The shift by Victoria’s Secret away from its focus on sexy models and skimpy lingerie in favor of a more inclusive approach may be struggling to gain traction so far with shoppers, at least based on the company’s fiscal 2022 first-quarter earnings report for the three months ending April 30.
The company reported net sales of $1.484 billion for Q1, down 4.5% from the same time one year earlier, according to the company press release Tuesday (May 31). Total comparable sales for the first quarter of 2022, meanwhile, fell 8% from the first quarter of 2021, with net sales essentially flat when removing the impact of the $75 million government stimulus package.
“We are pleased with our first quarter results and our team’s strong execution,” CEO Martin Waters said in the Victoria’s Secret press release. “Against the backdrop of significant global headwinds and a challenging inflationary environment, we delivered sales results at the high end of our guidance range and better than expected adjusted earnings per diluted share.
Citing the hard work of the company’s team, Waters said the “brand revolution” has helped strengthen “our emotional connection with our customer” as the firm focuses “on the efficiency of our retail operations.”
As part of its ongoing transformation, Victoria’s Secret added about 120 Victoria’s Secret Beauty and PINK Beauty products to Amazon’s store through the Victoria’s Secret storefront in April.
The move allows Victoria’s Secret Beauty to expand its product offerings and strengthen its connection with customers by going beyond its brick-and-mortar locations and eCommerce site. The launch of the new products on Amazon means Victoria’s Secret Beauty can “improve and enhance its shopping experience in the Amazon store,” the company announcement says.
Also in April, Victoria’s Secret launched the Happy Nation digital-only brand aimed at 8- to 13-year-old tweens, featuring a size-inclusive and gender-free collection of sweats, swimwear, bras, underwear and family-friendly body care products.