“I am pleased that we delivered on our major objectives and I would like to thank all of our associates, supplier partners, board of directors, and shareholders for your support. We are keenly aware 2022 will present continued challenges for retailers in this inflationary environment. However, we have a very resilient, dedicated team and strategy prepared to meet these challenges head-on by focusing on the customer journey, being ‘best at bras’, prioritizing people and planet, and launching new initiatives for future growth.”

In the fourth quarter, Victoria’s Secret sales totalled $2.175 billion, an increase of 4%, a figure slightly above the previous guidance of sales in the range of flat to up 3%. Total

Quarterly net income, however, fell to $246.1 million, or diluted earnings per share of $2.70, compared to net income of $282.4 million, or earnings per share of $3.20. Despite the earnings dip, the company said it was “pleased” with the fourth quarter result, “in a challenging retail environment.”

“Our associates across the globe focused on execution and delivered upon all of our financial expectations while continuing to transform our brand, enhance our customer experience, and strengthen our dominant merchandise positioning in the intimates category,” added Waters.

Coinciding with the earnings update, Victoria’s Secret announced the ​approval a new share repurchase program, providing for the repurchase of up to $250 million of the company’s common stock. The $250 million authorization is expected to be utilized to repurchase shares in the open market, subject to market conditions and other factors, the company added.