Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q2 2025 Earnings Presentation
15 slides from Victorias Secret &'s earnings presentation, Aug 28, 2025
Slide 1: Second Quarter Earnings
Second Quarter Earnings August 28, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform • our dependence on traffic to our stores and the availability of • foreign currency exchange rate fluctuations; and Act of 1995 suitable store locations on satisfactory terms; • disruption due to labor
Slide 3: Path to Potential
Path to Potential Our Objective: two distinct, compelling growth brands, complemented by a powerhouse beauty business. STRATEGIES Supercharge Our Evolve Our Brand Recommit to Fuel Growth in Authority in Bras Projection & GTM PINK Beauty Strategy ENABLERS Build a Customer-Centric Evolve Our Product O
Slide 4: Adjusted Consolidated Statements of Income
Adjusted1 Consolidated Statements of Income Thirteen Weeks Ended August 2, 2025 & August 3, 2024 (Unaudited – In millions except per share amounts) %&D()*+)I 0I%&D()*+)I !"!# !"!$ -.)D()*+)/ -.)D()*+)/ !"#ABCD"E )G+I-.LG )G+IG0LN )IGL. OP !"#$%C%'()*+I"C)*+%()- ./ 01/2 !"#$%C%'()*+%()- ./ 0P/2 45SEE
Slide 5: Adjusted Consolidated Statements of Income
Adjusted1 Consolidated Statements of Income Twenty-Six Weeks Ended August 2, 2025 & August 3, 2024 (Unaudited – In millions except per share amounts) %&D()*+)I 0I%&D()*+)I !"!# !"!$ -.)D()*+)/ -.)D()*+)/ !"#ABCD"E )G+I-G.- )G+LL0.0 )NO.O -P !"#$%C%'()*+I"C)*+%()- ./ 01/2 !"#$%C%'()*+%()- P/ 04/2 45S
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) !"#"A%&'(&')'* !"#"A%&+(&')', !""#A" BCDDE)G+!IIEGI B-I.+-)L+B-I.+#0CNO-PE)GI QRSSTUVU QR:ST;YV !==>C)GI+?E=ENO-@PET+AEG R:BTBB: RBSTYCB a)OE)G>DNEI RTYB;TSbR RTYRbTUVR cG.ED RU;TSYU RCUTCC: A>G-P+BCDDE)G+!IIEGI RTBVbTCSR RTCSSTCUB dD>eEDGf+-)L+
Slide 7: 2025 Outlook
2025 Outlook (As of August 28, 2025) !"#A%CDEFAG+A IE--C.+FA OPPAQR#SFG+-TC8VW;Y=C>#--#Q?CGQC8VW@A=C OPPAQR#SFG+-TC8BW;;=C>#--#Q?CGQC8BW@V=C L+GCMF-+N >#--#Q? >#--#Q? OPPAQR#SFG+-TC;4W0fgChQSPFA+% GQCA=A@C O%CENG+%CaAQNNCbFAc#?CdFG+ N AFG+CQiC;@Wjf I-FGCGQCEPCFPPAQR#SFG+-TCV==C>PNC O%CENG+%CMalOCmRP
Slide 8: Store Count & Selling Sq Ft – 2025 Forecast
Store Count & Selling Sq Ft – 2025 Forecast !4D/*O! !"#ABCCBCA!DE!F#*+! !I#J!./D+#M! !NODMP+#M! R#SDCM/+PS/BDCM!*CT! :CT!DE!F#*+ sCS+#*M#!t!bu#S+#*M#e N8*CA#!BC!..V! ND;Y*C=>?Y#+*/#T !"#" #ABC'(FB*+A ,-. /0 12/(AB(2.3 0. ,40(AB(,44 1/,(AB(/43 1.53 #'SS7+U(#9(:A(;;;<= 0>2?- -0 1/@-(AB(/0/3 12/3 0>2;/
Slide 9: Appendix
Appendix 9
Slide 10: Consolidated Statements of Income
Consolidated Statements of Income Thirteen Weeks Ended August 2, 2025 & August 3, 2024 (Unaudited – In thousands except per share amounts) !"!# !"!$ !"#ABCD"E )G+I-.+GL0 )G+IG0+G.L NOE#EAOPA4OO5EABOD5+AST8VW;ACW5A<==T>CW=8 ?.I@+GAGB ?.G-+CA0B 4aOEEAbaOPV# -G.+@Gc -@G+Lcc 4"W"aCD+Ad5eVWVE#aC#Vf"ACW5A
Slide 11: Consolidated Statements of Income
Consolidated Statements of Income Twenty-Six Weeks Ended August 2, 2025 & August 3, 2024 (Unaudited – In thousands except per share amounts) !"!# !"!$ !"#ABCD"E )G+I-G+.IL )G+00L+LNO P4E#EA45AS44TEAB4DT+A8VW;<=AC<TA>??V@C<?W A-+I-I+IBBC A-+00N+aOBC Sb4EEAcb45;# aaN+GBG -+..G+LI- S"<"bCD+AdTe;<;E#bC#
Slide 12: Selected Data
Selected Data Twenty-Six Weeks Ended August 2, 2025 & August 3, 2024 (Unaudited – In thousands) !"#A%"CDE)#*+,A%-.*/ 0102 0103 !"#$%&'(F#%*#& +,-./01 +12.3-Q 5*ST89&'(F#%*#& :2.:2; :;.//- &&&&&5Y#"8=&5*F$T8& +QQQ.,/1 +00.-01 >?"#9&'(F#%*#& @ 3;.31/ !T(#%?&'(F#%*#& @ -/./Q: A*F#& +QQQ.,/1 +Q//.3,: 4*
Slide 13: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Two Weeks Ending January 31, 2026 Forecast & February 1, 2025 (Unaudited – In millions) !"#A%%C'C("#'(#(FG#G+IF-'I#.G(/C%+%#C"#A00(G%A"0+#1C'2#P445S#'2CI#.G+I+"'A'C("#.G(/C%+I#"("TP445#8C"A"0CA-#V+AIFG+I#'2A'#.G+I+"'#(.+GA'C"W#C"0(V+S#"+'#C"0(V+# A''GC;F'A;-+#'(#
Slide 14: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Y"#A%.GhNE-)"- i"E-j)AjfE)" !"#A%#CDCE)CA%GA+G!"IA-)".G)AG/.0NO)".GP-AOOGQ-A+C) RSR7 RSR8 RSR7 RSR8 !"#A%C"DE)%AGGE+%AI-CE.E)//+ MNOP4ROS MNRO4TSS MPPT48V8 MO4RR84S:O !"#$%"&'($) *+,-! *+,.! *+,*! *-,/! !"GC%;<C;%-=>E
Slide 15: Non-GAAP Financial Information
Non-GAAP Financial Information !"#A%C'"(F'%AGC%('+IGA"'(C-'(./GG/M12P(1C'4%5 6T8 W2(9/C-(C-'(%'I/2"(;ATFC'F(/.(Y=Y>(T2"(Y=Y?@(M'(F'I/P21A'"(T4/FC1ATC1/2('+B'2%'(/.(Cabc(41GG1/2(6C?bd(41GG1/2(2'C(/.(CT+( '+B'2%'(/.(Ceba(41GG1/28(12(P'2'FTG@(T"4121%CFTC1f'(T2"(%C/F'(/B'FTC12P('+B'2%'@(F'GTC'"(C/(/AF("