Victoria’s Secret revealed on Tuesday that a cybersecurity incident targeting its IT systems prompted a temporary website shutdown last week. The lingerie and apparel giant took swift action to mitigate the threat, shutting down both its corporate systems and e-commerce site on May 26 and enacting immediate response protocols to contain the breach.
Victoria’s Secret Website Restored After Cyber Attack
According to the company’s official statement, the website was fully restored on May 29, just three days after the incident occurred. Victoria’s Secret emphasised that there was no material disruption to its operations, and the breach did not impact first-quarter financial results.
However, the company did note that it expects to incur additional expenses in Q2 as a result of its cybersecurity response and remediation efforts.
Earnings Forecast Remains Strong Despite Cyber Incident
Despite the unexpected shutdown, Victoria’s Secret expects its Q1 sales and adjusted diluted earnings per share to meet or exceed the higher end of its previous guidance. The company reiterated confidence in its core business performance, underscoring that the cyber event had no immediate financial impact on the first quarter.
First-Quarter Earnings Results Delayed
Victoria’s Secret was originally scheduled to release its first-quarter earnings on June 5, but due to the cyberattack and temporary system lockdown, the company delayed the report. Executives stated that the website restoration process temporarily restricted employee access to internal systems and information needed to complete the earnings release.
In-Store Operations and Customer Impact
The cyber incident also affected some in-store functions at both Victoria’s Secret and Pink retail locations, but the company confirmed that all store operations have now been fully restored.
There is no evidence so far of customer data being compromised, although the company did not disclose full details of the breach.
Broader Trend of Cyberattacks in the Retail Industry
The Victoria’s Secret cyber incident is the latest in a growing list of cyberattacks targeting the fashion and retail sectors. Recently, Cartier, owned by Richemont, disclosed a hack of its website and client data theft. Similarly, Marks & Spencer has faced cybersecurity challenges in the past.
With the increasing reliance on digital infrastructure, retailers are becoming frequent targets of cybercriminals, emphasising the urgent need for advanced cybersecurity protocols across the industry.
Market Reaction
Victoria’s Secret shares rose around 2% in early trading on Tuesday, suggesting that investor confidence remains intact despite the incident.
