Victoria's Secret & Co. provided earnings outlook for first quarter and full year 2022. For the quarter, the company expects sales to be in the range of $1.425 billion to $1.495 billion versus first quarter 2021 sales of $1.554 billion. At this forecasted level of sales, operating income is expected to be in the range of $80 million to $110 million compared to $225.7 million in 2021, with the decrease predominantly due to incremental supply chain cost pressures this year and anniversarying federal stimulus benefits which drove higher sales and operating income last year. At this forecasted level of operating income, diluted earnings per share are estimated to be in the range of $0.70 to $0.95 compared to earnings per diluted share of $1.97 last year.

For the quarter full year, the company expects sales to be in the range of flat to up low-single digits versus 2021 sales of $6.785 billion. At this level of sales, the Company estimates operating income to be directionally in line with 2021 operating income of $869.5 million.