$VSCO
Victoria's Secret & Co.

2022 Q3 Form 10-Q Financial Statement

#000185643722000026 Filed on September 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q1 2021 Q3
Revenue $1.521B $2.176B $1.614B
YoY Change -5.75% 3.62% 51.41%
Cost Of Revenue $986.0M $1.323B $944.0M
YoY Change 4.44% -65.56% 3.28%
Gross Profit $535.3M $853.0M $670.0M
YoY Change -20.11% -5.33% 340.79%
Gross Profit Margin 35.19% 39.2% 41.51%
Selling, General & Admin $437.7M $519.0M $467.0M
YoY Change -6.27% -68.96% 18.23%
% of Gross Profit 81.78% 60.84% 69.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $70.00M $70.00M $78.00M
YoY Change -10.26% -54.84% -3.7%
% of Gross Profit 13.08% 8.21% 11.64%
Operating Expenses $437.7M $519.0M $467.0M
YoY Change -6.27% -68.96% 18.23%
Operating Profit $97.51M $333.0M $203.0M
YoY Change -51.96% -14.18% -183.54%
Interest Expense -$12.97M -$11.00M $3.000M
YoY Change -532.27% 83.33% 200.0%
% of Operating Profit -13.3% -3.3% 1.48%
Other Income/Expense, Net -$1.328M $0.00 -$1.000M
YoY Change 32.8% -100.0% 0.0%
Pretax Income $83.22M $322.0M $199.0M
YoY Change -58.18% -17.22% -181.22%
Income Tax $16.00M $77.00M $48.00M
% Of Pretax Income 19.23% 23.91% 24.12%
Net Earnings $69.93M $246.0M $151.0M
YoY Change -53.69% -13.38% -175.5%
Net Earnings / Revenue 4.6% 11.31% 9.36%
Basic Earnings Per Share $0.84 $2.82 $1.71
Diluted Earnings Per Share $829.6K $2.70 $1.71
COMMON SHARES
Basic Shares Outstanding 83.00M shares 84.31M shares 88.36M shares
Diluted Shares Outstanding 84.00M shares 88.00M shares

Balance Sheet

Concept 2022 Q3 2022 Q1 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $201.0M $490.0M $893.0M
YoY Change -77.49% 46.27%
Cash & Equivalents $201.0M $490.0M $293.0M
Short-Term Investments
Other Short-Term Assets $116.0M $90.00M $90.00M
YoY Change 28.89% 9.76% 15.38%
Inventory $1.086B $949.0M $745.0M
Prepaid Expenses
Receivables $149.0M $162.0M $99.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.552B $1.691B $1.827B
YoY Change -15.05% 36.48% 42.29%
LONG-TERM ASSETS
Property, Plant & Equipment $864.0M $957.0M $999.0M
YoY Change -13.51% -11.22% -17.3%
Goodwill $0.00 $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $35.00M
YoY Change
Other Assets $91.00M $64.00M $61.00M
YoY Change 49.18% 14.29% 8.93%
Total Long-Term Assets $2.520B $2.653B $2.831B
YoY Change -10.99% -11.27% -15.01%
TOTAL ASSETS
Total Short-Term Assets $1.552B $1.691B $1.827B
Total Long-Term Assets $2.520B $2.653B $2.831B
Total Assets $4.072B $4.344B $4.658B
YoY Change -12.58% 2.72% 0.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $490.0M $538.0M $371.0M
YoY Change 32.08% 59.17% -24.9%
Accrued Expenses $623.0M $714.0M $702.0M
YoY Change -11.25% -8.7% 14.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M $0.00
YoY Change
Total Short-Term Liabilities $1.445B $1.698B $1.435B
YoY Change 0.7% 9.13% -10.87%
LONG-TERM LIABILITIES
Long-Term Debt $977.0M $978.0M $592.0M
YoY Change 65.03% 908.25% 565.17%
Other Long-Term Liabilities $52.00M $39.00M $123.0M
YoY Change -57.72% -65.49% 26.8%
Total Long-Term Liabilities $1.029B $1.017B $715.0M
YoY Change 43.92% 384.29% 284.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.445B $1.698B $1.435B
Total Long-Term Liabilities $1.029B $1.017B $715.0M
Total Liabilities $3.803B $4.087B $3.774B
YoY Change 0.77% 22.44% 4.0%
SHAREHOLDERS EQUITY
Retained Earnings $65.00M $126.0M $0.00
YoY Change
Common Stock $178.0M $126.0M $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000M $0.00 $0.00
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares 0.000 shares
Shareholders Equity $247.0M $257.0M $884.0M
YoY Change
Total Liabilities & Shareholders Equity $4.072B $4.344B $4.658B
YoY Change -12.58% 2.72% 0.93%

