By Robb M. Stewart

Victoria's Secret has turned to experienced retail executive Scott Sekella to become its new chief financial officer, succeeding Timothy Johnson when he retires in June.

With news of the transition, the lingerie retailer said it was pleased with its financial performance over the holiday season and tightened its guidance for the fiscal fourth quarter.

Sekella most recently served as CFO of fabric-and-crafts retailer Joann and previously held financial leadership roles at Under Armour and Crocs.

Chief Executive Hillary Super said Sekella's strong retail background, and record of identifying and accelerating strategies that strengthen performance and enhance profitability, made him the right choice to help lead the next chapter of growth for the Reynoldsburg, Ohio, company.

Super said the company was pleased with its performance over the holiday season and its improved outlook for the current fiscal quarter. Super, who previously led competitor Savage X Fenty, last year succeeded Martin Waters, who stepped down after running the company for over three years.

Victoria's Secret tightened its financial guidance for the fourth quarter that runs to Feb. 1, forecasting sales growth of between 3% and 4%, excluding an extra week last year, whereas it previously was looking at growth of 2% to 4%. The company said earnings per share on an adjusted basis are now expected to be $2.20 to $2.30 for the quarter, compared with a prior target of $2 to $2.30.

Shares of Victoria's Secret pulled back in premarket trading, falling 5.1%. The stock is already down 8.5% in the new year, but has risen 44% over the past 12 months to last close at $37.90.

Super said the company's sales momentum for North America continued from the third quarter through November and December across both stores and digital channels, and that international business growth also has been delivering on expectations.

"We are experiencing increased levels of traffic to our stores and our digital site which we believe is reflective of our improved merchandise offering and the positive impact of the VS Fashion Show in late October," Super said. "We exited the holiday and our January semi-annual sale in a good inventory position and ready for Valentine's Day and first quarter selling."

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

January 29, 2025 08:01 ET (13:01 GMT)

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