Summary:
Victoria’s Secret (VSCO) has delayed its quarterly revenue report due to a security breach that disrupted its corporate operations and led to the temporary shutdown of its U.S. shopping sites. The company first detected the incident involving its IT systems on May 24 and shut down its website and retail system as a precaution. Although the specific nature of the breach hasn’t been confirmed, it exhibited characteristics of a cyberattack, possibly involving ransomware.
As of May 3, the company reported first-quarter net sales of $1.35 billion and an adjusted operating profit of $32 million, slightly exceeding analyst expectations. Victoria’s Secret asserted that the breach did not impact its first-quarter results since the period ended before the incident. Nevertheless, it will continue to assess the full extent of the breach, which may affect future finances.
The increase in cyberattacks among retailers has raised concerns for consumers, prompting experts to warn about potential scams that may arise from compromised data. Other retailers like Marks & Spencer and adidas have also faced recent cyber issues, highlighting a growing trend in security violations within the retail sector. Victoria’s Secret has not yet set a new date for its revenue release.
