my questions. Sorry, I just had one quick follow-up on SG&A. Next question, please. And I'm curious, you noted the new organization structure at VS between Lingerie and PINK. And as we look back on 2022, our first full year as an independent public company, I wanted to spend a few minutes reflecting on the key actions that we've taken over this past year in support of our strategy and positioning for the long term. And then, T.J., in what inning would you call the expense efficiencies and savings that youve implemented to date as we think about the multiyear opportunity on this front? Martin, I can tag team this one, Lorraine. And that looks really interesting. Thats well documented. The bit thats super dynamic in marketing, forgive me, this is Captain Obvious stuff. Best of luck for the rest of the year. Thanks. But the Jax video is super interesting because, I mean look, its very clever. Transcript : Victoria's Secret & Co., Q2 2022 Earnings Call, Aug 19, 2021. Hopefully that helps, Adrienne. So I think last year, we were at Brad, keep me honest here, we were at 90% air and 10% sea, which gave us very little opportunity to react. So, thank you, everybody, for your questions and comments and follow-ship of our business. Okay. We plan to leverage some of their technology on our scale platform, starting in the second quarter and continuing through the fall season. And the very relatively few people that did actually make it all the way through to the end of the series had a stronger perception of the brand coming out of it and they are going in. Please. So, the fundamental question, how do we know if things are going to work or not when we change merchandise? The point in mentioning it here as it relates to expenses is obviously, it shows up in our P&L for the first time here in first quarter. Clearly, thats a 7% increase. So stack about that. And then maybe whether or not you see an opportunity for AUR growth with your new bra launches? It's 8:55. Yes, sure. Omar, your line is open. What does the path forward look like? So, while it has a higher profitability than the other elements of the business, I am very comfortable with it being in the mid-teens as a go-forward part of our strategy. Q3 and Q4 last year were both in the 90% range, so very similar. It's a new design direction. The first stores that we opened in the new format were in off-mall locations. My name is Amanda, and I will be your conference operator today. And there were a couple of things that have helped us significantly in that endeavor in the last six months or so, more recently in the last quarter. Led by our two category defining brands, a merchandise leadership position in intimates and beauty and a global business position to increase our market share, our goal is clear: to be the world's leading fashion retailer of intimate apparel. So, hope that helps. So, as it relates to marketing strategy, sort of no change, really. It's a fantastic company, which just in and of itself is a great growth vehicle for us. We're especially proud of our associate satisfaction metrics with 87% of our associates reporting that they feel proud to work at VS & Co. We welcomed a new Independent Director and seven of our eight Board members are women, mirroring our customer base. Were opening 16 15 or 16 in total this year. And under Amys leadership going forward, where those brands are combined, we are going to get seriously after that. Why don't I take the second question, TJ, you can address the first question? And we are just delighted that we are able to service customers from all over the globe, and thats a testament to the strength that there is in the Victorias Secret and PINK brands. We are skewing a little bit younger than we have done previously, a little bit more female than we have done previously. Could you remind us how much in revenue PINK was in 2022? Features; Pricing; FAQ; News. Would it also lift gross margin? You talked about investments that you're making. My name is Amanda, and I will be your conference operator today.
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