--- schema_version: "secwatch.filing_event.v1" accession: "0001856437-23-000018" form_type: "8-K" ticker: "VSCO" cik: "0001856437" company_name: "Victoria's Secret & Co." filed_at: "2023-05-31T23:59:59+00:00" generated_at: "2026-06-14T10:49:53.189626+00:00" event_type: "earnings" sentiment: "negative" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "medium" source: SEC EDGAR --- # Victoria's Secret Q1 net income drops to $1M from $81M; sales down 5% ## Summary - Q1 2023 net income of $1M ($0.01 diluted EPS) vs $81M ($0.93) in Q1 2022. - Adjusted net income of $22M ($0.28 diluted EPS) vs $97M ($1.11) last year. - Net sales of $1.407B, down 5% YoY; comparable sales declined 11%. - Operating income $28M vs $94M; adjusted operating income $55M vs $116M. - Provides Q2 and updated FY2023 guidance (specific figures not in this excerpt). ## SEC filing metadata - accession: 0001856437-23-000018 - form_type: 8-K - ticker: VSCO - cik: 0001856437 - company_name: Victoria's Secret & Co. - filed_at: 2023-05-31T23:59:59+00:00 - event_type: earnings - sentiment: negative - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: medium - sec_items: 2.02, 7.01, 5.07, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1856437/000185643723000018/0001856437-23-000018-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1856437/000185643723000018/vsco-20230525.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001856437-23-000018 - JSON: https://secwatch.observer/filing/0001856437-23-000018.json - Plain text: https://secwatch.observer/filing/0001856437-23-000018.txt ## Key facts - Earnings Releases Victoria's Secret & Co. reported the first quarter ended April 29, 2023 results: revenue $1.407 billion, net income $1 million, or $0.01 per diluted share. - Period: the first quarter ended April 29, 2023 - Revenue: $1.407 billion - Net income: $1 million, or $0.01 per diluted share - Result: reported results source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1856437/000185643723000018/0001856437-23-000018-index.htm - Shareholder Votes Victoria's Secret & Co. shareholders approved To elect eight directors to serve until the 2024 annual meeting of stockholders at the 2023-05-25 meeting. - Proposal: director election - Outcome: passed - Meeting: 2023-05-25 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1856437/000185643723000018/0001856437-23-000018-index.htm - Shareholder Votes Victoria's Secret & Co. shareholders approved To approve, on an advisory basis, the compensation of the Company’s named executive officers at the 2023-05-25 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2023-05-25 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1856437/000185643723000018/0001856437-23-000018-index.htm - Shareholder Votes Victoria's Secret & Co. shareholders approved To ratify the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for fiscal year 2023 at the 2023-05-25 meeting. - Proposal: auditor ratification - Outcome: passed - Meeting: 2023-05-25 source text: 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 — evidence_url: https://www.sec.gov/Archives/edgar/data/1856437/000185643723000018/0001856437-23-000018-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.