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VICTORIA'S SECRET & CO . Victoria's Secret & Co. Reports Third Quarter Earnings Per Share Above Guidance November 17 , 2021 Provides Initial Fourth Quarter Guidance REYNOLDSBURG , Ohio , Nov. 17 , 2021 ( GLOBE NEWSWIRE ) -- Victoria's Secret & Co. ( " Victoria's Secret " or the " Company " ) ( NYSE : VSCO ) today reported financial results for the third quarter ended October 30 , 2021 . The Company reported net income of $ 75.2 million , or diluted earnings per share of $ 0.81 in the third quarter of 2021 , compared to previously communicated guidance of $ 0.60 to $ 0.70 per diluted share . This result compares to net income of $ 143.4 million , or earnings per share of $ 1.62 and adjusted net income of $ 72.6 million , or adjusted earnings per share of $ 0.82 for the period ended October 31 , 2020 . Third quarter 2021 operating income was $ 107.9 million compared to operating income of $ 127.4 million and adjusted operating income of $ 97.5 million in last year's third quarter . Third quarter 2021 operating income growth of 11 % over adjusted operating income in last year's third quarter was driven by solid total sales growth of 7 % and gross margin dollar growth of 14 % . The Company reported net sales of $ 1.441 billion for the third quarter of 2021 , an increase of 7 % compared to net sales of $ 1.353 billion for last year's third quarter . Third quarter 2021 sales decreased 9 % compared to sales of $ 1.577 billion in the third quarter of 2019 and reflect the net closure of approximately 260 company - operated stores since the third quarter of 2019. Total comparable sales for the third quarter of 2021 increased 4 % compared to the third quarter of 2019 . CEO Martin Waters commented , " I am very pleased with our solid third quarter performance which reflects growth in all core categories . Our work to transform our brand , deepen our customer connections and improve our operational fundamentals is gaining positive traction . We continue to improve our merchandise assortment and expand our already strong customer file . I'm proud of the commitment and resilience demonstrated by our teams , who delivered these results in challenging circumstances , and in doing so are demonstrating the power of a healthy culture . We continue to monitor global supply chain issues and believe our close partnerships with our vendors and our work to get ahead of the curve will help mitigate those challenges . Looking ahead , the leadership team and I believe we have the right strategy and a dedicated team focused on driving long - term growth and creating value for our shareholders . " Fourth Quarter 2021 Outlook The Company is forecasting fourth quarter 2021 sales to be in the range of flat to up 3 % versus last year's fourth quarter sales of $ 2.100 billion and diluted earnings per share to be in the range of $ 2.35 to $ 2.65 . Victoria's Secret & Co. will conduct its third quarter earnings call at 8:00 a.m. Eastern on November 18. To listen , call 1-800-619-9066 ( international dial - in number : 1-212-519-0836 ) ; conference ID 5358727. For an audio replay , call 1-800-839-8275 ( international replay number : 1-203-369-3606 ) ; conference ID 175361 or log onto www.victoriassecretandco.com . The materials accompanying the earnings call have been posted on the investor relations section of the Company's website . The audio replay will be available approximately two hours after the conclusion of the call . About Victoria's Secret Victoria's Secret is the world's largest intimates specialty retailer offering a wide assortment of modern , fashion - inspired collections including signature bras , panties , lingerie , casual sleepwear , athleisure and swim , as well as award - winning prestige fragrances and body care . With nearly 1,400 retail stores worldwide and a predominately female workforce of more than 25,000 , Victoria's Secret boasts the largest team of specialty trained bra fit experts worldwide . Victoria's Secret is committed to inspiring women around the world with products and experiences that uplift and champion them and their journey while creating lifelong relationships and advocating for positive change . Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 We caution that any forward - looking statements ( as such term is defined in the Private Securities Litigation Reform Act of 1995 ) contained in this press release or made by our Company or our management involve risks and uncertainties and are subject to change based on various factors , many of which are beyond our control . Accordingly , our future performance and financial results may differ materially from those expressed or implied in any such forward - looking statements . Words such as " estimate , " " project , " " plan , " " believe , " " expect , " " anticipate , " " intend , " " planned , " " potential " and any similar expressions may identify forward - looking statements . Risks associated with the following factors , among others , in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward - looking statements included in this press release or otherwise made by our company or our management : • the spin - off from Bath & Body Works , Inc. ( f / k / a L Brands , Inc. ) may not be tax - free for U.S. federal income tax purposes ; • a loss of synergies from separating the businesses that could negatively impact the balance sheet , profit margins or earnings of Victoria's Secret or that Victoria's Secret does not realize all of the expected benefits of the spin - off ; • general economic conditions , inflation , consumer confidence , consumer spending patterns and market disruptions including pandemics or significant health hazards , severe weather conditions , natural disasters , terrorist activities , financial crises , political crises or other major events , or the prospect of these events ; • the novel coronavirus ( COVID - 19 ) global pandemic has had and is expected to continue to have an adverse effect on our business and results of operations ; • the seasonality of our business ; • divestitures or other dispositions and related operations and contingent liabilities from such businesses ; • difficulties arising from turnover in company leadership or other key positions ; • our ability to attract , develop and retain qualified associates and manage labor - related costs ;