EX-99.1

2 ex991vsxyq22026earningsrel.htm

PRESS RELEASE

Document

Exhibit 99.1

Victoria’s Secret & Co. Reports Second Quarter 2026 Results

•Net Sales Increased 10% to $1.611 Billion, Near High-End of Guidance

•Operating Income Increased to $257 Million; Adjusted Operating Income of $124 Million Exceeds Guidance

•VS&Co Raises Full Year 2026 Net Sales and Adjusted Operating Income Guidance

Reynoldsburg, Ohio (September 3, 2026)—Victoria’s Secret & Co. (“VS&Co” or the “Company”) (NYSE: VSXY) today reported financial results for the second quarter ended August 1, 2026.

Hillary Super, VS&Co Chief Executive Officer, said, “We delivered another strong quarter with broad-based growth across the business. Our Path to Potential strategy is working, our brands are stronger and more relevant, our customer file is growing, and we are gaining market share as product, brand identity, storytelling and execution are all working together.”

Ms. Super added, “We see significant opportunity ahead and are doubling down on what is working. We are increasing our strategic marketing investment to expand our reach, deepen customer connection, and build on the brand heat we are creating. With more product innovation, partnerships and emotionally connected campaigns ahead – including the Angels Among Us docuseries, an even bigger and better Victoria’s Secret Fashion Show and holiday activations – we are incredibly excited about the back half of the year and the opportunity to continue building both of these iconic brands.”

Scott Sekella, VS&Co Chief Financial and Operating Officer, said, “Our second quarter results demonstrate the continued strength and improving quality of the business. Net sales increased 10%, near the high-end of our guidance, while adjusted operating income exceeded our expectations. We continued to benefit from stronger regular-price selling and disciplined execution, while navigating ongoing tariff uncertainty. Given our strong first-half performance and continued momentum entering the back half, we are raising our full-year net sales and adjusted operating income outlook. We remain focused on delivering profitable growth while making deliberate investments in product, customer experience and marketing to drive new customer growth and sustainable long-term value.”

Second Quarter 2026 Results

The Company reported net sales of $1.611 billion for the second quarter of 2026, an increase of 10% compared to net sales of $1.459 billion for the second quarter of 2025 and near the high-end of the previously communicated guidance range of $1.590 billion to $1.615 billion. Total comparable sales for the second quarter of 2026 increased 9%.

The Company reported operating income for the second quarter of 2026 of $257 million compared to operating income of $41 million in the second quarter of 2025. Net income was $183 million, or $2.18 per diluted share, for the second quarter of 2026 compared to net income of $16 million, or $0.20 per diluted share, for the second quarter of 2025.

In the second quarter of 2026, the Company received IEEPA tariff refunds of over $140 million, representing over 95% of the IEEPA tariffs paid by the Company. The impact of the tariff refunds, along with the other adjusted item described at the conclusion of this press release, have been excluded from our adjusted results.

Excluding the impact of the adjusted items, adjusted operating income for the second quarter of 2026 was $124 million, which was above the previously communicated guidance range of $90 million to $100 million. This result compares to last year’s second quarter adjusted operating income of $55 million. Adjusted net income for the second quarter of 2026 was $80 million, or $0.95 per diluted share, which was above the previously communicated guidance range of $0.65 to $0.75 per diluted share. This result compares to last year’s second quarter adjusted net income of $27 million, or $0.33 per diluted share.

Full Year and Third Quarter 2026 Outlook

The Company is now forecasting fiscal year 2026 net sales to be in the range of $7.100 billion to $7.180 billion, an increase compared to the previously communicated guidance range of $7.030 billion to $7.130 billion, and compared to net sales of $6.553 billion in fiscal year 2025. At this forecasted level of net sales, the Company is now forecasting adjusted operating income for fiscal year 2026 to be in the range of $560 million to $590 million, an increase compared to previously communicated guidance range of $550 million to $580 million, and compared to fiscal year 2025 adjusted operating income of $403 million.

The Company is forecasting net sales for the third quarter of 2026 to be in the range of $1.570 billion to $1.600 billion compared to net sales of $1.472 billion for the third quarter of 2025. At this forecasted level of net sales, operating income for the third quarter of 2026 is expected to be in the range of $10 million to $20 million compared to adjusted oper

EX-99.1

2 ex991vsxyq12026earningsrel.htm

PRESS RELEASE

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