Victoria’s Secret & Co. Reports Second Quarter 2025 Results
Victoria's Secret (NYSE:VSCO) reported strong Q2 2025 results, exceeding expectations with net sales of $1.459 billion, up 3% year-over-year. The company achieved a 4% increase in comparable sales across both Victoria's Secret and PINK brands, in stores and online channels.
Operating income was $41 million, with adjusted operating income of $55 million, surpassing guidance. Earnings per share reached $0.20, or $0.33 adjusted. The company raised its full-year 2025 sales guidance to $6.330-6.410 billion but faces increased tariff headwinds of approximately $100 million.
Victoria's Secret (NYSE:VSCO) ha pubblicato solide risultanze per il secondo trimestre 2025, superando le aspettative con vendite nette pari a $1.459 miliardi, in aumento del 3% su base annua. Il gruppo ha registrato un incremento del 4% nelle vendite comparabili per i marchi Victoria's Secret e PINK, sia nei negozi fisici che online.
L'utile operativo è stato di $41 milioni, mentre l'utile operativo rettificato ha raggiunto i $55 milioni, oltre le stime fornite. L'utile per azione è stato di $0,20, o $0,33 aggiustato. La società ha alzato la guidance sulle vendite annuali 2025 a $6.330-6.410 miliardi, pur dovendo fronteggiare maggiori oneri doganali per circa $100 milioni.
Victoria's Secret (NYSE:VSCO) presentó sólidos resultados del 2T 2025, por encima de lo esperado, con ventas netas de $1.459 mil millones, un aumento del 3% interanual. La compañía consiguió un crecimiento del 4% en ventas comparables en las marcas Victoria's Secret y PINK, tanto en tiendas físicas como en canales online.
El ingreso operativo fue de $41 millones, con un ingreso operativo ajustado de $55 millones, superando la guía. Las ganancias por acción fueron de $0.20, o $0.33 ajustadas. La compañía elevó su previsión de ventas para todo 2025 a $6.330-6.410 mil millones, aunque enfrenta mayores vientos en contra por aranceles por aproximadamente $100 millones.
Victoria's Secret (NYSE:VSCO)는 2025년 2분기 실적을 발표하며 예상치를 상회하는 호실적을 기록했습니다. 순매출은 $1.459 billion으로 전년 동기 대비 3% 증가했습니다. Victoria's Secret와 PINK 브랜드의 매장 및 온라인 채널을 합한 동기 비교 매출은 4% 증가했습니다.
영업이익은 $41 million이었고, 조정 영업이익은 $55 million으로 가이던스를 상회했습니다. 주당순이익은 $0.20, 조정 주당순이익은 $0.33였습니다. 회사는 2025년 연간 매출 가이던스를 $6.330-6.410 billion으로 상향했으나 약 $100 million 규모의 관세 부담 증가에 직면해 있습니다.
Victoria's Secret (NYSE:VSCO) a publié de solides résultats pour le 2e trimestre 2025, dépassant les attentes avec des ventes nettes de 1,459 milliard $, en hausse de 3% en glissement annuel. La société a enregistré une augmentation de 4% des ventes comparables pour les marques Victoria's Secret et PINK, en magasins et en ligne.
Le résultat d'exploitation s'est élevé à 41 millions $, et le résultat d'exploitation ajusté à 55 millions $, au‑delà des prévisions. Le bénéfice par action s'est établi à 0,20 $, ou 0,33 $ ajusté. L'entreprise a relevé ses prévisions de ventes pour l'année 2025 à 6,330-6,410 milliards $, tout en faisant face à un renforcement des vents contraires liés aux droits de douane d'environ 100 millions $.
Victoria's Secret (NYSE:VSCO) meldete starke Ergebnisse für das 2. Quartal 2025 und übertraf die Erwartungen mit einem Nettoumsatz von $1.459 Milliarden, ein Anstieg von 3% gegenüber dem Vorjahr. Das Unternehmen verzeichnete einen vergleichbaren Umsatzanstieg von 4% für die Marken Victoria's Secret und PINK, sowohl in den Filialen als auch online.
Das Betriebs Ergebnis betrug $41 Millionen, das bereinigte Betriebsergebnis lag bei $55 Millionen und damit über den Prognosen. Der Gewinn je Aktie betrug $0,20, bzw. $0,33 bereinigt. Die Gesellschaft hob ihre Umsatzprognose für das Gesamtjahr 2025 auf $6.330-6.410 Milliarden an, sieht sich jedoch mit erhöhten Zollbelastungen von rund $100 Millionen konfrontiert.
