Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q1 2025 Earnings Presentation
12 slides from Victorias Secret &'s earnings presentation, Jun 11, 2025
Slide 1: First Quarter Earnings
First Quarter Earnings June 11, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation Reform • our ability to successfully operate and expand internationally and • our geographic concentration of production and distribution Act of 1995 related risks; facilities in central Ohio and Southeast Asi
Slide 3: Adjusted Consolidated Statements of Income
Adjusted1 Consolidated Statements of Income Thirteen Weeks Ended May 3, 2025 & May 4, 2024 (Unaudited – In millions except per share amounts) Increase % Increase 2025 2024 (Decrease) (Decrease) Net Sales $1,352.9 $1,359.4 ($6.5) 0% Comparable Store Sales (1%) (8%) Comparable Sales (1%) (5%) Gross Pr
Slide 4: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) May 3, 2025 May 4, 2024 ASSETS Current Assets Cash and Cash Equivalents $138,450 $104,583 Accounts Receivable, Net 153,035 151,698 Inventories 1,042,921 987,033 Other 120,286 149,466 Total Current Assets 1,454,692 1,392,780 Property and Equipmen
Slide 5: 2025 Outlook
2025 Outlook (As of June 11, 2025) Second Quarter Full Year Approximately $1.380 billion to $1.410 Net Sales Approximately $6.2 billion to $6.3 billion billion Approximately 35.0%, compared to 2024 Adjusted Gross Margin Rate - rate of 35.4% Approximately 33.0%, compared to 2024 Adjusted SG&A Expense
Slide 6: Store Count & Selling Sq Ft – 2025 Forecast
Store Count & Selling Sq Ft – 2025 Forecast Total Beginning of Year New Stores Closures Reconstructions and End of Year Increase / (Decrease) Change in SSF Company-Operated U.S. Store Count 782 15 (31 to 38) 52 759 to 766 (23 to 16) (3% to 2%) Selling Sq Ft 000's 5,398 85 (148 to 205) (29) 5,249 to
Slide 7: Appendix
Appendix 7
Slide 8: Consolidated Statements of Loss
Consolidated Statements of Loss Thirteen Weeks Ended May 3, 2025 & May 4, 2024 (Unaudited – In thousands except per share amounts) 2025 2024 Net Sales $1,352,949 $1,359,442 Costs of Goods Sold, Buying and Occupancy (878,724) (858,127) Gross Profit 474,225 501,315 General, Administrative and Store Op
Slide 9: Selected Data
Selected Data Thirteen Weeks Ended May 3, 2025 & May 4, 2024 (Unaudited – In thousands) Capital Expenditures 2025 2024 First Quarter $42,793 $38,521 Second Quarter - 60,772 Spring Season $42,793 $99,293 Third Quarter - 50,537 Fourth Quarter - 27,716 Year $42,793 $177,546 Depreciation & Amortization1
Slide 10: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Two Weeks Ending January 31, 2026 Forecast & February 1, 2025 (Unaudited – In millions) In addition to our results provided in accordance with GAAP, this presentation provides non-GAAP financial measures that present operating income, net income (loss) attributab
Slide 11: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) First Quarter Reconciliation of Reported to Adjusted Gross Profit 2025 2024 Reported Gross Profit - GAAP $474,225 $501,315 % Net Sales 35.1% 36.9% Restructuring and Other One-time Charges (b) 1,768 - Adjusted Gross Pr
Slide 12: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted results exclude the following items: (a) In both the first quarter of 2025 and 2024, we recognized amortization expense of $6.3 million ($4.7 million net of tax expense of $1.6 million) included in general, administrative and store operating expense, related t