Victoria’s Secret & Co. has signalled third-quarter losses will not be as drastic as previously feared after sales have outdone expectations so far during the period.
Now anticipating a net loss between US$45 million and US$65 million, rather than US$45 million to US$75 million, the lingerie company said sales had improved throughout this year.
“Our sales growth internationally has been ahead of plan and our sales trends in North America continue to improve each month,” chief executive Martin Waters commented.
“August was better than [the] second quarter, September was better than August, and our early October results have positioned us for our best month of the third quarter.
Per share losses will likely be between US$0.70 and US$0.90, compared to previous expectations of US$0.70 to US$1.00, the company said.
Victoria’s Secret is due to host an investor day on Thursday, with news of the updated guidance boosting shares by 2.7% to US$15.30 in post-market trading.