Victoria's Secret & Co. Reports Third Quarter 2025 Results and Raises Full Year Guidance

REYNOLDSBURG, Ohio, Dec. 05, 2025 (GLOBE NEWSWIRE) Victoria’s Secret & Co. (“VS&Co” or the “Company”) (NYSE: VSCO) today reported financial results for the third quarter ended November 1, 2025.

Hillary Super, VS&Co Chief Executive Officer, said, “We delivered a standout third quarter, with outperformance on net sales and earnings per share, exceeding the high-end of our guidance. Net sales increased 9% over last year, driven by strength across Victoria’s Secret, PINK and Beauty, and supported by momentum across channels and geographies. These outstanding results reflect disciplined execution of our Path to Potential strategy. Building on the third quarter’s outperformance as well as the solid start to our fourth quarter, we are raising our full year outlook and are well positioned for a successful holiday season and finish to our fiscal 2025.”

Ms. Super concluded, “With two iconic brands, Victoria’s Secret and PINK, a curated product assortment, high-emotion marketing and a relentless customer focus, we are reinforcing our leadership in global intimates and beauty. As we continue to advance our Path to Potential strategy, we are accelerating global growth, elevating brand distinctiveness, and unlocking greater value across our ecosystem to drive long-term profitable growth.”

Scott Sekella, VS&Co Chief Financial and Operating Officer, said, “Building on strong first-half results, our third quarter exceeded expectations. We delivered robust adjusted gross margin expansion of 170 basis points, driven by a reduced promotional approach and higher regular-priced selling, while leveraging the strength of our business model. We remain focused on managing costs while prioritizing investments in product innovation, brand strength, and customer experience. These efforts, along with the solid operational foundation we have built enables us to scale effectively and support the Company’s growth, giving us confidence in delivering a strong finish to the year and positioning VS&Co for long-term success.”

Third Quarter 2025 Results
The Company reported net sales of $1.472 billion for the third quarter of 2025, an increase of 9% compared to net sales of $1.347 billion for the third quarter of 2024 and above our previously communicated guidance range of $1.390 billion to $1.420 billion. Total comparable sales for the third quarter of 2025 increased 8%.

The Company reported operating loss for the third quarter of 2025 of $19 million compared to operating loss of $47 million in the third quarter of 2024. The Company reported net loss of $37 million, or $0.46 per diluted share, for the third quarter of 2025 compared to net loss of $56 million, or $0.71 per diluted share, for the third quarter of 2024.

Excluding the impact of the adjusted items described at the conclusion of this press release, adjusted operating income for the third quarter of 2025 was breakeven at $0 million, which was better than our previously communicated guidance range of adjusted operating loss of $35 million to $55 million. This result compares to last year’s third quarter adjusted operating loss of $28 million. Adjusted net loss for the third quarter of 2025 was $22 million, or $0.27 per diluted share, which was better than our previously communicated guidance range of adjusted net loss per diluted share of $0.55 to $0.75. This result compares to last year’s third quarter adjusted net loss of $39 million, or $0.50 per diluted share.

Full Year and Fourth Quarter 2025 Outlook
The Company is raising its full year outlook and is now forecasting net sales in the range of $6.450 billion to $6.480 billion, compared to prior guidance of $6.330 billion to $6.410 billion. At this forecasted level of net sales, adjusted operating income is expected to be in the range of $350 million to $375 million, compared to prior guidance of $270 million to $320 million. Adjusted net income per diluted share for the full year 2025 is estimated to be in the range of $2.40 to $2.65, compared to prior guidance of $1.80 to $2.20. This outlook includes an estimated net tariff impact of approximately $90 million for fiscal year 2025, compared to prior guidance of $100 million.

For the fourth quarter, the Company is forecasting net sales to be in the range of $2.170 billion to $2.200 billion compared to last year’s fourth quarter net sales of $2.106 billion. At this forecasted level of net sales, adjusted operating income for the fourth quarter of 2025 is expected to be in the range of $265 million to $290 million. Adjusted net income per diluted share for the fourth quarter of 2025 is estimated to be in the range of $2.20 to $2.45. As previously disclosed, last year’s results include an approximately $26 million benefit to net sales, gross margin and operating income as a result of the Company’s cumulative adjustment for its change in accounting estimate related to expected future redemption on outstanding gift cards.

Adjusted Financial Information
At the conclusion of this press release, we have included a reconciliation of reported to adjusted results and forecasted results.

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 more than 1,400 retail stores in approximately 70 countries.

Total Net Sales (Millions):

¹ – Year-to-date results include an approximately $20 million negative impact on direct net sales from the website closure due to the security incident in the second quarter of 2025. Beginning in the third quarter of 2025, direct sales in the European Union are reported in our International channel. Direct sales in the European Union were $12 million in the third quarter of 2025. Prior to the third quarter of 2025, direct sales in the European Union are reported in our Direct channel.
² – Results include consolidated joint venture sales in China, royalties associated with franchise partners sales, wholesale sales, and beginning in the third quarter of 2025 direct sales in the European Union. Direct sales in the European Union were $12 million in the third quarter of 2025. Prior to the third quarter of 2025, direct sales in the European Union are reported in our Direct channel.

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 – 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:

¹ – Includes seven partner-operated stores at 11/1/25.