Victoria’s Secret raises Q3 adjusted EPS view to (90c)-(70c) from ($1.00)-(70c)

Consensus (79c). Sees Q3 revenue down 3%-5%, consensus $1.27B. Victoria’s Secret will be hosting a meeting for investors and analysts tomorrow to share the company’s strategic growth plan to support its ambition to be the world’s leading fashion retailer of intimate apparel and deliver the full potential of the Victoria’s Secret and Pink brands. Based on quarter to date trends and expectations for the balance of the quarter, the Company now estimates adjusted operating loss for third quarter 2023 in the range of $45M to $65M, compared to previously communicated guidance range of a loss of $45M to $75M, and adjusted net loss for the third quarter 2023 in the range of 70c to 90c per share, compared to previously communicated guidance of a loss of 70c to $1.00 per share. This adjusted operating loss and adjusted loss per share guidance is based on a net sales decline in the range of 3% to 5% in the third quarter 2023, compared to previously communicated guidance of a net sales decline in the low- to mid-single digit range compared to the third quarter last year.