- None.
- Operating income declined to $41 million from $62 million year-over-year
- Net income decreased to $16 million from $32 million in Q2 2024
- Direct channel sales declined 5.5% year-over-year
- Increased tariff impact of $100 million expected for fiscal 2025
- Forecasting Q3 2025 adjusted operating loss of $35-55 million
Insights
VSCO beats Q2 expectations with 4% comp growth but shows profit decline; raises sales outlook despite higher tariff impact.
Victoria's Secret delivered a 3% year-over-year revenue increase to
While sales improved, profitability metrics declined substantially year-over-year:
- Operating income:
$41 million vs$62 million last year (-34% ) - Net income:
$16 million vs$32 million last year (-50% ) - Diluted EPS:
$0.20 vs$0.40 last year (-50% )
On an adjusted basis, which excludes Adore Me acquisition-related expenses, Q2 operating income reached
The company's channel performance reveals divergent trends:
- North America stores:
$824.8 million , up3.1% - Direct (online):
$406.5 million , down5.5% - International:
$227.8 million , up21.8%
Management has raised full-year sales guidance to
For Q3, the company projects net sales of
The gross margin expansion despite tariff pressures demonstrates effective inventory management and more strategic promotional activity. However, the
Second quarter sales, operating income and EPS exceed expectations
Second quarter comparable sales up
Company raises full year 2025 sales guidance
REYNOLDSBURG, Ohio, Aug. 28, 2025 (GLOBE NEWSWIRE) -- Victoria’s Secret & Co. (“VS&Co” or the “Company”) (NYSE: VSCO) today reported financial results for the second quarter ended August 2, 2025.
“I 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’s 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’s 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,” said VS&Co Chief Executive Officer Hillary Super.
VS&Co Chief Financial and Operating Officer Scott Sekella added, “Importantly, 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.”
Super concluded, “This was our first full quarter under our refreshed leadership team and the impact was clear—sharper 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.”
Second Quarter 2025 Results
The Company reported net sales of
The Company reported operating income for the second quarter of 2025 of
Excluding the impact of the items described at the conclusion of this press release, adjusted operating income for the second quarter of 2025 was
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
For the third quarter, the Company is forecasting net sales to be in the range of
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’s Secret & Co. will conduct its second quarter earnings call at 8:30 a.m. Eastern on Thursday, August 28, 2025. 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 www.victoriassecretandco.com. The materials accompanying the earnings call have been posted on the Investors section of the Company’s website. The audio replay will be available approximately two hours after the conclusion of the call.
About Victoria’s Secret & Co.
Victoria’s Secret & Co. (NYSE: VSCO) is a specialty retailer of modern, fashion-inspired collections including signature bras, panties, lingerie, apparel, casual sleepwear, swim, lounge and sport as well as award-winning prestige fragrances and body care. VS&Co is comprised of market leading brands, Victoria’s 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 “estimate,” “commit,” “will,” “target,” “forecast,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,” “anticipate,” “intend,” “continue,” “potential” 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’ 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 “Item 1A. Risk Factors” 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:
| Victoria’s Secret & Co.: | |
| Investor Relations: | Media Relations: |
| Kevin Wynk | Brooke Wilson |
| investorrelations@victoria.com | communications@victoria.com |
Total Net Sales (Millions):
| Second Quarter 2025 | Second Quarter 2024 | % Inc/ (Dec) | Year-to- Date 2025 | Year-to- Date 2024 | % Inc/ (Dec) | ||||||||||||
| Stores – North America | $ | 824.8 | $ | 800.0 | 3.1 | % | $ | 1,546.1 | $ | 1,529.1 | 1.1 | % | |||||
| Direct | 406.5 | 430.2 | (5.5 | %) | 839.7 | 879.0 | (4.5 | %) | |||||||||
| International1 | 227.8 | 187.0 | 21.8 | % | 426.3 | 368.5 | 15.7 | % | |||||||||
| Total | $ | 1,459.1 | $ | 1,417.2 | 3.0 | % | $ | 2,812.1 | $ | 2,776.6 | 1.3 | % | |||||
1 – Results include consolidated joint venture sales in China, royalties associated with franchised stores and wholesale sales.
