Victoria’s Secret Postpones Earnings: Cybersecurity Breach Impacts Sales & Reporting

Victoria’s Secret has announced a delay in its quarterly earnings release, citing a significant cybersecurity breach that severely impacted its operations. The incident, discovered on May 24th, forced the company’s US website offline and disrupted both in-store services and internal corporate systems.

While the company hasn’t publicly confirmed the nature of the attack, initial reports suggest it may be ransomware-related. Despite the disruption, preliminary sales figures are positive, exceeding expectations with a reported $1.35 billion in net sales. However, the breach’s impact on financial reporting necessitated the delay in the earnings announcement.

Victoria’s Secret immediately initiated its response protocols and brought in cybersecurity experts to investigate and contain the breach. The company is working diligently to restore full operational capacity and is cooperating with relevant authorities as the investigation unfolds. Further updates on the earnings release timeline and the extent of the damage are expected in the coming days.