What is the market's earnings forecast for Victoria'S Secret next quarter?

What guidance did Victoria'S Secret's management provide for the next earnings period?

What were the key takeaways from Victoria'S Secret's earnings call?

Did Victoria'S Secret beat or miss consensus estimates last quarter?

What is Victoria'S Secret's latest dividend and current dividend yield?

What is Victoria'S Secret's gross profit margin?

What is the revenue and EPS growth rate for Victoria'S Secret year over year?

What were the key takeaways from Victoria'S Secret’s earnings call?

- **Revenue Acceleration**: 8% Q4 comp sales growth, full year 5% growth, driven by bras, PINK renaissance, and sleep category success.\n- **Strategic Wins**: PINK's strongest year in a decade, Beauty's fine fragrance leadership, and 43% international sales growth.\n- **Customer Growth**: New customer file expansion, 10-13% Q1 2026 sales guidance, and market share gains in key categories.\n- **Financial Resilience**: $3.20-3.45 2026 EPS guidance, $430-460M operating income, and $6.85-6.95B sales target.\n- **Tariff Mitigation**: $160M incremental headwinds, with $40M net impact, offset by operational leverage and pricing strategy.\n

**【CEO Summary Section】**
- **Revenue Growth**: Full year 2025 comp sales up 5%, Q4 revenue highest since becoming independent, driven by 8% Q4 comp sales growth.\n- **Strategic Pillars**: Success in 4 pillars - Bra Authority (mid-single-digit growth in bras), PINK renaissance (strongest year in a decade), Beauty expansion (low single-digit growth), and international growth (43% YoY).\n- **Customer Momentum**: Customer file growth, new customer acquisition in younger demographics, and market share gains in bras and panties.\n- **Brand Heat**: Fashion show and Valentine's Day campaigns drove cultural engagement, with TWICE collaboration generating 79M social views.\n- **2026 Outlook**: 5-6% sales growth, $430-460M operating income, and $3.20-3.45 EPS.\n
**【CFO Financial Commentary】**
- **Q4 Results**: Net sales $2.27B (8% YoY), adjusted operating income $316M (up 6%), adjusted EPS $2.77 (beat estimates).\n- **Tariff Mitigation**: $160M incremental tariff headwinds in 2026, with $40M net impact.\n- **Balance Sheet**: $518M cash, $312M free cash flow (including $69M litigation benefit).\n- **2026 Guidance**: $6.85-6.95B net sales, $430-460M operating income, $3.20-3.45 EPS.\n- **Store Expansion**: 250 North America stores (30% fleet) converted to 'Store of the Future' by end-2026.\n
**【Q&A Highlights】**
- **Customer Trends**: New customer growth, younger demographic engagement, and broad-based category success (sleep, PINK bras, fine fragrance).\n- **Tariff Cadence**: Heaviest impact in Q1 (175bps), easing in back half as mitigation efforts scale.\n- **Marketing Spend**: Slight increase in 2026, focusing on digital and cultural activations.\n- **PINK Evolution**: Pop-up store in SoHo, experimenting with apparel, beauty, and collaborations.\n- **VSX Strategy**: Rightsizing store presence, focusing on digital sports bra authority.\n- **Middle East Impact**: Minor delays in North America shipments, limited impact due to franchise model.\n

Victoria's Secret & Co. (VSCO) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 net sales +9% YoY ($1.47B), intl sales +34% (China digital +30%). 
- **Margin Expansion**: Gross margin +170bps YoY, SG&A rate -30bps YoY. 
- **Market Share**: +1% U.S. intimates share, bras up mid-single digits. 
- **Customer Growth**: Total file +low single digits, new customers driving 18-34yr engagement. 
- **FY25 Guidance**: Sales $6.45-6.48B, EPS $2.40-2.65 (vs. prior $1.80-2.20). 
- **Tariff Mitigation**: $90M FY25 impact, offset by cost savings and strategic pricing. 
- **Strategic Focus**: 2026 Beauty expansion, PINK apparel growth (now 40% of PINK business), and Store of the Future updates. 


**【CEO Opening Remarks】**
- **Q3 Outperformance**: Net sales of $1.47B (+9% YoY), adjusted gross margin +170bps, earnings up 45%. 
- **Path to Potential Strategy**: 4 pillars - Bra Authority, PINK Revival, Beauty Growth, Brand Evolution. 
- **Fashion Show Impact**: 61M streams, +9M social followers, $51B media impressions. Post-show, shoppable product sales doubled YoY. 
- **Market Share Gain**: +1% U.S. intimates market share, bras up mid-single digits. 
- **Customer Growth**: Total customer file +low single digits, new customers driving 18-34yr demographic engagement. 
- **Holiday Momentum**: Strongest Black Friday turnout since spinoff, 1M+ North America customers (+high single digits YoY). 

