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Victoria鈥檚 Secret & Co. Reports Second Quarter 2025 Results

Second quarter sales, operating income and EPS exceed expectations

Second quarter comparable sales up 4%

Company raises full year 2025 sales guidance

REYNOLDSBURG, Ohio, Aug. 28, 2025 (GLOBE NEWSWIRE) -- Victoria鈥檚 Secret & Co. (鈥淰S&Co鈥� or the 鈥淐ompany鈥�) (NYSE: VSCO) today reported financial results for the second quarter ended August 2, 2025.

鈥淚 am excited to share that our momentum continued building in the second quarter, once again delivering results that beat our sales and operating income guidance. We delivered comparable sales growth in both Victoria鈥檚 Secret and PINK, in North America and across the globe, and in our stores and online channels. These results reflect disciplined execution, the power of the evolving Victoria鈥檚 Secret and PINK brands, and early progress on our Path to Potential strategy. The business was strong throughout the quarter and accelerated in July and into August, driven by product innovation, newness and evolved storytelling that is connecting with both existing and new customers,鈥� said VS&Co Chief Executive Officer Hillary Super.

VS&Co Chief Financial and Operating Officer Scott Sekella added, 鈥淚mportantly, despite tariff headwinds, we drove gross margin rate expansion in the quarter to go along with the sales growth, driven by disciplined inventory management and our evolving promotional approach in the business. Although we recognize that the macro environment remains uncertain, we are excited about the product newness and customer experiences we have planned for the second half of the year.鈥�

Super concluded, 鈥淭his was our first full quarter under our refreshed leadership team and the impact was clear鈥攕harper execution, reenergized culture and more high-emotion storytelling, delivering significant momentum as we enter the back half of the year. As we look forward, we continue to be optimistic about our future, our opportunity to further differentiate and elevate our brands and making even deeper emotional connections with our customers.鈥�

Second Quarter 2025 Results
The Company reported net sales of $1.459 billion for the second quarter of 2025, an increase of 3% compared to net sales of $1.417 billion for the second quarter of 2024 and above our previously communicated guidance range of $1.380 billion to $1.410 billion. Total comparable sales for the second quarter of 2025 increased 4%.

The Company reported operating income for the second quarter of 2025 of $41 million compared to $62 million in the second quarter of 2024. The Company reported net income of $16 million, or $0.20 per diluted share, for the second quarter of 2025 compared to net income of $32 million, or $0.40 per diluted share, for the second quarter of 2024.

Excluding the impact of the items described at the conclusion of this press release, adjusted operating income for the second quarter of 2025 was $55 million, which was above our previously communicated guidance range of adjusted operating income of $15 million to $35 million. This result compares to last year鈥檚 second quarter adjusted operating income of $62 million. Adjusted net income for the second quarter of 2025 was $27 million, or $0.33 per diluted share, which was above our previously communicated guidance range of adjusted net income per diluted share of $0.00 to $0.15. This result compares to last year鈥檚 second quarter adjusted net income of $31 million, or $0.40 per diluted share.

Full Year and Third Quarter 2025 Outlook
The Company is raising its full year outlook for net sales and is now forecasting net sales in the range of $6.330 billion to $6.410 billion, compared to prior guidance of $6.2 billion to $6.3 billion. At this forecasted level of net sales, the Company is reiterating its full year outlook for adjusted operating income and expects adjusted operating income to be in the range of $270 million to $320 million. This outlook includes an updated estimated net tariff impact of approximately $100 million for fiscal year 2025 which is $50 million higher than our estimated net tariff impact that was included in our previous guidance.

For the third quarter, the Company is forecasting net sales to be in the range of $1.390 billion to $1.420 billion compared to last year鈥檚 third quarter net sales of $1.347 billion. At this forecasted level of net sales, adjusted operating loss for the third quarter of 2025 is expected to be in the range of $35 million to $55 million. Adjusted net loss per share for the third quarter of 2025 is estimated to be in the range of $0.55 to $0.75.听听

Forecasted adjusted operating income (loss) and adjusted net income (loss) per diluted share excludes the financial impact of purchase accounting items related to the Adore Me acquisition, including expense (income) related to changes in the estimated fair value of contingent consideration and performance-based payments, as well as the amortization of intangible assets. The Company is not able to provide a reconciliation of forward-looking adjusted operating income (loss) or adjusted net income (loss) per diluted share to the most directly comparable forward-looking GAAP financial measures because the Company is unable to provide a meaningful or accurate reconciliation or estimation of certain reconciling items without unreasonable effort, due to the inherent difficulty in forecasting the timing of, and quantifying, the various purchase accounting items that are necessary for such reconciliation.

