Victoria’s Secret & Co. said Tuesday it expects the acquisition of Adore Me Inc., a digital intimates brand, which it has now completed, to boost earnings and cash flow in 2023. The deal “creates meaningful sales and profit upside opportunities” for both Victoria’s Secret and its Pink brand and is expected to add about $250 million of sales in fiscal 2022. Victoria’s Secret first announced the acquisition of Adore Me in November, saying it would pay $400 million in an upfront cash payment and make further payments on reaching certain goals over a two-year period. The stock was not yet active premarket, but has fallen 39% in the last 12 months, while the S&P 500 has fallen 20%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
