Victoria's Secret Shares Drop Nearly 5% Amid CFO Retirement And Q4 Guidance Update

Victoria's Secret

23.83 CHF -3.64%

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(RTTNews) - Victoria's Secret & Co. (VSCO) experienced a 5.30% drop in its stock price following the announcement of leadership changes and updated financial guidance.

Currently, the stock is trading at $35.89, down by $2.01 from its previous close of $37.90. The company announced that Chief Financial and Administrative Officer Timothy Johnson will retire in June, with Scott Sekella appointed as the new Chief Financial Officer.

In addition to the leadership changes, Victoria's Secret updated its financial guidance for the fourth quarter of 2024. The company now expects net sales to increase by 3% to 4%, compared to the previous guidance of 2% to 4%. Adjusted operating income is now projected to fall between $260 million and $270 million, up from the prior estimate of $240 million to $270 million. Adjusted diluted earnings per share are expected to range from $2.20 to $2.30, a slight increase from the previous range of $2.00 to $2.30.

Currently, the stock's day's range is between $33.65 and $36.50, with a 52-week range of $15.12 to $48.73. Volume for the day has reached 2.3 million shares, slightly above the average volume of 2.06 million shares.