Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q1 2026 Earnings Presentation
14 slides from Victorias Secret &'s earnings presentation, Jun 2, 2026
Slide 1: First Quarter Earnings
First Quarter Earnings June 2, 2026
Slide 2: Q1 2026 Results - Exceeding Expectations
Q1 2026 Results - Exceeding Expectations Broad-Based +15% Strength Net Sales increase to Q1 2025 Across categories, channels and geographies 37.6% $80M Adjusted Gross Profit Rate, Adjusted Operating Income, 240 bps increase to Q1 2025 higher than guidance and higher than guidance of $32M – $42M $0.6
Slide 3: Adjusted Consolidated Statements of Income
Adjusted1 Consolidated Statements of Income Thirteen Weeks Ended May 2, 2026 & May 3, 2025 (Unaudited – In millions except per share amounts) Increase % Increase 2026 2025 (Decrease) (Decrease) Net Sales $1,559.6 $1,352.9 $206.7 15% Comparable Store Sales 10% (1%) Comparable Sales 13% (1%) Gross Pro
Slide 4: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) May 2, 2026 May 3, 2025 ASSETS Current Assets Cash and Cash Equivalents $207,132 $138,450 Accounts Receivable, Net 184,825 153,035 Inventories 1,097,797 1,042,921 Other 136,373 120,286 Total Current Assets 1,626,127 1,454,692 Property and Equipm
Slide 5: 2026 Outlook
2026 Outlook (As of June 2, 2026) Second Quarter Full Year Net Sales Approximately $1.590 billion to $1.615 billion Approximately $7.030 billion to $7.130 billion Approximately 38.5%, compared to 2025 Gross Margin Rate - adjusted rate of 35.6% Approximately 32.5% compared to 2025 SG&A Expense Rate -
Slide 6: Store Count & Selling Sq Ft – 2026 Forecast
Store Count & Selling Sq Ft – 2026 Forecast Total Reconstructions and Beginning of Year New Stores Closures End of Year Increase / (Decrease) Change in Selling Sq Ft Company-Operated U.S. Store Count 766 21 (17 to 25) 43 762 to 770 (4) to 4 (1%) to 1% Selling Sq Ft 000's 5,304 114 (80 to 138) (10) 5
Slide 7: Appendix
APPENDIX 7
Slide 8: Consolidated Statements of Income
Consolidated Statements of Income Thirteen Weeks Ended May 2, 2026 & May 3, 2025 (Unaudited – In thousands, except per share amounts) 2026 2025 Net Sales $1,559,591 $1,352,949 Costs of Goods Sold, Buying and Occupancy (974,643) (878,724) Gross Profit 584,948 474,225 General, Administrative and Store
Slide 9: Selected Data
Selected Data (Unaudited – In thousands, except per share amounts) Capital Expenditures 2026 2025 First Quarter $54,120 $42,793 Second Quarter - 68,680 Spring Season $54,120 $111,473 Third Quarter - 51,929 Fourth Quarter - 24,068 Year $54,120 $187,470 Depreciation & Amortization 1 2026 2025 First Qu
Slide 10: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Two Weeks Ending January 30, 2027 Forecast & Ended January 31, 2026 (Unaudited – In millions) In addition to our results provided in accordance with GAAP, provided below are non-GAAP financial measures that present operating income, net income (loss) attributable
Slide 11: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) First Quarter 2026 2025 Reconciliation of Reported to Adjusted Gross Profit Reported Gross Profit - GAAP $584,948 $474,225 % Net Sales 37.5% 35.1% Restructuring and Other One-time Items (a) 1,997 1,768 Adjusted Gross
Slide 12: Non-GAAP Forecasted Financial Information
Non-GAAP Forecasted Financial Information (Unaudited – In millions except per share amounts) Forecasted Full Year Ending January 30, 2027 Reconciliation of Forecasted GAAP to Adjusted Operating Income Forecasted Operating Income - GAAP $ 546 to 576 Restructuring and Other One-time Items (a) 4 Foreca
Slide 13: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted results exclude the following items: a) In the first quarter of 2026 and 2025, we recognized pre-tax net expense of $3.8 million and $5.6 million ($2.9 million and $4.2 million net of tax expense of $0.9 million and $1.4 million, respectively), $2.0 million an
Slide 14: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation • our dependence on traffic to our stores and the availability of • our geographic concentration of production and distribution Reform Act of 1995 suitable store locations on satisfactory terms; facilities in