Quarterly Earnings Conference Call
Victoria鈥檚 Secret & Co. will conduct its second quarter earnings call at听8:30 a.m.听Eastern on Thursday, August 28, 2025.听To listen, call 1-800-619-9066 (international dial-in number: 1-212-519-0836); passcode 5358727. For an audio replay, call 1-800-839-2204 (international replay number: 1-203-369-3032); passcode 2485654 or log onto . 听The materials accompanying the earnings call have been posted on the Investors section of the Company鈥檚 website. The audio replay will be available approximately two hours after the conclusion of the call.

About Victoria鈥檚 Secret & Co.
Victoria鈥檚 Secret & Co. (NYSE: VSCO) is a specialty retailer of modern, fashion-inspired collections including signature bras, panties, lingerie, apparel, casual sleepwear,听swim, lounge and sport as well as award-winning prestige fragrances and body care. VS&Co听is comprised of market leading brands, Victoria鈥檚 Secret and PINK, that share a common purpose of supporting women in all they do, and Adore Me, a technology-led, digital first innovative intimates brand serving women of all sizes and budgets at all phases of life. We are committed to empowering our more than 30,000 associates across a global footprint of approximately 1,380 retail stores in nearly 70 countries.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this press release or made by us, our management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements, and any future performance or financial results expressed or implied by such forward-looking statements are not guarantees of future performance. Forward-looking statements include, without limitation, statements regarding our future operating results, the implementation and impact of our strategic plans, and our ability to meet environmental, social, and governance goals. Words such as 鈥渆stimate,鈥� 鈥渃ommit,鈥� 鈥渨ill,鈥� 鈥渢arget,鈥� 鈥渇orecast,鈥� 鈥済oal,鈥� 鈥減roject,鈥� 鈥減lan,鈥� 鈥渂elieve,鈥� 鈥渟eek,鈥� 鈥渟trive,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渃ontinue,鈥� 鈥減otential鈥� and any similar expressions are intended to identify forward-looking statements. Risks associated with the following factors, among others, could affect our results of operations and financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements:

• general economic conditions, inflation, and changes in consumer confidence and consumer spending patterns;
• market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises or other major events, or the prospect of these events;
• uncertainty in the global trade environment, including the imposition or threatened imposition of tariffs or other trade restrictions and any retaliatory measures imposed by impacted exporting countries;
• our ability to successfully implement our strategic plan;
• difficulties arising from changes and turnover in company leadership or other key positions;
• our ability to attract, develop and retain qualified associates and manage labor-related costs;
• our dependence on traffic to our stores and the availability of suitable store locations on satisfactory terms;
• our ability to successfully operate and expand internationally and related risks;
• the operations and performance of our franchisees, licensees, wholesalers and joint venture partners;
• our ability to successfully operate and grow our direct channel business;
• our ability to protect our reputation and the image and value of our brands;
• our ability to attract customers with marketing, advertising and promotional programs;
• the highly competitive nature of the retail industry and the segments in which we operate;
• consumer acceptance of our products and our ability to manage the life cycle of our brands, remain current with fashion trends, and develop and launch new merchandise, product lines and brands successfully;
• our ability to integrate acquired businesses and realize the benefits and synergies sought with such acquisitions;
• our ability to incorporate artificial intelligence into our business operations successfully and ethically while effectively managing the associated risks;
• our ability to source materials and produce, distribute and sell merchandise on a global basis, including risks related to:
  • political instability and geopolitical conflicts;
  • environmental hazards, severe weather and natural disasters;
  • significant health hazards and pandemics;
  • delays or disruptions in shipping and transportation and related pricing impacts;
  • foreign currency exchange rate fluctuations; and
  • disruption due to labor disputes;
• our geographic concentration of production and distribution facilities in central Ohio and Southeast Asia;
• the ability of our vendors to manufacture and deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations;
• fluctuations in freight, product input and energy costs;
• our and our third-party service providers鈥� ability to implement and maintain information technology systems and to protect associated data and system availability against cybersecurity incidents and disruptions or failures of systems;
• our ability to maintain the security of customer, associate, third-party and company information;
• stock price volatility;
• shareholder activism matters;
• our ability to maintain our credit rating;
• our ability to comply with regulatory requirements; and
• legal, tax, trade and other regulatory matters.
  

Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events, even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in 鈥淚tem 1A. Risk Factors鈥� in our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 21, 2025.

For further information, please contact:

Total Net Sales (Millions):

¹ 鈥� Results include consolidated joint venture sales in China, royalties associated with franchised stores and wholesale sales.

Comparable Sales Increase (Decrease):

NOTE: Please refer to our filings with the Securities and Exchange Commission for further discussion regarding our comparable sales calculation.
¹ 鈥� Results include company-operated stores in the U.S. and Canada, consolidated joint venture stores in China and direct sales.
² 鈥� Results include company-operated stores in the U.S. and Canada and consolidated joint venture stores in China.

Total Stores:

¹ 鈥� Includes nine partner-operated stores at 8/2/25.