Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q3 2025 Earnings Presentation
42 slides from Victorias Secret &'s earnings presentation, December 2025
Slide 1: Investor Presentation Third Quarter, 2025
Investor Presentation Third Quarter, 2025
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 t
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 Highest Followed Countries Brand on Instagram #1 Bra Brand 2 in the World $6B+ ~150M+ 1 Social Media Net Sales Followers #1 45M Fragrance in America Loyalty Members in 2 is Bombshell N
Slide 5: We aim to inspire confidence and connection by celebrating and supporting women
We aim to inspire confidence and connection by celebrating and supporting women in all they do. Today, that means entering into a new era of sexy – one that is a feeling rather than a singular look or beauty standard. 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 Strategy: “Path to Potential” 8
Slide 9: Path to Potential
Path to Potential Our objective: two distinct, compelling growth brands completed by a powerhouse beauty business STRATEGIES Evolve Our Brand Supercharge Our Recommit Fuel Growth Projection & GTM Bra Authority 1 to PINK in Beauty Strategy ENABLERS Operate with Build a Customer -Centric Evolve Our Pr
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! 11
Slide 12: Strategic Pillar – Supercharge Our Bra Authority
Strategic Pillar – Supercharge Our Bra Authority Initial Progress Supercharge Our Bra Authority Market Share +1% +LSD • Obsess over the top 10 bra styles Q3 U.S. Intimates Market Q3 U.S. Traditional Bras 1 1 Share growth Market Share growth • Develop and launch innovation-first product 1 Product • E
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 Initial Progress Recommit to PINK Sales • Grow sales & market share by shifting product Low-Double-Digit Growth penetration towards trend-right, high quality Growth in Q3 with increased Apparel: five consecutive fashion product regular price selling, a clear quart
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 America 15
Slide 16: Strategic Pillar – Fuel Growth in Beauty
Strategic Pillar – Fuel Growth in Beauty Initial Progress Fuel Growth in Beauty Sales • Drive innovation, newness and buzz while keeping the core growing #1 Low-Single Digit • Accelerating growth in beauty categories by Fragrance in America is Sales growth in Q3 on top of 1 leaning into our product
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 Initial Progress Evolve our Brand Projection & Go-to-Market Strategy Customer Share1 & Market Share1 Market Share Gains Customer Share Gains • +1% growth in U.S. Intimates • Growth in customer file of low- • Staying true to our b
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 lingerie, bras, including appa
Slide 20: Pivotal Marketing Initiatives Fuel Momentum
Pivotal Marketing Initiatives Fuel Momentum As we deliver more emotional storytelling & reduce promotion, we will redeploy marketing dollars to digital & experiential, to grow cultural relevance 1. “New Era of Sexy” Fashion Show 2. Reallocating marketing spend towards digital and social marketing 3.
Slide 21: Iconic Victoria's Secret Fashion Show – The New Era of Sexy
Iconic Victoria’s Secret Fashion Show – The New Era of Sexy ~61M ~51B +60% ~9M Streams1 Media Impressions2 Digital Traffic on Day of Show New Social Followers 21 1 ) As of November 2025 2) According to third party data
Slide 22: Turning Culture Into Commerce: Social Media Fueling Growth
Turning Culture Into Commerce: Social Media Fueling Growth #2 Highest Followed Brand on IG1 ~150M Social Media Followers2 454M Average monthly social impressions3 1) According to third party data 22 2) As of November 2025 3) Last twelve-month organic social impressions on our owned accounts
Slide 23: Global Reach
Global Reach 23
Slide 24: Global Omni-Channel Reach
Global Omni-Channel Reach 1,400+ ~70 Stores Worldwide Countries 792 608 Victoria’s Secret and Victoria’s Secret and PINK stores in PINK stores in North America1 International Markets1 2 Net Sales by Channel 50+ Digital Sites Globally 1) As of Nov 1, 2025 24 2) Net sales for VS&Co. as of fiscal year
Slide 25: Store of the Future ("SOTF"): Redefining the Retail Experience
