Victoria's Secret & Co. Earnings Call Transcripts
Fiscal Year 2027
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Net sales grew 10% year-over-year, with operating income and EPS exceeding guidance. Strong performance across all brands and channels, margin expansion, and robust customer growth led to raised full-year guidance. International and digital channels continued to drive momentum.
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Q1 2026 delivered 15% sales growth and over 500% EPS growth, with all segments achieving double-digit gains and strong customer acquisition. FY2026 guidance was raised across sales, operating income, and EPS, reflecting continued momentum and margin expansion despite tariff headwinds.
Fiscal Year 2026
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Q4 and fiscal 2025 results exceeded guidance, with comp sales up 8% in Q4 and 5% for the year, driven by strong brand momentum, international growth, and disciplined execution. Fiscal 2026 guidance calls for 5–6% sales growth and continued margin expansion.
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Third-quarter results exceeded expectations with 9% sales growth, margin expansion, and market share gains in both North America and international markets. Raised full-year guidance reflects strong momentum, especially from the fashion show and digital initiatives.
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Net sales grew 3% year-over-year, with comp sales up 4% and gross margin improving to 35.6%. International and beauty segments led growth, while tariff pressures increased, but guidance for operating income and EPS was maintained.
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Q1 results exceeded guidance with net sales of $1.353B and strong international growth. Fiscal 2025 outlook maintained despite tariff and security headwinds, with continued investment in innovation, marketing, and store upgrades. PINK and Beauty segments led growth.
Fiscal Year 2025
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Leadership has refocused on creativity, customer-centricity, and distinct brand strategies, driving growth in bras, PINK, and beauty. Store modernization, international expansion, and agile supply chain initiatives support margin recovery and market share gains.
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Q4 delivered strong sales and margin growth across all brands, with international and lifestyle categories outperforming. FY25 guidance is for flat to modest revenue growth, with margin tailwinds from lower promotions and continued cost savings, despite macro headwinds and tariff impacts.
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Q3 sales rose 7% year-over-year, with strong growth across all brands and channels, especially internationally. Beauty and digital excelled, while guidance for Q4 and the full year was raised. Gross margin faces pressure from higher transport costs and incentive compensation.
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Q2 results exceeded expectations with operating income growth for the first time since 2021. Sales trends improved sequentially, driven by new product launches and strong international and Adore Me performance. FY2024 guidance was raised, but the environment remains competitive and transportation costs are a headwind.
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First quarter results exceeded expectations, with strong international growth, improved gross margin, and disciplined cost management. North American sales trends improved, especially in April, and the company reaffirmed its 2024 outlook despite a challenging retail environment.