Victoria’s Secret (NYSE:VSCO) stock is falling hard on Thursday following the release of its latest earnings report.
The company’s report for the fourth quarter of 2023 starts with adjusted earnings per share of $2.58. That’s better than the $2.47 per share Wall Street was expecting. It’s also better than the $2.47 reported in the same period of the year prior.
Unfortunately, it couldn’t keep that positive momentum going, with revenue coming in at $2.08 billion. That’s below the $2.9 billion in revenue that analysts were predicting, even if it’s a 3% increase year-over-year from $2.021 billion.
Victoria’s Secret CEO Martin Waters said the following in the earnings report:
“Sales trends during the quarter were volatile by week, but we were encouraged by the improving quarterly sales trend in North America. We were particularly pleased with our early holiday sales in November and during the peak days and weekends leading up to Christmas, both in our stores and through digital channels.”
2024 Guidance Slams VSCO Stock
What really isn’t helping Victoria’s Secret is its revenue estimate of $6 billion for the full year of 2024. That would have it missing Wall Street’s estimate of $6.18 billion for the current year.
Adding to that is Victoria’s Secret Q1 2024 revenue guidance. The company expects revenue for this period to decrease in the mid-single digits compared to the $1.407 billion reported in Q1 2023. Analysts are looking for revenue of $1.38 billion during the quarter.
With this news comes a 30% decrease for VSCO stock on Thursday morning. This comes alongside some 1.7 million shares traded. The company’s daily average trading volume is about 2.1 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
