Victoria’s Secret & Co. has turn into a study of transformation within the wake of chaos.

After a torrent of criticism for presenting too narrow a view of beauty, an aborted sale and at last a spin-off through the pandemic, the corporate and its chief executive officer, Martin Waters, have been working steadily at change.

In its first full yr as a stand-alone company, Victoria’s Secret reached out in recent ways by:

It’s a high-wire act — in skimpy underwear — and it’s still very much underway, as consumers adjust to the corporate’s recent approach and investors attempt to wrap their calculators around all of the moving parts.

On a conference call with analysts after releasing 2022 results, Waters each pointed to the subsequent steps in the corporate’s journey and expressed satisfaction with the work done thus far.

“I’m delighted by the connections we’re making and deepening with our customers as we aspire to turn into a Victoria’s Secret where everyone feels seen, respected and valued,” the CEO said.

“We consider we’re two years right into a five-year journey within the turnaround of our business,” he said. “And now we have a transparent road map to be the world’s leading fashion retailer of intimate apparel.”

Last yr the firm’s net profits decreased 46 percent to $348.1 million as sales slipped 6.4 percent to $6.3 billion. But Waters noted that each Victoria’s Secret and Pink’s inventory levels were clean — down double digits on an adjusted basis at the top of the yr — and that the business model has been “stabilized” and in a position to “weather difficult times.”

“As we start the brand new yr, we’re mindful that the domestic economic environment continues to be difficult and continues to place pressure on our customers,” he said.

Specifically, Pink has had a troublesome go of it in apparel recently, but Waters said that’s being addressed.

“It’s time for some urgent reinvention,” the CEO said. “I’ve seen that reinvention, and I’m super enthusiastic about it. Customers will begin to see it toward the top of Q2. It’s a recent design direction. It’s a way more fresh approach, more and higher outfit starts, more modern raw materials and fabrications.”

Pink is approaching a $3 billion business, with half of that in intimates and the opposite half divided between apparel and sleepwear, he said.

“Pink apparel has been remarkably successful for us over an extended time period,” he said. “We’ve enjoyed this a part of the business over time. And infrequently when businesses are really, really good and really healthy, we forget to renew them and we lose give attention to the product life cycle. Perhaps we hang on to them a bit of longer than we probably should.”

Reinvention, it seems, is the byword, at Pink and the namesake brand.

However it all takes time.

Neil Saunders, managing director of GlobalData, said the pace of decline moderated within the fourth quarter, however the “general trajectory stays the identical.”

“Victoria’s Secret is a brand in decline that has not, as of yet, managed to reposition itself for growth,” Saunders said, noting that the business is adjusting just as competitors, like Aerie and Gilly Hicks, rise.

Saunders said the brand “stays broadly out of kilter with general demand and continues to discourage some shoppers.…Changing a brand with a deeply embedded position is a journey of a thousand steps, and Victoria’s Secret continues to be at first of its trek. That said, we consider that the brand new team is committed to creating the changes and has already taken actions that may pay dividends down the road.”