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May 03, 2025
Victoria's Secret Q1 2026 Earnings Report
Victoria’s Secret reported Q1 2025 results that exceeded expectations in sales and operating income.
Key Takeaways
Victoria’s Secret delivered slightly better-than-expected Q1 2025 results with net sales of $1.35B and adjusted EPS near the top of guidance. Strong performance in Beauty, PINK apparel, and new lifestyle categories helped offset a modest decline in comparable sales.
Net sales reached $1.35B, slightly down from last year but above guidance range.
Net loss narrowed to $2M, with adjusted net income of $7M.
Adjusted EPS was $0.09, near the top of guidance range.
International segment grew 9.3%, offsetting declines in North America and Direct channels.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Victoria’s Secret reaffirmed full-year 2025 sales guidance but revised down operating income projections due to higher anticipated tariff impacts.
Positive Outlook
- Q2 net sales projected between $1.38B and $1.41B.
- Adjusted EPS for Q2 forecasted between $0.00 and $0.15.
- Full-year 2025 sales guidance maintained at $6.2B to $6.3B.
- Adjusted operating income for Q2 expected between $15M and $35M.
- Focus on product innovation and customer experience continues.
Challenges Ahead
- FY25 adjusted operating income forecast lowered to $270M–$320M from $300M–$350M.
- Tariff impact expected to reduce income by ~$50M in FY25.
- Comparable sales remain under pressure.
- Store traffic and direct channel sales both declined year over year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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