VSCO Latest Report

Financial Performance

Victoria's Secret reported total operating revenue of RMB21.055 billion (approximately USD3.06 billion) on February 1, 2025, with operating income of RMB2.677 billion (approximately USD384 million). Due to the lack of historical data for comparison, the analysis should be combined with market and industry background.

Key Financial Data

1. Total operating revenue of RMB21.055 billion indicates Victoria's Secret's revenue level in the current period.

2. Without historical data, the direct comparison of year-on-year change rate is not available, but factors such as changes in market demand, intensified competition, and development of e-commerce channels may affect revenue.

3. The sales growth of e-commerce channels reached 7% in Q3 2024, showing a good trend in online sales.

4. Although the brand repositioning strategy has been implemented, it failed to effectively improve performance, with a net profit attributable to parent of RMB-3.642 million in Q1 2024.

Peer Comparison

1. Industry-wide analysis: The overall underwear market is developing upwards, with e-commerce driving sales growth for many brands. It is expected that the global underwear market will continue to grow in the next few years. If Victoria's Secret can grasp this trend, it will have a positive impact on its total operating revenue.

2. Peer evaluation analysis: Victoria's Secret's total operating revenue is at a medium-to-high level in the industry, and despite facing competition pressure, it still has a certain market share through brand repositioning and marketing.

Summary

Victoria's Secret's total operating revenue in 2025 shows its position in the underwear market, but the brand repositioning strategy failed to significantly improve its performance, facing intense market competition and pressure from e-commerce channels. Overall, the company needs to further optimize its market strategy to enhance revenue performance.

Opportunities

1. Strengthen e-commerce channel construction, seize the opportunity of online sales growth, and enhance market share.

2. Deepen the brand repositioning strategy to ensure its better fit with consumer needs, thus enhancing brand image and sales.

3. Develop diversified product lines to meet the needs of different consumers and expand the customer base.

Risks

1. Intensified competition in the underwear market, especially from emerging brands, may affect Victoria's market share.

2. The failure of the brand repositioning strategy to effectively translate into performance improvement may lead to a decrease in consumer recognition of the brand.

3. The rapid development of e-commerce channels may also bring new competitors, affecting Victoria's market position.