US-based fashion and beauty retailer Victoria’s Secret has reported that its net sales for the first quarter (Q1) of the fiscal year 2022 (FY22) were $1.484bn, down by 4.5% from $1.554bn a year earlier.

The company’s net sales for the three months to 30 April were better than the anticipated range of a decrease of 4% to 8%.

Its total comparable sales also declined by 8% from the same period of FY21.

Victoria’s Secret’s net income declined from $174.0m in Q1 2021 to $80.8m, while its earnings per share (EPS) were $0.93, against $1.97 in the prior-year period.

The company’s reported operating income was $94.1m, while its adjusted operating income dropped to $115.8m from $225.7m year-on-year due to ‘incremental supply chain cost pressures and anniversarying last year’s federal stimulus benefits’.

For the second quarter (Q2) of FY22, Victoria’s Secret expects its sales to be up by low-single digits to down low-single digits compared with the same period of FY21.

The company also expects its operating income to be between $125m and $155m, against $202.7m in Q2 2021.

Victoria’s Secret CEO Martin Waters said: “We are pleased with our first-quarter results and our team’s strong execution.

“Against the backdrop of significant global headwinds and a challenging inflationary environment, we delivered sales results at the high end of our guidance range and better than expected adjusted earnings per diluted share.

“Our performance is a testament to the hard work and relentless focus of our team.

“Powered by our brand revolution, we have strengthened our emotional connection with our customer and further enhanced our leadership in bras through innovative product launches, while diligently focusing on the efficiency of our retail operations.”

Earlier this year, Victoria’s Secret registered a 25% increase in full-year sales to $6.78bn for FY21, up from $5.41bn in FY20.