Comparable Sales Increase (Decrease):
Second Quarter 2025 | Second Quarter 2024 | Year-to-Date 2025 | Year-to-Date 2024 | ||||
| Stores and Direct1 | ( | ( | |||||
| Stores Only2 | ( | ( | |||||
NOTE: Please refer to our filings with the Securities and Exchange Commission for further discussion regarding our comparable sales calculation.
1 – Results include company-operated stores in the U.S. and Canada, consolidated joint venture stores in China and direct sales.
2 – Results include company-operated stores in the U.S. and Canada and consolidated joint venture stores in China.
Total Stores:
| Stores at 2/1/25 | Opened | Closed | Stores at 8/2/25 | |||||
| Company-Operated: | ||||||||
| U.S. | 782 | 5 | (24) | 763 | ||||
| Canada | 24 | 1 | (1) | 24 | ||||
| Subtotal Company-Operated | 806 | 6 | (25) | 787 | ||||
| China Joint Venture: | ||||||||
| Beauty & Accessories1 | 30 | - | (7) | 23 | ||||
| Full Assortment | 40 | - | - | 40 | ||||
| Subtotal China Joint Venture | 70 | - | (7) | 63 | ||||
| Partner-Operated: | ||||||||
| Beauty & Accessories | 324 | 16 | (15) | 325 | ||||
| Full Assortment | 181 | 19 | (4) | 196 | ||||
| Subtotal Partner-Operated | 505 | 35 | (19) | 521 | ||||
| Adore Me | 6 | - | (1) | 5 | ||||
| Total | 1,387 | 41 | (52) | 1,376 | ||||
1 – Includes nine partner-operated stores at 8/2/25.
| VICTORIA'S SECRET & CO. | ||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| THIRTEEN WEEKS ENDED AUGUST 2, 2025 AND AUGUST 3, 2024 | ||||||||
| (Unaudited) | ||||||||
| (In thousands except per share amounts) | ||||||||
| 2025 | 2024 | |||||||
| Net Sales | $ | 1,459,137 | $ | 1,417,193 | ||||
| Costs of Goods Sold, Buying and Occupancy | (940,121 | ) | (915,827 | ) | ||||
| Gross Profit | 519,016 | 501,366 | ||||||
| General, Administrative and Store Operating Expenses | (478,057 | ) | (439,042 | ) | ||||
| Operating Income | 40,959 | 62,324 | ||||||
| Interest Expense | (17,804 | ) | (21,363 | ) | ||||
| Other Income | 1,121 | 465 | ||||||
| Income Before Income Taxes | 24,276 | 41,426 | ||||||
| Provision for Income Taxes | 6,249 | 9,285 | ||||||
| Net Income | 18,027 | 32,141 | ||||||
| Less: Net Income Attributable to Noncontrolling Interest | 1,799 | 340 | ||||||
| Net Income Attributable to Victoria's Secret & Co. | $ | 16,228 | $ | 31,801 | ||||
| Net Income Per Diluted Share Attributable to Victoria's Secret & Co. | $ | 0.20 | $ | 0.40 | ||||
| Weighted Average Shares Outstanding | 82,205 | 79,595 | ||||||
| VICTORIA'S SECRET & CO. | ||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| TWENTY-SIX WEEKS ENDED AUGUST 2, 2025 AND AUGUST 3, 2024 | ||||||||
| (Unaudited) | ||||||||
| (In thousands except per share amounts) | ||||||||
| 2025 | 2024 | |||||||
| Net Sales | $ | 2,812,086 | $ | 2,776,635 | ||||
| Costs of Goods Sold, Buying and Occupancy | (1,818,844 | ) | (1,773,954 | ) | ||||
| Gross Profit | 993,242 | 1,002,681 | ||||||
| General, Administrative and Store Operating Expenses | (932,497 | ) | (914,089 | ) | ||||
| Operating Income | 60,745 | 88,592 | ||||||
| Interest Expense | (34,893 | ) | (43,099 | ) | ||||
| Other Income | 4,078 | 794 | ||||||
| Income Before Income Taxes | 29,930 | 46,287 | ||||||
| Provision for Income Taxes | 9,128 | 16,630 | ||||||
| Net Income | 20,802 | 29,657 | ||||||
| Less: Net Income Attributable to Noncontrolling Interest | 6,230 | 1,498 | ||||||
| Net Income Attributable to Victoria's Secret & Co. | $ | 14,572 | $ | 28,159 | ||||
| Net Income Per Diluted Share Attributable to Victoria's Secret & Co. | $ | 0.18 | $ | 0.35 | ||||
| Weighted Average Shares Outstanding | 82,085 | 79,330 | ||||||
| VICTORIA'S SECRET & CO. | ||||||||||||||||||
| NON-GAAP FINANCIAL INFORMATION | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||||
