Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q3 2025 Earnings Presentation
17 slides from Victorias Secret &'s earnings presentation, Dec 5, 2025
Slide 1: Third Quarter Earnings
Third Quarter Earnings December 5, 2025
Slide 2: 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 EvolveOur Prod
Slide 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: APPENDIX
APPENDIX 9
Slide 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 expense of $1.6 million) in general, administrative and
Slide 17: 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