Victoria's Secret & Co. (VS&Co) has appointed Hillary Super as its new Chief Executive Officer, effective September 9, 2024. Super brings nearly three decades of retail merchant expertise, having most recently served as CEO of intimates and accessories brand Savage x Fenty. VS&Co's preliminary second quarter 2024 financial results are also promising, with net sales, adjusted operating income, and adjusted diluted earnings per share expected to fall within or exceed previously issued guidance ranges.
The preliminary results for the second quarter 2024 ended August 3, 2024, indicate that net sales are expected to decline by 1% to 2%, which is at the top end or above the company's prior guidance of 1% to 3%. Furthermore, adjusted operating income is projected to be between $57 million and $62 million, surpassing the previous guidance of $30 million to $45 million. Adjusted diluted earnings per share are expected to range from $0.34 to $0.39, compared to the prior guidance of $0.05 to $0.20.
According to Timothy (TJ) Johnson, VS&Co's Chief Financial and Administrative Officer, the company is encouraged by the continued sequential improvement in quarterly sales results in North America for the fourth consecutive quarter, with sales trends improving in both stores and digital channels. The company attributes this improvement to the successful launch of products such as the Victoria's Secret dream bra collection and the pink friday back to campus event in late July. Additionally, disciplined inventory management and strong margin performance have contributed to the positive results.
VS&Co's previous CEO, Martin Waters, will continue to support the company as an advisor through August 31, 2024. He expressed pride in the accomplishments during his time at VS&Co, including driving international expansion, enhancing operational efficiency, and improving the company's culture.
Hillary Super expressed excitement in joining VS&Co and highlighted the strength of the company's iconic brands, coupled with opportunities for future growth. She aims to work with the board and management team to position VS&Co as the world's leading fashion retailer of intimate apparel and create a dominant global market position to grow shareholder value.
The company is set to provide more details on its second quarter results and expectations for the remainder of 2024 on its upcoming earnings call on Thursday, August 29. The market has reacted to these announcements by moving the company's shares 2.5% to a price of $19.07. For more information, read the company's full 8-K submission here.
