Victoria’s Secret quarterly profit beats Wall Street estimates in spite of challenging backdrop

Victoria’s Secret on Tuesday reported a fiscal first-quarter profit that topped Wall Street estimates and sales that were in line with expectations, despite a challenging macroeconomic backdrop.

Executives at the lingerie retailer said in prepared remarks that the company successfully navigated “significant supply chain headwinds” in the quarter while also lapping federal stimulus benefits from the year-ago period.

Here’s how Victoria’s Secret did in its fiscal first quarter compared with what Wall Street was expecting, based on Refinitiv estimates:

• Earnings per share: $1.11 adjusted vs 84 cents expected
• Revenue: $1.48 billion vs. $1.48 billion expected

Victoria’s Secret reported net income for the three-month period ended April 30 of $76.14 million, or 93 cents per share, compared with net income of $174 million, or $1.97 per share, a year earlier.

Excluding one-time items, it earned $1.11 per share, ahead of the 84 cents that analysts had been looking for.

Sales fell 4.5% to $1.48 billion from $1.55 billion a year earlier, but that was in line with what analysts were looking for.

This story is developing. Please check back for updates.