Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q2 2026 Earnings Presentation
40 slides from Victorias Secret &'s earnings presentation, Sep 3, 2026
Slide 1: Investor Presentation Second Quarter, 2026
Investor Presentation Second Quarter, 2026
Slide 2: Investment Highlights
Investment Highlights Well-positioned to drive sustainable growth and shareholder returns 1. Leading Global Intimates Company with iconic lifestyle brands, Victoria’s Secret and PINK 2. “Path to Potential” Multi-Year Growth Strategy is delivering results • Supercharge our bra authority • Recommit to
Slide 3: Company Overview
COMPANY OVERVIEW 3
Slide 4: Victoria's Secret & Co. by the Numbers
Victoria’s Secret & Co. by the Numbers 1,400+ 30k+ Associates Across Stores Worldwide our Global Footprint 3 ~70 #2 Countries #1 Highest Followed Brand on IG 2 Bra Brand in the World2 ~150M $6.9B 1 Social Media Net Sales Followers #1 50+ Fragrance in America 2 Digital Sites Globally is Bombshell 1)
Slide 5: Inspire Confidence. Spark Joy. Celebrate Sexy.
Inspire Confidence. Spark Joy. Celebrate Sexy. 5
Slide 6: Leading global intimates company with iconic lifestyle brands
Leading global intimates company with iconic lifestyle brands 6
Slide 7: Key Differentiators
Key Differentiators Global Beauty Market leader in Intimates Authority in Bras powerhouse Extensive retail footprint Strong global omni- Global scale and globally channel presence sourcing advantage 7
Slide 8: Our Growth Strategy: Path to Potential
OUR GROWTH SRATEGY: PATH TO POTENTIAL 8
Slide 9: Path to Potential
Path to Potential Our objective: two distinct, compelling growth brands complemented by a powerhouse beauty business STRATEGIES Evolve Our Brand Supercharge Our Recommit Fuel Growth Projection & GTM Bra Authority to PINK in Beauty Strategy ENABLERS Operate with Build a Customer -Centric Evolve Our P
Slide 10: Refreshed Leadership Team Aligned with Strategy and Equipped to Unlock Value
Refreshed Leadership Team Aligned with Strategy and Equipped to Unlock Value HILLARY SUPER SCOTT SEKELLA Chief Executive Officer Chief Financial and Operating Officer Supercharge Our Recommit Fuel Growth Evolve Our Bra Authority to PINK in Beauty Brand Projection & GTM Strategy ANNE ALI DILLON AMY K
Slide 11: Supercharge Our Bra Authority
Evolve Our Supercharge Our Recommit Fuel Growth Brand Projection & Bra Authority to PINK in Beauty GTM Strategy Two bras sold every second!1 1 According to third party data 11
Slide 12: Strategic Pillar: Supercharge Our Bra Authority
Strategic Pillar: Supercharge Our Bra Authority Continued Progress in Q2 Supercharge Our Bra Authority Sales Market Share Mid Low Teens Single-Digit Bras drove Q2 growth with Q2 U.S. Intimates 1 another double-digit Market Share growth • Obsess over the top 10 bra styles quarter • Develop and launch
Slide 13: Recommit to PINK
Evolve Our Supercharge Our Recommit Fuel Growth Brand Projection & Bra Authority to PINK in Beauty GTM Strategy Iconic lifestyle brand for Gen Z 13
Slide 14: Strategic Pillar: Recommit to PINK
Strategic Pillar: Recommit to PINK Continued Progress in Q2 Recommit to PINK Sales High Consistent Single-Digit Growth • Grow sales & market share by offering fashion-right Or up Mid-Teens product she loves, and celebrating the moments PINK Friday Adjusted • Apparel: 8 consecutive that matter quarte
Slide 15: Fuel Growth in Beauty
Evolve Our Supercharge Our Recommit Fuel Growth Brand Projection & Bra Authority to PINK in Beauty GTM Strategy Bombshell is the #1 fragrance in America1 15 1) According to third party data 1 According to third party data
Slide 16: Strategic Pillar: Fuel Growth in Beauty
Strategic Pillar: Fuel Growth in Beauty Continued Progress in Q2 Fuel Growth in Beauty Sales 12th Consecutive Mid Quarter of Growth Single-Digit • Build upon our industry-leading fragrance business Beauty continues to be a consistent Sales growth continues to be 1 Product • Drive innovation, newness
Slide 17: Evolve Our Brand Projection & GTM Strategy
Evolve Our Supercharge Our Recommit Fuel Growth Brand Projection & Bra Authority to PINK in Beauty GTM Strategy We’re not just here to sell you something. We’re here to make you feel something. 17
Slide 18: Strategic Pillar: Evolve Our Brand Projection & Go-to-Market Strategy
Strategic Pillar: Evolve Our Brand Projection & Go-to-Market Strategy Continued Progress in Q2 Evolve our Brand Projection & Go-to-Market Strategy Q2 Intimates Market Customer Growth Share Gains1 • Growth in total customer file of mid single-digit led by New cohort (up • Meeting her in her channel o
Slide 19: Profile of our Iconic Lifestyle Brands
Profile of our Iconic Lifestyle Brands Target Age: 25-44 18-24 Independent, Confident & Stylish Carefree, Fun-loving & Trendy Sexy, Glamorous, and Luxurious Bold, Playful, and Irreverent Flagship brand, offering modern, Lifestyle brand for young women, fashion-inspired bras, panties, including appar
Slide 20: Pivotal Marketing Initiatives Fuel Momentum
Pivotal Marketing Initiatives Fuel Momentum As we deliver more emotional storytelling & stronger regular-price selling, we will redeploy marketing dollars to digital & experiential, to grow cultural relevance 1. “New Era of Sexy” Fashion Show, amplified by our Angels Among Us docuseries model search
Slide 21: Global Reach
Global Reach 21
Slide 22: Global Omni-Channel Reach
Global Omni-Channel Reach ~1,430 ~70 Stores Worldwide1 Countries1 ~790 Victoria’s Secret and ~640 Victoria’s Secret and PINK stores in PINK stores in North America1 International Markets1 2 Net Sales by Channel 50+ Digital Sites Globally1 1) As of August 1, 2026 22 2) Full year net sales for VS&Co.
