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Victoria’s Secret prepares to relaunch Pink following challenging Q1

June 2, 2023


Victoria’s Secret was prepared for a “challenging macro environment” as the company entered the year, according to CEO Martin Waters.

While the retailer saw business grow internationally, particularly in China, sales in North America sales were “more promotional than planned,” Waters said on an earnings call regarding the quarter.

Victoria’s Secret may “be better served to sell less and charge more to earn more,” BMO Capital Markets Managing Director Simeon Sigel wrote in an analyst note. Additionally, DTC player Adore Me, which Victoria’s Secret recently acquired, likely lifted gross margins “suggesting an even greater underlying disappointment,” Simeon said.

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