Victoria’s Secret & Co., which is already in the midst of a brand reinvention, is now caught up in the consumer malaise and feeling the pain.
Sales for the three months ended April 29 decreased 5.2 percent to $1.4 billion from $1.5 billion a year earlier, with comparable sales off 11 percent.
The CEO said the company’s North American business saw a “significant decline” in its core categories both in stores and online. Waters said the challenging environment was “likely to continue for the balance of 2023” but that the company is focused on its long-term plans to transform its foundation, strengthen its core business and push growth.
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