Slide 23: Store of the Future: Redefining the Retail Experience
Store of the Future (“SOTF”): Redefining the Retail Experience Customer Brand SOTF Results Experience Amplification Outlook • Simplified navigation • Plan to better differentiate • Higher conversion and traffic • ~30% of the North America each brand experience fleet and ~55% of International • Brigh
Slide 24: Second Quarter Earnings
Second Quarter Earnings September 3, 2026
Slide 25: Q2 2026 Results – Operating Income & EPS Exceed Expectations
Q2 2026 Results – Operating Income & EPS Exceed Expectations +10% Broad-Based Net Sales increase Strength to Q2 2025 Across the business 38.8% $124M Adjusted Gross Profit Rate, Adjusted Operating Income, 320 bps increase to Q2 2025 higher than guidance and higher than guidance of $90M – $100M $0.95
Slide 26: Adjusted Consolidated Statements of Income – Thirteen Weeks
Adjusted1 Consolidated Statements of Income Thirteen Weeks Ended August 1, 2026 & August 2, 2025 (Unaudited – In millions except per share amounts) Increase % Increase 2026 2025 (Decrease) (Decrease) Net Sales $1,610.7 $1,459.1 $151.6 10% Comparable Store Sales 7% 4% Comparable Sales 9% 4% Gross Pro
Slide 27: Adjusted Consolidated Statements of Income – Twenty-Six Weeks
Adjusted1 Consolidated Statements of Income Twenty-Six Weeks Ended August 1, 2026 & August 2, 2025 (Unaudited – In millions except per share amounts) Increase % Increase 2026 2025 (Decrease) (Decrease) Net Sales $3,170.3 $2,812.1 $358.2 13% Comparable Store Sales 9% 2% Comparable Sales 11% 1% Gross
Slide 28: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) August 1, 2026 August 2, 2025 ASSETS Current Assets Cash and Cash Equivalents $521,627 $188,232 Accounts Receivable, Net 171,314 165,556 Inventories 1,146,426 1,057,891 Other 122,869 127,802 Total Current Assets 1,962,236 1,539,481 Property and
Slide 29: 2026 Outlook
2026 Outlook (As of September 3, 2026) Third Quarter Full Year Net Sales Approximately $1.570 billion to $1.600 billion Approximately $7.100 billion to $7.180 billion Approximately 38.0%, compared to 2025 Gross Margin Rate - adjusted rate of 36.5% Approximately 37.5% compared to 2025 SG&A Expense Ra
Slide 30: 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 23 (22 to 24) 46 765 to 767 (1) to 1 0% Selling Sq Ft 000's 5,304 128 (112 to 123) (16) 5,293 to
Slide 31: Appendix
APPENDIX 31
Slide 32: Consolidated Statements of Income – Thirteen Weeks
Consolidated Statements of Income Thirteen Weeks Ended August 1, 2026 & August 2, 2025 (Unaudited – In thousands, except per share amounts) 2026 2025 Net Sales $1,610,703 $1,459,137 Costs of Goods Sold, Buying and Occupancy (851,419) (940,121) Gross Profit 759,284 519,016 General, Administrative and
Slide 33: Consolidated Statements of Income – Twenty-Six Weeks
Consolidated Statements of Income Twenty-Six Weeks Ended August 1, 2026 & August 2, 2025 (Unaudited – In thousands, except per share amounts) 2026 2025 Net Sales $3,170,294 $2,812,086 Costs of Goods Sold, Buying and Occupancy (1,826,062) (1,818,844) Gross Profit 1,344,232 993,242 General, Administra
Slide 34: Selected Data
Selected Data (Unaudited – In thousands) Capital Expenditures 2026 2025 First Quarter $54,120 $42,793 Second Quarter 74,023 68,680 Spring Season $128,143 $111,473 Third Quarter - 51,929 Fourth Quarter - 24,068 Year $128,143 $187,470 Depreciation & Amortization 1 2026 2025 First Quarter $54,250 $61,7
Slide 35: 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 attributable to Vic
Slide 36: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Second Quarter Year-to-Date 2026 2025 2026 2025 Reconciliation of Reported to Adjusted Gross Profit Reported Gross Profit - GAAP $759,284 $519,016 $1,344,232 $993,242 % Net Sales 47.1% 35.6% 42.4% 35.3% Tariff Refund
Slide 37: 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 $ 689 to 719 Tariff Refund Recoveries, Net of Related Costs and
Slide 38: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted results exclude the following items: a) In the second quarter of 2026, we recognized pre-tax income of $140.3 million ($105.3 million net of tax benefit of $35.0 million), $134.5 million included in costs of goods sold, $4.4 million included in other income an
Slide 39: 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
Slide 40: Thank You!
THANK YOU! 40