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Victoria's Secret & Co. (NYSE:VSCO) held its 2025 annual meeting of stockholders on June 18, where shareholders voted on three key proposals, according to an SEC filing released Monday.
All ten director nominees were elected to serve until the 2026 annual meeting. The candidates included Irene Chang Britt, Sarah Davis, Jacqueline Hernández, Donna James, Rod Little, David McCreight, Mariam Naficy, Lauren Peters, Anne Sheehan, and Hillary Super. Each nominee received between 43.8 million and 46.3 million votes in favor, with David McCreight receiving the highest support and Anne Sheehan receiving the least.
Shareholders also approved, on an advisory basis, the compensation of the company's named executive officers. This proposal received approximately 46.5 million votes in favor, 14.8 million votes against, and 581,498 abstentions.
In the third proposal, stockholders ratified the appointment of Ernst & Young LLP as Victoria's Secret's independent registered public accounting firm for fiscal year 2025. This measure passed with overwhelming support, garnering about 69.6 million votes in favor, with only 665,780 votes against and 548,163 abstentions.
The annual meeting was conducted remotely via electronic communication. The voting results were disclosed in a Form 8-K filed with the Securities and Exchange Commission.
In other recent news, Victoria's Secret reported its first-quarter 2025 earnings, significantly exceeding expectations with an earnings per share (EPS) of $0.09, compared to the forecast of $0.0217. The company's revenue for the quarter reached $1.35 billion, slightly surpassing the anticipated $1.32 billion. Despite this positive financial performance, Victoria's Secret adjusted its full-year earnings per share guidance to a range of $1.80 to $2.20, down from the previous $2.00 to $2.45. UBS maintained a Neutral rating on Victoria's Secret stock, noting early signs of management's successful efforts to stabilize market share in its core categories, but expressed caution regarding the company's fiscal year 2025 earnings guidance reduction. BofA Securities lowered its price target for Victoria's Secret to $18.00 from $20.00, maintaining an Underperform rating due to concerns about sales growth and margin expansion. Meanwhile, TD Cowen reduced its price target to $22.00 from $25.00, citing margin pressures but acknowledging strong performance in specific product lines like PINK apparel and VSX activewear. These developments highlight the ongoing challenges and strategic adjustments Victoria's Secret is navigating in its efforts to revitalize growth.
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