Consumer
Victoria’s Secret Falls Most Ever in Faltering Turnaround
- Full-year net sales guidance missed analysts’ expectations
- Initiatives like fashion show, swim expansion haven’t paid off
A Victoria's Secret store in New York.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
Victoria’s Secret & Co. shares plunged as much as 28%, the most on record, after the beleaguered lingerie maker’s full-year sales guidance fell short of analysts’ expectations.
Underscoring the retailer’s struggle to gain relevance with customers, the company said Wednesday it expects net sales of $6 billion this year, weaker than last year. Thursday’s share decline is Victoria’s Secret’s largest since its July 2021 initial public offering, according to data compiled by Bloomberg.