Victoria's Secret & Co. (NYSE:VSCO) Q2 2024 Earnings Conference Call August 29, 2024 8:00 AM ET

Company Participants

Kevin Wynk - VP, External Financial Reporting & IR
Tim Johnson - Interim CEO & CFO

Conference Call Participants

Ike Boruchow - Wells Fargo
Alex Straton - Morgan Stanley
Corey Tarlowe - Jefferies
Brooke Roach - Goldman Sachs
Mauricio Serna - UBS
Simeon Siegel - BMO Capital Markets
Jonna Kim - TD Cowen

Operator

Good morning. My name is Amanda, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Victoria's Secret & Company’s Second Quarter 2024 Earnings Conference Call. Please be advised that today's conference is being recorded. All parties will remain in a listen-only mode.

I would now like to turn the conference over to Mr. Kevin Wynk, Vice President of External Financial Reporting and Investor Relations of Victoria's Secret & Company. Kevin, you may begin.

Kevin Wynk

Thank you, Amanda. Good morning, and welcome to Victoria's Secret & Company's second quarter earnings conference call for the period ended August 3, 2024.

As a matter of formality, I would like to remind you that any forward-looking statements we may make today are subject to our Safe Harbor statements found in our SEC filings and in our press releases. Joining me on the call today is CFO and Interim CEO, Tim Johnson. We are available today for up to 45 minutes to answer any questions.

Certain results we discuss on the call today are adjusted results and exclude the impact of certain items described in our press release and our SEC filings. Reconciliations of these and other non-GAAP measures to the most comparable GAAP measures are included in our press release, our SEC filings, and the investor presentation posted on the Investors section of our website.

Thanks. And now, I'll turn the call over to T.J..

Tim Johnson

Thanks, Kevin, and good morning, everyone. I'm pleased to report that second quarter results exceeded or met our expectations for the quarter on all key financial metrics and we delivered year-over-year quarterly operating income growth for the first-time since 2021. We were encouraged by the continued sequential improvement in quarterly sales results in North America for the fourth consecutive quarter, as sales trends improved in both our stores and our digital channels.

Our customers responded to new merchandise deliveries and events with particular success in the launch of our Victoria's Secret Dream bra collection, in apparel with our PINK Friday back to campus event in late July and through consistent steady improvement of VS sport as we introduce the Featherweight Max front-close bra and a broader assortment of merchandise flowed to stores and digital. Sales for the second quarter 2024 were $1.4 billion, a decrease of 1% to last year and at the better end of our expectations for the quarter.