Cashflow Statement

Concept 2022 Q3 2022 Q1 2021 Q3
OPERATING ACTIVITIES
Net Income $69.93M $246.0M $151.0M
YoY Change -53.69% -13.38% -175.5%
Depreciation, Depletion And Amortization $70.00M $70.00M $78.00M
YoY Change -10.26% -54.84% -3.7%
Cash From Operating Activities $95.00M $473.0M $287.0M
YoY Change -66.9% -39.67% 51.05%
INVESTING ACTIVITIES
Capital Expenditures -$37.00M -$52.00M -$47.00M
YoY Change -21.28% -8.77% 9.3%
Acquisitions
YoY Change
Other Investing Activities $2.000M $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$35.00M -$52.00M -$47.00M
YoY Change -25.53% 1.96% 6.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.00M -261.0M 321.0M
YoY Change -119.31% -54.05% -312.58%
NET CHANGE
Cash From Operating Activities 95.00M 473.0M 287.0M
Cash From Investing Activities -35.00M -52.00M -47.00M
Cash From Financing Activities -62.00M -261.0M 321.0M
Net Change In Cash -2.000M 160.0M 561.0M
YoY Change -100.36% -3.03% -11320.0%
FREE CASH FLOW
Cash From Operating Activities $95.00M $473.0M $287.0M
Capital Expenditures -$37.00M -$52.00M -$47.00M
Free Cash Flow $132.0M $525.0M $334.0M
YoY Change -60.48% -37.57% 43.35%

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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021Q3 vsco Spinoff Transaction Transition Services Agreements Number Of Extension Periods
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q3 vsco Spinoff Transaction Transition Services Agreements Extension Period Term
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Number Of Countries In Which Entity Operates
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CY2022Q3 vsco Number Of Home Office Management Roles Eliminated
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CY2022Q3 vsco Reductionof Home Office Headcount
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us-gaap Fiscal Period
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<div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fiscal Year</span></div><div style="margin-bottom:6pt;margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “second quarter of 2022” and “second quarter of 2021” refer to the thirteen-week periods ended July 30, 2022 and July 31, 2021, respectively. “Year-to-date 2022” and “year-to-date 2021” refer to the twenty-six-week periods ended July 30, 2022 and July 31, 2021, respectively.</span></div>
CY2021Q3 vsco Spinoff Transaction Domestic Transportation Services Initial Term
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CY2021Q3 vsco Share Based Compensation Arrangement By Share Based Payment Award Award Converted From Former Parent
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Concentration Risk Credit Risk
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<div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains cash and cash equivalents with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts with and limits the amount of credit exposure with any one entity. As of July 30, 2022, the Company's investment portfolio is primarily comprised of bank deposits. Prior to the Separation, cash generated by the Company was invested by the Former Parent in U.S. government obligations and U.S. Treasury and AAA-rated money market funds.</span></div><div style="margin-bottom:6pt;margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.</span></div>
us-gaap Use Of Estimates
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<div style="margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates in the Preparation of Financial Statements</span></div><div style="margin-bottom:6pt;margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.</span></div>
CY2022Q3 us-gaap Contract With Customer Liability
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us-gaap Restructuring Charges
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CY2022Q3 us-gaap Weighted Average Number Of Shares Issued Basic
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CY2021Q3 us-gaap Weighted Average Number Of Shares Issued Basic
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us-gaap Weighted Average Number Of Shares Issued Basic
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83000000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Treasury Stock
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CY2021Q3 us-gaap Weighted Average Number Of Shares Treasury Stock
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us-gaap Weighted Average Number Of Shares Treasury Stock
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us-gaap Weighted Average Number Of Shares Treasury Stock
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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88000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88000000 shares
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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84000000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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88000000 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Inventory Net
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