Victoria's Secret & Co. Earnings Recaps
Q3 2025
Dec 5, 2025
Victoria's Secret & Co. exceeded expectations in Q3 2025, posting a 9% increase in net sales to $1.47 billion and a remarkable 45% growth in earnings, driven by strong performance across key categories and successful brand initiatives.
Key takeaways
- Intimates business saw mid-single-digit growth, gaining over 1% market share in the U.S.
- International retail sales surged over 30%, marking three consecutive quarters of double-digit growth, particularly strong in China.
- The Victoria's Secret Fashion Show significantly boosted customer engagement, generating 61 million streaming views and nearly 9 million new social followers in just four weeks.
- Active customer base reversed a declining trend, with notable increases in new customer acquisitions post-fashion show.
- The company raised its fiscal 2025 outlook, anticipating a strong holiday season driven by impactful merchandising and strategic marketing.
Q2 2025
Aug 28, 2025
Victoria's Secret & Co. delivered strong second-quarter results with 3% net sales growth and significant improvements in operating income, driven by strategic brand repositioning and effective inventory management.
Key takeaways
- Net sales increased 3% year-over-year, while comparable sales rose 4%, exceeding expectations despite a digital outage.
- Gross margins improved to 35.6%, reflecting a shift towards higher regular-priced selling and less reliance on discounts.
- Adjusted operating income reached $55 million, surpassing guidance by $20 million, aided by robust store traffic and innovative product launches.
- International sales surged 22%, underscoring the brand's growing global relevance.
- Continued focus on core product categories, particularly bras, is expected to drive sustained growth and market share gains.