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Victoria’s Secret returns to profit thanks to better-than-expected results in the United States.
The lingerie company said profits hit £24m for the three months to the end of June, compared with a loss of £760,000 in the same period a year earlier.
This came as sales fell 1 per cent to £1 billion in the quarter.
Cashing in: The Victoria’s Secret fashion show will return this fall after being cancelled in 2019
Victoria’s Secret, which recently appointed Emma Thynn, Marchioness of Bath, as its brand ambassador, has suffered in recent years as shoppers cut back on spending.
But interim chief executive Timothy Johnson said the results were at the “high end of expectations” and were driven by stronger performance in North America.
He also added that full-year results would be higher than expected as momentum continues.
The Victoria’s Secret fashion show is set to return this fall after being canceled in 2019 for being sexist and out of touch with the MeToo movement.
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