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3d ago

Victoria’s Secret Delays Earnings After Cyberattack Shuts E-Commerce and Corporate Systems

Corporate systems are under restoration with financial impacts being assessed following the three-day e-commerce blackout in late May.

Shoppers stand in line as they wait for a Victoria's Secret store to open on Black Friday, at the Tysons Corner Center, in Tysons, Virginia, U.S., November 27, 2020. REUTERS/Hannah McKay/File Photo
FILE - Shoppers pass a Victoria's Secret store at a shopping mall in Scranton, Pa., May 3, 2021. (AP Photo/Ted Shaffrey, file)
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Overview

  • Victoria’s Secret detected a security incident on May 24 and shut down its online store and corporate systems on May 26, restoring the e-commerce site on May 29.
  • The outage blocked employees from accessing systems needed to complete the first-quarter financial report, prompting a postponement of the earnings release originally scheduled for early June.
  • Preliminary results for the quarter ended May 3 show net sales of $1.35 billion and an adjusted operating income of $32 million, surpassing prior guidance.
  • The company said the breach has not materially disrupted operations to date but has generated expenses that could weigh on future financial performance.
  • This incident follows recent cyberattacks on other retailers including Marks & Spencer, Cartier and Adidas, underscoring rising digital risks in the sector.