Victoria's Secret Stock Plunges Amid Disappointing 2024 Sales Outlook

Shares fall nearly 30% as the lingerie giant struggles with a declining market for intimate apparel.

Victoria's Secret & Co. stock plummeted nearly 30% following disappointing sales guidance for 2024.
The company's stock is experiencing its worst performance since its IPO three years ago, with a 30% drop in a single day.
Analysts have downgraded the stock due to the company's failure to meet sales improvement pledges and a challenging market for intimate apparel.
Victoria's Secret announced a new stock buyback program, authorizing the repurchase of up to $250 million of its common stock.
The company's cautious outlook is attributed to a continued downturn in the North American intimate apparel market, marking four consecutive quarters of decline.