Victoria’s Secret Non-GAAP EPS of $2.70 beats by $0.07, revenue of $2.18B beats by $40M

• Victoria’s Secret press release (NYSE:VSCO): Q4 Non-GAAP EPS of $2.70 beats by $0.07.
• Revenue of $2.18B (+3.8% Y/Y) beats by $40M.
• Total comparable sales for the fourth quarter of 2021 increased 1% compared to the fourth quarter of 2020.
• Shares +1%.
• Q1 2022 Guidance: The company is forecasting first quarter 2022 sales to be in the range of $1.425 billion to $1.495 billion versus first quarter 2021 sales of $1.554 billion, vs. consensus of $1.51B.
• At this forecasted level of sales, operating income is expected to be in the range of $80 million to $110 million compared to $225.7 million in 2021, with the decrease predominantly due to incremental supply chain cost pressures this year and anniversarying federal stimulus benefits which drove higher sales and operating income last year.
• Diluted EPS to be in the range of $0.70 to $0.95
• The company is forecasting full year 2022 sales to be in the range of flat to up low-single digits versus 2021 sales of $6.785 billion