“As we look back on 2022, our first full year as an independent, publicly-traded company, I would like to express my deepest appreciation for the hard work and dedication of our team of associates and partners around the world. In the holiday quarter, our teams controlled what they could control despite a challenging economic environment for our customer, delivered fourth quarter adjusted operating income and adjusted earnings per diluted share above our most recent guidance, and exited the year with Victoria’s Secret and PINK inventory levels down double digits on an adjusted basis — prudently positioned to begin 2023,” said chief executive officer, Martin Waters.

However, the turnaround is yet to see fruit in 2023, with the retailer announcing its first-quarter sales are expected to decrease by a percentage in the mid-single-digit range. Adjusted profits were projected at $0.30 cents to $0.60 cents a share.