Victoria’s Secret & Co. VSCO shares are trading lower Wednesday after the company announced the retirement of Chief Financial and Administrative Officer Timothy Johnson and the appointment of Scott Sekella as the new Chief Financial Officer.
Johnson, who has been with the company through its transition to an independent public entity, will retire in June 2025. Sekella, previously CFO at Joann and a former financial leader at Under Armour and Crocs, will take over the role. CEO Hillary Super described Sekella as a transformational leader with a strong retail background.
Providing an update on its holiday sales and fourth-quarter earnings expectations, he company now expects net sales, adjusted operating income and adjusted diluted earnings per share to be at or near the high end of previously issued guidance.
Fourth-quarter net sales are forecasted to grow 3% to 4%, while adjusted operating income is projected between $260 million and $270 million, up from the previous range of $240 million to $270 million. Adjusted diluted earnings per share are expected to fall between $2.20 and $2.30, an improvement from the earlier guidance of $2.00 to $2.30.
Super attributed the updated financial outlook to continued momentum in North American sales across stores and digital channels, international business growth and strong performance in the Victoria’s Secret and PINK brands, particularly in beauty products. Increased customer traffic and the positive impact of the VS Fashion Show in late October may have also contributed to the company’s improved outlook.
Victoria’s Secret plans to share further details on its fourth-quarter results and 2025 expectations during its upcoming earnings call in March.
Price Action: Victoria’s secret shares were down 5.82% at $35.70 at the time of writing, according to Benzinga Pro.
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