VSCO - Victoria's Secret: Slowly Turning The Corner

2024-06-06 11:28:30 ET

Summary

• Victoria's Secret & Co. has shown signs of improvement, with sales and earnings in line with expectations.
• The company has been working on its transformation and sees potential for international growth.
• Despite challenges in the North American retail environment, the company effectively managed inventory and saw a slight improvement in the pace of comp declines.

Victoria's Secret & Co. ( VSCO ) is a specialty retailer we have been following for some time, trading it both short, and long. Back in November 2022, we put out a sell rating on shares. Earlier this year, we lifted our sell rating and moved to a hold/neutral, and shares have started to claw back. Shares are offering what appears to be value here, but the prospects for continued growth have been mixed....

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