VSCO
Victoria's Secret & Co.53.66
-1.10-2.01%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Details turnaround stages by brand
Q&A reinforces scripted momentum with color on brand-specific progress: VS in early-mid innings, PINK earlier amid customer evolution, Beauty conservative into 2027 ramp. New customers surged younger across incomes, broad-based February strength carries but March-April comps ease. PINK blueprints 30% intimates, core icons, collabs; SoHo pop-up tests standalone viability. Tariffs pressure Q1 hardest, Middle East franchises minimally hit via royalties. Bullish yet measured tone signals watch on PINK experiments, sustained AUR gains.
Key Stats
Market Cap
4.31BP/E (TTM)
25.19Basic EPS (TTM)
2.13Dividend Yield
0%Recent Filings
8-K
Crushed 2025 guidance, initiates 2026
Victoria's Secret crushed Q4 and full-year 2025 guidance with net sales up 8% to $2.27B and 5% to $6.55B, comps +8% and +5%. Adjusted operating income hit $403M for the year despite $85M tariff headwinds; EPS rose 22% to $3.00. It beat expectations. Q1 2026 sales guide $1.49B-$1.53B, full-year $6.85B-$6.95B, while launching strategic review of non-core DailyLook.
10-Q
Q3 FY2025 results
Victoria's Secret posted Q3 net sales of $1.472B, up 9% y/y, with North America stores up 5%, direct up 4%, and international surging 34% on China and EU direct strength; gross profit hit $536M at 36.4% margin, lifting from 34.8% despite tariffs. Operating loss narrowed to $19M from $47M y/y as sales leverage offset restructuring and marketing spends, while YTD operating income held flat at $42M on 4% sales growth to $4.284B. Cash sits at $249M with $358M ABL availability despite $1.351B long-term debt; op cash used $174M YTD on inventory build, FCF not disclosed in the 10-Q. Restructuring trimmed leadership costs. Tariffs dent margins.
8-K
Q3 sales beat, guidance raised
Victoria's Secret crushed Q3 with $1.472B net sales, up 9% year-over-year and beating guidance topside. Adjusted operating income hit breakeven, flipping last year's $28M loss, fueled by 170bps gross margin gains from less promo. Q4 sales now eyed at $2.17B-$2.20B; full-year adjusted EPS raised to $2.40-$2.65. Tariffs sting $90M, yet momentum builds.
10-Q
Q2 FY2025 results
Victoria's Secret & Co. posted Q2 FY2025 net sales of $1.459B, up 3% y/y from $1.417B, with North America stores rising 3% to $825M and international surging 22% to $228M, though direct dipped 5% to $406M amid a brief website outage. Gross profit climbed to $519M at 35.6% margin, edging up from 35.4%, but operating income fell to $41M from $62M as expenses jumped 9% on restructuring and marketing shifts. Year-to-date, sales edged 1% higher to $2.812B while operating income dropped to $61M from $89M. Cash stood at $188M with $524M ABL availability against $1.048B long-term debt; free cash flow turned positive at -$105M (derived). Adore Me integration wrapped with no further contingent payout expected. Yet competition in retail lingers as a key risk.
8-K
Q2 sales beat, guidance raised
Victoria's Secret & Co. reported second-quarter 2025 net sales of $1.459 billion, up 3% from $1.417 billion last year, with comparable sales rising 4% across stores and online. Adjusted operating income hit $55 million, beating guidance despite tariff headwinds, while gross margins expanded through tight inventory control. The company raised full-year sales outlook to $6.33-$6.41 billion but flagged $100 million in tariff impacts. Momentum builds, yet macro uncertainty lingers.
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