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Aug 02
Victoria's Secret Q2 2025 Earnings Report
Victoria’s Secret beat sales and adjusted EPS expectations in Q2 2025.
Key Takeaways
Victoria’s Secret & Co. reported higher-than-expected sales and adjusted earnings for Q2 2025, driven by 4% growth in comparable sales and strong momentum in both physical stores and online channels.
Revenue reached $1.459 billion, exceeding guidance.
Adjusted EPS came in at $0.33, more than double the top end of guidance.
Comparable sales rose 4% year-over-year.
Operating income was $41 million despite macroeconomic headwinds.
Victoria's Secret
Victoria's Secret
Victoria's Secret Revenue by Segment
Victoria's Secret Revenue by Geographic Location
Revenue by Segment
Stores – North America Revenue
CapyFin.comDirect Revenue
CapyFin.comInternational Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Victoria’s Secret raised full-year 2025 sales guidance but maintained its outlook for adjusted operating income, anticipating ongoing tariff headwinds.
Positive Outlook
- Raised FY25 net sales guidance to $6.33B–$6.41B.
- Momentum accelerated in July and into August.
- Product innovation and brand storytelling driving engagement.
- Adjusted operating income for Q2 beat guidance range.
- Inventory and promotional discipline supported margin expansion.
Challenges Ahead
- Operating income declined YoY from $62M to $41M.
- Gross margin pressures remain from tariffs.
- Direct segment revenue declined YoY.
- Adjusted operating income still below prior-year levels.
- Macroeconomic environment remains uncertain.
Revenue & Expenses
Visualization of income flow from segment revenue to net income