Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q2 2026 Earnings Presentation
17 slides from Victorias Secret &'s earnings presentation, Sep 3, 2026
Slide 1: Second Quarter Earnings
Second Quarter Earnings September 3, 2026
Slide 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: Appendix
APPENDIX 8
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: Thank You!
THANK YOU! 17