The lingerie company warns of lower sales volume and lower profits than analysts expected.
Lingerie giant Victoria's Secret reported weaker-than-expected results for the first quarter of 2024. The company is also warning of lower profits for 2025.
In a letter, Victoria's Secret said it expects a decline in sales volume in the first quarter of 2024 and for the fiscal year as a whole, according to Bloomberg.
On Tuesday evening, the stock was down more than 23 percent in after-market trading on Wall Street.
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The lingerie giant expects net sales to reach about $6 billion, or approximately 63 billion kroner. The newspaper reported that there was a slight decrease compared to the previous year.
Furthermore, the company estimates adjusted operating income at between $10 million and $35 million for the quarter, which is lower than Bloomberg's estimate of $55.1 million.
For 2025, Victoria's Secret is targeting $250 million to $275 million in adjusted operating profit. Here is the median Bloomberg estimate of $349.9 million.
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