Victoria’s Secret names Joann exec as CFO; gives upbeat guidance
Victoria’s Secret & Co. has tapped a seasoned retailer as its new finance chief.
The lingerie giant said that chief financial and administrative officer Timothy (TJ) Johnson is retiring in June 2025. Scott Sekella has been appointed CFO.
Sekella joins Victoria’s Secret from fabric and crafts retailer Joann, where he has served as CFO since September 2022. Before that, he held financial leadership roles at Under Armour and Crocs.
[READ MORE: Joann files for bankruptcy protection — again; seeks buyer]
In a statement, Victoria’s Secret CEO Hillary Super described Sekella as a “transformational leader with extensive and diverse retail experience delivering results, driving operational efficiencies, and executing growth strategies.”
“He has a strong retail background and record of identifying and accelerating strategies that strengthen performance and enhance profitability which I believe make him the right partner to help lead the next chapter of growth for the company,” Super said.
In announcing the CFO transition, the retailer also gave an update on its holiday sales and 2024 earnings expectations. It now expects adjusted per-share earnings for its fiscal fourth quarter through Feb. 1 to range from $2.20 to $2.30, compared with prior guidance of $2 to $2.30. It expects sales excluding the extra week last year to rise 3% to 4%, compared with prior guidance of 2% to 4%.
Super said the company was pleased with its holiday results as the momentum of its sales results for North America continued from the third quarter through November and December across both its stores and digital channels.
“We are experiencing increased levels of traffic to our stores and our digital site which we believe is reflective of our improved merchandise offering and the positive impact of the VS Fashion Show in late October,” Super said. “We exited the holiday and our January semi-annual sale in a good inventory position and ready for Valentine’s Day and first quarter selling, and our international business growth is also delivering on expectations."