| In addition to our results provided in accordance with GAAP, provided below are non-GAAP financial measures that present operating income, net income attributable to Victoria's Secret & Co. and net income per diluted share attributable to Victoria's Secret & Co. on an adjusted basis, which remove certain non-recurring, infrequent or unusual items that we believe are not indicative of the results of our ongoing operations due to their size and nature. The intangible asset amortization excluded from these non-GAAP financial measures is excluded because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. We use adjusted financial information as key performance measures of our results of operations for the purpose of evaluating performance internally. These non-GAAP measurements are not intended to replace the presentation of our financial results in accordance with GAAP. Instead, we believe that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of past and present operations. Further, our definition of non-GAAP financial measures may differ from similarly titled measures used by other companies. The table below reconciles the most directly comparable GAAP financial measure to each non-GAAP financial measure. | ||||||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Reconciliation of Reported to Adjusted Operating Income | ||||||||||||||||||
| Reported Operating Income - GAAP | $ | 40,959 | $ | 62,324 | $ | 60,745 | $ | 88,592 | ||||||||||
| Amortization of Intangible Assets (a) | 6,284 | 6,284 | 12,568 | 12,568 | ||||||||||||||
| Restructuring and Other One-time Charges (b) | 7,881 | - | 13,478 | - | ||||||||||||||
| Adore Me Acquisition-related Items (c) | - | (6,343 | ) | - | 710 | |||||||||||||
| Adjusted Operating Income | $ | 55,124 | $ | 62,265 | $ | 86,791 | $ | 101,870 | ||||||||||
| Reconciliation of Reported to Adjusted Net Income Attributable to Victoria's Secret & Co. | ||||||||||||||||||
| Reported Net Income Attributable to Victoria's Secret & Co. - GAAP | $ | 16,228 | $ | 31,801 | $ | 14,572 | $ | 28,159 | ||||||||||
| Amortization of Intangible Assets (a) | 6,284 | 6,284 | 12,568 | 12,568 | ||||||||||||||
| Restructuring and Other One-time Charges (b) | 7,881 | - | 13,478 | - | ||||||||||||||
| Adore Me Acquisition-related Items (c) | - | (5,248 | ) | - | 2,900 | |||||||||||||
| Tax Effect of Adjusted Items | (3,510 | ) | (1,375 | ) | (6,521 | ) | (3,060 | ) | ||||||||||
| Adjusted Net Income Attributable to Victoria's Secret & Co. | $ | 26,883 | $ | 31,462 | $ | 34,097 | $ | 40,567 | ||||||||||
| Reconciliation of Reported to Adjusted Net Income Per Diluted Share Attributable to Victoria's Secret & Co. | ||||||||||||||||||
| Reported Net Income Per Diluted Share Attributable to Victoria's Secret & Co. - GAAP | $ | 0.20 | $ | 0.40 | $ | 0.18 | $ | 0.35 | ||||||||||
| Amortization of Intangible Assets (a) | 0.06 | 0.06 | 0.11 | 0.12 | ||||||||||||||
| Restructuring and Other One-time Charges (b) | 0.07 | - | 0.12 | - | ||||||||||||||
| Adore Me Acquisition-related Items (c) | - | (0.06 | ) | - | 0.04 | |||||||||||||
| Adjusted Net Income Per Diluted Share Attributable to Victoria's Secret & Co. | $ | 0.33 | $ | 0.40 | $ | 0.42 | $ | 0.51 | ||||||||||
| (a) | In both the second quarter of 2025 and 2024, we recognized amortization expense of | |||||||||||||||||
| (b) | In the second quarter of 2025, we recognized pre-tax charges of | |||||||||||||||||
| (c) | In the second quarter of 2024, we recognized pre-tax income of | |||||||||||||||||
FAQ
What were Victoria's Secret (VSCO) Q2 2025 earnings results?
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What is Victoria's Secret's revenue guidance for full year 2025?
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