SEC 8-K filings with transcript text
Jun 2, 2026
2 ex991vsxyq12026earningsrel.htm
Document
Exhibit 99.1
Victoria’s Secret & Co. Reports First Quarter 2026 Results
•Net Sales Increased 15% to $1.560 Billion, Exceeding Guidance
•Operating Income Increased to $76 Million; Adjusted Operating Income of $80 Million Exceeds Guidance
•VS&Co Raises Full Year 2026 Net Sales Guidance to $7.030-$7.130 Billion and Adjusted Operating Income Guidance to $550-$580 Million
Reynoldsburg, Ohio (June 2, 2026)—Victoria’s Secret & Co. (“VS&Co” or the “Company”) (NYSE: VSXY) today reported financial results for the first quarter ended May 2, 2026.
Hillary Super, VS&Co Chief Executive Officer, said, “We delivered a very strong start to 2026, exceeding top- and bottom-line guidance and continuing the momentum we built in the back half of last year. We drove double-digit sales growth across Victoria’s Secret, PINK, and Beauty, as well as our fourth consecutive quarter of positive comps. Our customer responded strongly to our product innovation, emotionally resonant storytelling, and distinct brand projection, driving double-digit growth in new customer acquisition, increased regular-price selling, and broad-based strength across categories, channels, and geographies. These results reflect the progress we are making against our Path to Potential strategy as we continue to strengthen customer connection, build brand heat, and drive sustainable long-term growth.”
Ms. Super concluded, “We are increasingly confident in the trajectory of the business. Our teams are executing with greater precision and agility, Victoria’s Secret, PINK, and Beauty are gaining cultural relevance and expanding their customer files, and we have a strong pipeline of product launches, partnerships, and brand moments ahead. We believe we are well positioned to continue building momentum and creating shareholder value.”
Scott Sekella, VS&Co Chief Financial and Operating Officer, said, “Our first quarter results reflect disciplined execution across the business, including broad-based gross margin improvement, driven by higher regular-price selling, reduced promotions, and leveraging our buying and occupancy expenses, all despite tariff headwinds. We also delivered SG&A leverage versus last year’s first quarter and EPS growth that outpaced operating income growth. Given our strong first quarter performance and continued momentum in the business, we are raising our fiscal 2026 outlook and remain confident in our ability to drive profitable growth.”
First Quarter 2026 Results
The Company reported net sales of $1.560 billion for the first quarter of 2026, an increase of 15% compared to net sales of $1.353 billion for the first quarter of 2025 and above the previously communicated guidance range of $1.490 billion to $1.525 billion. Total comparable sales for the first quarter of 2026 increased 13%.
The Company reported operating income for the first quarter of 2026 of $76 million compared to operating income of $20 million in the first quarter of 2025. Net income was $48 million, or $0.56 per diluted share, for the first quarter of 2026 compared to net loss of $2 million, or $0.02 per diluted share, for the first quarter of 2025.
Excluding the impact of the adjusted items described at the conclusion of this press release, adjusted operating income for the first quarter of 2026 was $80 million, which was significantly above the previously communicated guidance range of $32 million to $42 million. This result compares to last year’s first quarter adjusted operating income of $32 million. Adjusted net income for the first quarter of 2026 was $51 million, or $0.60 per diluted share, which was significantly above the previously communicated guidance range of $0.20 to $0.30 per diluted share. This result compares to last year’s first quarter adjusted net income of $7 million, or $0.09 per diluted share.
Capital Allocation
The Company repurchased 2.2 million shares of the Company’s common stock for $100 million at an average price of $45.27 per share during the first quarter of 2026. The shares were repurchased under the previously announced share repurchase program approved by the Company’s Board of Directors in March 2024 which authorized the repurchase of up to $250 million of the Company’s common stock. As of May 2, 2026, $150 million remained authorized for purchase.
Second Quarter and Full Year 2026 Outlook
The Company is forecasting net sales for the second quarter of 2026 to be in the range of $1.590 billion to $1.615 billion compared to net sales of $1.459 billion for the second quarter of 2025. At this forecasted level of net sales, operating income for the second quarter of 2026 is expected to be in the range of $90 million to $100 million compared to adjusted operating income of $55 million for the second quarter of 2025.
The Company is now forecasting fiscal year 2026 net sales to be in the range of $7.030 billion to $7.130 billion, an increase compared to the previously
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