Victoria's Secret Sales Plunge, Missing Expectations Despite Profit Beat
• Victoria's Secret shares plunged 28%, the most ever, as full-year sales guidance missed expectations • Comparable sales fell 6% in the recent quarter including the crucial holiday period • Profitability beat expectations thanks to better inventory management • Management's pledges to improve sales "did not come to fruition," per a JP Morgan analyst • Victoria's Secret is working to attract customers through a rebranded fashion show and category expansions, but efforts have yet to drive sales