Victoria’s Secret is back in profit as it cashes in on a better-than-expected performance in the US.
The lingerie company said profits hit £24m for the three months to the end of June, up from a loss of £760,000 in same period of the previous year.
That came as sales dipped 1 per cent to £1billion in the quarter.
Cashing in: The Victoria’s Secret Fashion Show is scheduled to return this autumn after it was cancelled in 2019
Victoria’s Secret, which recently named Emma Thynn, Marchioness of Bath, as its brand ambassador, has suffered in recent years as shoppers pull back on spending.
But interim chief executive Timothy Johnson said the results were at the ‘high end of expectations’ and were boosted by a stronger performance in North America.
He also added that full-year results would be higher than anticipated as momentum continues.
The Victoria’s Secret Fashion Show is scheduled to return this autumn after it was cancelled in 2019 for being sexist and out of touch with the MeToo movement.
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