Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q1 2026 Earnings Presentation
38 slides from Victorias Secret &'s earnings presentation, Jun 2, 2026
Slide 1: Investor Presentation First Quarter, 2026
Investor Presentation First 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 Highest Followed Countries Brand on IG 2 #1 ~150M $6.8B Bra Brand Social Media 2 1 Net Sales in the World 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 Strategy: “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
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 11 1) According to third party data
Slide 12: Strategic Pillar: Supercharge Our Bra Authority
Strategic Pillar: Supercharge Our Bra Authority Continued Progress Supercharge Our Bra Authority Market Share Low Single-Digit Q1 U.S. Intimates Market 1 Share growth • Obsess over the top 10 bra styles • Develop and launch innovation-first product 1 Product Winning in Bras • Ensure we lead the indu
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 Recommit to PINK Sales Low Double-Digit Growth • Grow sales & market share by offering fashion-right Growth in Q1 with reduced • Apparel: 7 consecutive product she loves, and celebrating the moments promotions and increased quarters of growth tha
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
Slide 16: Strategic Pillar: Fuel Growth in Beauty
Strategic Pillar: Fuel Growth in Beauty Continued Progress Fuel Growth in Beauty Sales Another Quarter Low of Growth Double-Digit • Build upon our industry-leading fragrance business 1 Product • Drive innovation, newness and buzz while keeping the Beauty continues to be a Sales growth in Q1 led by c
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 Evolve our Brand Projection & Go-to-Market Strategy Market Share Gains1 Customer Share • Growth in total customer file of Mid • Low Single-Digit growth in U.S. • Meeting her in her channel of choice across the S
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 & reduce promotion, 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 model search 2. PINK push with differ
Slide 21: Global Reach
Global Reach 21
Slide 22: Global Omni-Channel Reach
Global Omni-Channel Reach 1,420+ ~70 Stores Worldwide1 Countries1 ~790 Victoria’s Secret and ~630 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 May 2, 2026 22 2) Full year net sales for VS&Co. as
Slide 23: Store of the Future: Redefining the Retail Experience
Store of the Future (“SOTF”): Redefining the Retail Experience Customer Efficiency & Early Results SOTF Outlook Experience Sustainability • Simplified navigation • Smaller, more efficient formats • Higher traffic and conversion • ~30% of the North America fleet and ~55% of International • Brighter,
Slide 24: First Quarter Earnings
First Quarter Earnings June 2, 2026
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 30: Appendix
APPENDIX 30
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: Thank You!
Thank You! 38