Victoria's Secret & Co. Q3 2025 Earnings Recap

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.