Store of the Future (“SOTF”): Redefining the Retail Experience Customer Sustainability & Early Results SOTF Outlook Experience Efficiency • Simplified navigation • Smaller, more efficient formats • Higher traffic and conversion • ~25% of the North America fleet and ~40% of International fleet • Brig
Slide 26: Financial
Financial Investor Presentation 26
Slide 27: Delivering Financial and Operational Traction in Q3 2025
Delivering Financial and Operational Traction in Q3 2025 +9% +34% Net Sales with growth across Victoria’s Secret, PINK & International Net Sales Beauty +1% +170bps Growth in U.S. Intimates Adjusted Gross Margin market share Improvement to 36.5% (according to third-party data) $0M ($0.27) Adjusted Op
Slide 28: Adjusted Consolidated Statements of Loss
Adjusted1 Consolidated Statements of Loss Thirteen Weeks Ended November 1, 2025 & November 2, 2024 (Unaudited – In millions except per share amounts) Increase % Increase 2025 2024 (Decrease) (Decrease) Net Sales $1,471.5 $1,347.4 $124.1 9% Comparable Store Sales 5% 2% Comparable Sales 8% 3% Gross Pr
Slide 29: Adjusted Consolidated Statements of Income
Adjusted1 Consolidated Statements of Income Thirty-Nine Weeks Ended November 1, 2025 & November 2, 2024 (Unaudited – In millions except per share amounts) Increase % Increase 2025 2024 (Decrease) (Decrease) Net Sales $4,283.6 $4,124.1 $159.5 4% Comparable Store Sales 3% (4%) Comparable Sales 4% (2%)
Slide 30: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) November 1, 2025 November 2, 2024 ASSETS Current Assets Cash and Cash Equivalents $249,353 $160,806 Accounts Receivable, Net 189,772 163,387 Inventories 1,377,497 1,290,148 Other 128,063 171,956 Total Current Assets 1,944,685 1,786,297 Property
Slide 31: 2025 Outlook
2025 Outlook (As of December 5, 2025) Fourth Quarter Full Year Approximately $2.170 billion to $2.200 Approximately $6.450 billion to $6.480 Net Sales billion billion Approximately 37.0% to 38.0%, compared Adjusted Gross Margin Rate - to Q4 2024 rate of 39.7% Slight leverage compared to Q4 2024 rate
Slide 32: 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 (30) 52 to 53 767 (15) (2%) Selling Sq Ft 000's 5,398 85 (133) (31 to 40) 5,310 to 5,319 (88 to 79) (2%
Slide 33: Appendix
APPENDIX 33
Slide 34: Consolidated Statements of Loss
Consolidated Statements of Loss Thirteen Weeks Ended November 1, 2025 & November 2, 2024 (Unaudited – In thousands except per share amounts) 2025 2024 Net Sales $1,471,519 $1,347,424 Costs of Goods Sold, Buying and Occupancy (935,377) (879,137) Gross Profit 536,142 468,287 General, Administrative an
Slide 35: Consolidated Statements of Loss
Consolidated Statements of Loss Thirty-Nine Weeks Ended November 1, 2025 & November 2, 2024 (Unaudited – In thousands except per share amounts) 2025 2024 Net Sales $4,283,605 $4,124,059 Costs of Goods Sold, Buying and Occupancy (2,754,221) (2,653,091) Gross Profit 1,529,384 1,470,968 General, Admini
Slide 36: Selected Data
Selected Data Thirty-Nine Weeks Ended November 1, 2025 & Fifty-Two Weeks Ended February 1, 2025 (Unaudited – In thousands except per share amounts) Capital Expenditures 2025 2024 First Quarter $42,793 $38,521 Second Quarter 68,680 60,772 Spring Season $111,473 $99,293 Third Quarter 51,929 50,537 Fou
Slide 37: 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, provided below are non-GAAP financial measures that present operating income (loss), net income (loss) attributabl
Slide 38: Forecasted Non-GAAP Financial Information
Forecasted Non-GAAP Financial Information Thirteen Weeks and Fifty-Two Weeks Ending January 31, 2026 Forecast (Unaudited – In millions except per share amounts) Forecasted Forecasted Fourth Quarter Ending Full Year Ending January 31, 2026 January 31, 2026 Reconciliation of Forecasted GAAP to Adjuste
Slide 39: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Third Quarter Year-to-Date Reconciliation of Reported to Adjusted Gross Profit 2025 2024 2025 2024 Reported Gross Profit - GAAP $536,142 $468,287 $1,529,384 $1,470,968 % Net Sales 36.4% 34.8% 35.7% 35.7% Restructuring
Slide 40: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted results for the third quarter and year-to-date 2025 exclude the following items: a) In both the third quarter of 2025 and 2024, we recognized amortization expense of $6.3 million ($4.7 million net of tax expen se of $1.6 million) in general, administrative and
Slide 41: 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 42: Thank You!
Thank You! 42