| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 1.5K | 7.8% | 3.0% |
| Total Income | 1.5K | 7.8% | 3.0% |
| Expenditure | 1.4K | 6.4% | 4.7% |
| PBT | — | ||
| Net Profit | 16.00 | 900.0% | 50.0% |
| OPM | 2.81% | 1.33pp | 1.56pp |
| NPM | 1.10% | 1.24pp | 1.16pp |
| EPS | 0.20 | 1100.0% | 51.2% |
Victoria’s Secret & Co. Reports Q3 2025 Results, Raises Full Year Guidance
04 May 2026 · 4 May, 6:58 am
Summary
Victoria’s Secret & Co. reported a 9% increase in net sales for the third quarter of 2025, reaching $1.472 billion. Total comparable sales increased by 8%. The company's operating loss improved to $19 million, compared to $47 million in the same quarter last year. The company is raising its full-year outlook, forecasting net sales between $6.450 billion and $6.480 billion, with adjusted net income per diluted share estimated between $2.40 and $2.65. For the fourth quarter, net sales are expected to be between $2.170 billion and $2.200 billion.
Key Highlights
- 1
Victoria’s Secret & Co. reported net sales of $1.472 billion for the third quarter of 2025, a 9% increase compared to the third quarter of 2024.
- 2
Total comparable sales for the third quarter of 2025 increased 8%.
- 3
The company reported an operating loss of $19 million for the third quarter of 2025, compared to an operating loss of $47 million in the third quarter of 2024.
- 4
Adjusted operating income for the third quarter of 2025 was breakeven at $0 million, compared to an adjusted operating loss of $28 million in the third quarter of 2024.
- 5
The company is forecasting net sales to be in the range of $6.450 billion to $6.480 billion for the full year 2025.
- 6
Adjusted net income per diluted share for the full year 2025 is estimated to be in the range of $2.40 to $2.65.
- 7
For the fourth quarter of 2025, the company is forecasting net sales to be in the range of $2.170 billion to $2.200 billion.
Management Comments
Hillary Super
We delivered a standout third quarter, with outperformance on net sales and earnings per share, exceeding the high-end of our guidance. Net sales increased 9% over last year, driven by strength across Victoria’s Secret, PINK and Beauty, and supported by momentum across channels and geographies. These outstanding results reflect disciplined execution of our Path to Potential strategy. Building on the third quarter’s outperformance as well as the solid start to our fourth quarter, we are raising our full year outlook and are well positioned for a successful holiday season and finish to our fiscal 2025. With two iconic brands, Victoria’s Secret and PINK, a curated product assortment, high-emotion marketing and a relentless customer focus, we are reinforcing our leadership in global intimates and beauty. As we continue to advance our Path to Potential strategy, we are accelerating global growth, elevating brand distinctiveness, and unlocking greater value across our ecosystem to drive long-term profitable growth.
Scott Sekella
Building on strong first-half results, our third quarter exceeded expectations. We delivered robust adjusted gross margin expansion of 170 basis points, driven by a reduced promotional approach and higher regular-priced selling, while leveraging the strength of our business model. We remain focused on managing costs while prioritizing investments in product innovation, brand strength, and customer experience. These efforts, along with the solid operational foundation we have built enables us to scale effectively and support the Company’s growth, giving us confidence in delivering a strong finish to the year and positioning VS&Co for long-term success.
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