Victoria’s Secret sales fall 6% in FY22

Lingerie retailer Victoria’s Secret recently announced that sales for the full-year 2022 fell 6% compared to the previous year and now stand at $6.34bn (£5.27bn).

The FY22 financial results published on Friday also show a decline in revenues for the fourth quarter of the fiscal year ended January 28, 2023. The company reported net sales of $2.021bn (£1.68bn) for the fourth quarter of 2022, a decrease of 7% compared to net sales of $2.175bn (£1.80bn) in the prior year’s fourth quarter. 

Victoria’s Secret has also reported a decline in net income both during the last quarter and throughout the whole year. For the ending quarter of 2022 the company revealed a net income of $173m (£143m) and for the full year a $337m (£280m) net income. In 2021 the figures were respectively $246m (£204m) for the 2021 ending quarter and $646m (£537m) for the full year. 

In the official statement, the company has stated that it expects first quarter 2023 net sales to decrease “in the mid-single digit range compared to last year’s first quarter net sales of $1.484bn (£1.52bn)”. 

Despite the decline in revenues, chief executive officer Martin Waters has said to be happy with the company’s financial performance, which marked the first year of Victoria’s Secret being a public company on the market. 

Waters commented: “As we look back on 2022, our first full year as an independent, publicly-traded company, I would like to express my deepest appreciation for the hard work and dedication of our team of associates and partners around the world.

“As we look into the new year, we recognize the environment will likely remain challenging for the foreseeable future. We remain committed to evolving and innovating our business, and delivering our long-term financial targets and returning value to our shareholders.”