Victoria’s Secret & Co. (NYSE:VSCO) revealed a cybersecurity problem that caused its e-commerce website and corporate infrastructure to be temporarily taken down from May 26 to May 29.
A middle aged woman in a boutique trying on intimate products.
To stop unwanted network access, the business implemented containment procedures. The breach may raise Q2 costs even if it had no material impact on Q1 financial results or operations.
As a result, Victoria’s Secret & Co. postponed its Q1 earnings announcement, which was initially slated for June 5, claiming limited staff access to critical systems throughout the restoration process. After the announcement, shares climbed by almost 2%.
Some Victoria’s Secret and Pink shop operations were also interrupted by the cyberattack; however, they have subsequently been resumed. Despite the breach, the business stated that Q1 revenues and adjusted diluted EPS are anticipated to reach or surpass the higher end of previous projections.
The incident comes after recent cyberattacks on major retail brands, such as Marks & Spencer and Cartier, which is owned by Richemont. Cartier acknowledged that its hack resulted in the theft of consumer data.
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Disclosure. None.
