Victoria’s Secret returns to profit thanks to better-than-expected US performance.
The lingerie company reported a profit of £24m in the three months to June, up from a loss of £760,000 in the same period last year.
That came as revenue fell 1 percent to £1 billion in the quarter.
Cashing in: The Victoria’s Secret Fashion Show is set to return this fall after being canceled in 2019
Victoria’s Secret, which recently named Emma Thynn, Marchioness of Bath, as brand ambassador, has suffered in recent years as consumers have shrunk their spending.
But interim chief executive Timothy Johnson said the results were at the “high end of expectations” and were boosted by stronger performance in North America.
He added that full-year results will be higher than expected as momentum continues.
The Victoria’s Secret Fashion Show will return this fall after being canceled in 2019 due to sexism and its inconsistency with the MeToo movement.
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