Victoria's Secret Q1 net income drops to $1M from $81M; sales down 5%

The Company reported net income of $1 million, or $0.01 per diluted share for the first quarter of 2023. This result compares to net income of $81 million, or $0.93 per diluted share for the first quarter of 2022. First quarter 2023 operating income was $28 million compared to operating income of $94 million in the first quarter of 2022. Excluding the impact of the items described at the conclusion of this press release, first quarter 2023 adjusted net income was $22 million, or $0.28 per diluted share, and adjusted operating income was $55 million, compared to adjusted net income of $97 million, or $1.11 per diluted share, and adjusted operating income of $116 million in the first quarter of 2022. The Company reported net sales of $1.407 billion for the first quarter of 2023, a decrease of 5% compared to net sales of $1.484 billion in the prior year first quarter. Total comparable sales for the first quarter of 2023 decreased 11% compared to the first quarter of 2022. Adjusted net inc

Proposal 1. To elect eight directors to serve until the 2024 annual meeting of stockholders. Nominee For Against Abstain Broker Non-Votes Irene Chang Britt 51,410,997 8,108,361 161,921 11,120,785 Sarah Davis 59,021,163 499,323 160,793 11,120,785 Jacqueline Hernández 51,290,272 8,229,220 161,787 11,120,785 Donna James 58,492,670 1,027,795 160,814 11,120,785 Mariam Naficy 51,349,268 8,169,821 162,190 11,120,785 Lauren Peters 59,117,220 403,298 160,761 11,120,785 Anne Sheehan 58,338,513 1,181,540 161,226 11,120,785 Martin Waters 59,195,235 350,940 135,104 11,120,785

Proposal 2. To approve, on an advisory basis, the compensation of the Company’s named executive officers. For Against Abstain Broker Non-Votes 50,419,946 9,177,123 84,210 11,120,785

Proposal 3. To ratify the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for fiscal year 2023. For Against Abstain Broker Non-Votes 70,638,887 111,818 51,359 —