Victoria’s Secret & Co. reported a larger-than-expected quarterly loss amid a rise in investment in marketing and technology, but the company said its efforts are starting to pay off.
Comparable sales fell for the eighth consecutive quarter. However, the corporation claims that its November sales were the “best monthly performance in nearly two years, and further evidence that our initiatives are working.”
After years of backlash from sensual imagery that no longer resonated with shoppers, the intimates retailer has been attempting to revamp its brand. During an investor conference in October, the business emphasised the expansion of its swim and sport categories, as well as the World Tour fashion show, which were intended to increase store traffic.
In addition to increased investments, the corporation blamed its most recent loss on decreased revenues.
“Our teams have been resiliently focused on what is within our control and working tirelessly on multiple growth initiatives designed to create momentum,” Chief Executive Officer Martin Waters said in a statement.