Earnings per share for the third quarter ended Oct. 28, 2017, decreased 29 percent to $0.30 compared to $0.42 for the quarter ended Oct. 29, 2016. Third quarter operating income decreased 18 percent to $231.7 million compared to $283.6 million last year, and net income was $86.0 million compared to $121.6 million last year. The company reported net sales of $2.618 billion for the third quarter ended Oct. 28, 2017, an increase of 1 percent, compared to net sales of $2.581 billion for the quarter ended Oct. 29, 2016. Comparable sales decreased 1 percent for the third quarter ended Oct. 28, 2017. For the third quarter ended Oct. 28, 2017, the exit of the swim and apparel categories had a negative impact of about 2 percentage points to both total company and Victoria’s Secret comparable sales.
The National Retail Federation reported a 0.6% increase in retail sales for November over October. The NRF attributes this increase to holiday shoppers taking advantage of deep discounts and early sales.
The retail sales were consistent with NRF’s holiday sales forecast, which anticipates an increase of 4.1% over last year, according to an article on the NRF website.
“Consumer trends show that the shopping experience continues to evolve for both retailers and consumers,” said NRF President and CEO Matthew Shay in the article. “Shoppers this holiday season are seizing opportunities to take advantage of early promotions and showing signs they may wait until the end of the season when promotions are even greater.”
Online and other non-store retailers saw an increase of 1% month-to-month and an increase of 6.3% year-over-year, the NRF reported.