Victoria’s Secret & Co. Reports First Quarter 2025 Results

About this update from Victorias Secret & Co.

First quarter sales and operating income exceed expectations Reaffirms full year 2025 sales guidance REYNOLDSBURG, Ohio, June 11, 2025 (GLOBE NEWSWIRE) -- Victoria’s Secret & Co. (“VS&Co” or the “Company”) (NYSE: VSCO) today reported financial results for the first quarter ended May 3, 2025. “I am proud of the team and their commitment to adapting and remaining flexible in this challenging and fast-changing environment. We focused on proactively managing the business ensuring we are remaining nimble and protecting investments in what matters most—the customer experience, brand health and product innovation. I am pleased with the strength the business demonstrated during the March and April timeframe, which included continued momentum in our powerhouse Beauty business, ongoing strength in PINK apparel, and newness in sport and swim as we reclaim our position as a full lifestyle brand,” said VS&Co CEO Hillary Super. VS&Co CFO Scott Sekella added, “We remained disciplined on the fundamentals and execution in the quarter driving sales and operating income results that exceeded our expectations. Though we recognize the macro environment is uncertain, we will continue to be disciplined in controlling costs and will remain agile, reading and reacting to what the customer is telling us to ensure we are building upon our solid foundation and realizing the full potential of our globally recognized brands.” Super concluded, “As we look forward, we continue to be optimistic about our future, our opportunity to further differentiate and elevate the brands with compelling storytelling and make even deeper emotional connections with our customers.” First Quarter 2025 Results The Company reported net sales of $1.353 billion for the first quarter of 2025 which is above our previously communicated guidance range of $1.30 billion to $1.33 billion and flat compared to net sales of $1.359 billion for the first quarter of 2024. Total comparable sales for the first quarter of 2025 decreased 1%. The Company reported operating income for the first quarter of 2025 of $20 million compared to $26 million in the first quarter of 2024. The Company reported a net loss of $2 million, or $0.02 per diluted share, for the first quarter of 2025 compared to a net loss of $4 million, or $0.05 per diluted share, for the first quarter of 2024. Excluding the impact of the items described at the conclusion of this press release, adjusted operating income for the first quarter of 2025 was $32 million, which was above our previously communicated guidance range of adjusted operating income of $10 million to $30 million. This result compares to last year’s first quarter adjusted operating income of $40 million. Adjusted net income for the first quarter of 2025 was $7 million, or $0.09 per diluted share, which was near the high-end of our previously communicated guidance range which estimated an adjusted net loss per diluted share of $0.10 to adjusted net income per diluted share of $0.10. This result compares to last year’s first quarter adjusted net income of $9 million, or $0.12 per diluted share. Second Quarter and Full Year 2025 Outlook The Company is forecasting net sales for the second quarter of 2025 to be in the range of $1.380 billion to $1.410 billion compared to last year’s second quarter net sales of $1.417 billion. At this forecasted level of net sales, adjusted operating income for the second quarter of 2025 is expected to be in the range of $15 million to $35 million. Adjusted net income per diluted share for the second quarter of 2025 is estimated to be in the range of $0.00 to $0.15. For the full year, the Company is maintaining our forecasted net sales range of $6.2 billion to $6.3 billion. At this forecasted level of net sales, adjusted operating income for fiscal year 2025 is now expected to be in the range of $270 million to $320 million, compared to our previous guidance range of $300 million to $350 million. The revised outlook reflects an updated estimated net tariff impact of approximately $50 million for fiscal year 2025. Forecasted adjusted operating income and adjusted net income per diluted share for the second quarter of 2025 excludes the financial impact of purchase accounting items related to the Adore Me acquisition, including expense (income) related to changes in the estimated fair value of contingent consideration and performance-based payments, as well as the amortization of intangible assets. The Company is not able to provide a reconciliation of forward-looking adjusted operating income or adjusted net income per diluted share to the most directly comparable forward-looking GAAP financial measures because the Company is unable to provide a meaningful or accurate reconciliation or estimation of certain reconciling items without unreasonable effort, due to the inherent difficulty in forecasting the timing of, and quantifying, the various purchase accounting items that are necessary for such reconciliation. Quarterly Earnings Conference Call Victoria’s Secret & Co. will conduct its first quarter earnings call at 8:30 a.m. Eastern on Wednesday, June 11, 2025. To listen, call 1-800-619-9066 (international dial-in number: 1-212-519-0836); passcode 5358727. For an audio replay, call 1-800-839-2204 (international replay number: 1-203-369-3032); passcode 2485654 or log onto www.victoriassecretandco.com . The materials accompanying the earnings call have been posted on the Investors section of the Company’s website. The audio replay will be available approximately two hours after the conclusion of the call. About Victoria’s Secret & Co. Victoria’s Secret & Co. (NYSE: VSCO) is a specialty retailer of modern, fashion-inspired collections including signature bras, panties, lingerie, apparel, casual sleepwear, swim, lounge and sport as well as award-winning prestige fragrances and body care. VS&Co is comprised of market leading brands, Victoria’s Secret and PINK, that share a common purpose of supporting women in all they do, and Adore Me, a technology-led, digital first innovative intimates brand serving women of all sizes and budgets at all phases of life. We are committed to empowering our more than 30,000 associates across a global footprint of approximately 1,380 retail stores in nearly 70 countries. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this press release or made by us, our management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements, and any future performance or financial results expressed or implied by such forward-looking statements are not guarantees of future performance. Forward-looking statements include, without limitation, statements regarding our future operating results, the implementation and impact of our strategic plans, and our ability to meet environmental, social, and governance goals. Words such as “estimate,” “commit,” “will,” “target,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,” “anticipate,” “intend,” “continue,” “potential” and any similar expressions are intended to identify forward-looking statements. Risks associated with the following factors, among others, could affect our results of operations and financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements: Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events, even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in “Item 1A. Risk Factors” in our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 21, 2025. For further information, please contact: Total Net Sales (Millions): 1 – Results include consolidated joint venture sales in China, royalties associated with franchised stores and wholesale sales. Comparable Sales Increase (Decrease): NOTE: Please refer to our filings with the Securities and Exchange Commission for further discussion regarding our comparable sales calculation. 1 – Results include company-operated stores in the U.S. and Canada, consolidated joint venture stores in China and direct sales. 2 – Results include company-operated stores in the U.S. and Canada and consolidated joint venture stores in China. Total Stores: 1 – Includes twelve partner-operated stores at 5/3/25.

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