**【CFO Financial Commentary】**
- **Top Line**: Q3 net sales $1.47B (+9% YoY), intl sales +34% (China digital +30%). 
- **Margin Expansion**: Adj. gross margin 36.5% (+170bps YoY), SG&A rate 36.5% (-30bps YoY). 
- **Profit Beat**: Adj. EPS -$0.27 vs. -$0.50 YoY, driven by sales beat and expense control. 
- **FY25 Guidance Update**: 
  - Net sales $6.45-6.48B (+4% vs. prior $6.33-6.41B) 
  - Adj. Op. Income $350-3 $35M (vs. prior $270-320M) 
  - Adj. EPS $2.40-2.65 (vs. prior $1.80-2.20) 
- **Tariff Mitigation**: $90M FY25 impact, offset by vendor cost savings, strategic pricing, and GWP promotions. 

**【Q&A Highlights】**
- **Customer Acquisition**: 18-24yr PINK customers +double digits, AURs up 6% ex-panties. 
- **Beauty Growth**: 40% of customers not yet shopping Beauty, 2026 focus on innovation pipeline and PINK Beauty expansion. 
- **Tariff Impact**: Q4 gross margin rate -90-190bps YoY, 2026 mitigation efforts to offset $65M Q4 impact. 
- **Store of the Future**: 25% North America fleet updated, intl 40%, focusing on PINK apparel assorting and Beauty cross-sell. 
- **Promo Strategy**: Pulling back on full-box promotions, using GWPs to drive +AOV (+$100+ in Q4). 
- **PINK Intimates**: Return to growth post-Fashion Show, 2026 plans to replicate success with targeted innovation. 


Victoria's Secret & Co. (VSCO) Q3 2026 Earnings Call Transcript

- **Revenue Growth**: Q2 net sales up 3% YoY to $1.459B, driven by 22% int'l growth and 4% comp sales. PINK apparel up double digits, Beauty sales mid-single digits.
- **Gross Margin Expansion**: 35.6% rate (+20bps YoY) from reduced promotions and regular-priced selling. Body by Victoria launch drove 0% discounting.
- **Tariff Mitigation**: $100M net impact in 2025, with $70M mitigation via freight, pricing, and sourcing. 2026 strategies to expand mitigation.
- **Strategic Wins**: LoveShackFancy collaboration achieved record engagement with 0% discounting. Q2 bras gained 0.5pts market share, PINK new customers up double digits.
- **Holiday Momentum**: Expanded gifting assortment in Beauty, sleep, and PINK. 2025 fashion show to drive brand connection and sales lift.

**【CEO Summary Section】**
- **Q2 Growth Highlights**: Net sales grew 3% YoY to $1.459 billion, with comp sales up 4% despite a digital outage. International sales surged 22% YoY, driven by strong performance in China and Europe.
- **Path to Potential Strategy**: Focus on four pillars:
  1. **Bra Authority**: Q2 bras saw sequential improvement, with market share gains in traditional bras. Launches like FlexFactor bra and upcoming sports bras are driving innovation.
  2. **PINK Revitalization**: PINK sales grew low single digits, with double-digit growth in apparel. The LoveShackFancy collaboration achieved 0% discounting and record engagement.
  3. **Beauty Expansion**: Beauty sales grew mid-single digits, with Mist Collection up low teens. Targeting $2 billion global Beauty sales by leveraging fragrance leadership.
  4. **Brand Evolution**: Rebalanced marketing funnel to attract 18-24-year-olds, with customer file growth of 5% in July.
- **Key Initiatives**: Successful Body by Victoria launch drove double-digit new customer growth. Holiday gifting assortment expanded with tiered offerings in Beauty, sleep, and PINK.

**【CFO Financial Commentary】**
- **Q2 Financials**: Adjusted operating income of $55 million exceeded guidance by $20 million. Gross margin rate improved 20bps YoY to 35.6%, driven by reduced promotions and regular-priced selling.
- **Tariff Impact**: Full-year net tariff impact estimated at $100 million, with $70 million mitigation (e.g., air vs. ocean freight, strategic pricing). Q4 expected to bear $70 million of impact.
- **Guidance Update**: Full-year net sales raised to $6.33-$6.41 billion. Q3 adjusted operating loss expected at $35-$55 million, with adjusted EPS guidance maintained at $1.80-$2.20.
- **Liquidity**: Strong cash position of $188 million, with $75 million ABL facility renewed at lower rates.

**【Q&A Highlights】**
- **Tariff Mitigation**: 2026 strategies include diversifying sourcing, optimizing freight, and selective price adjustments. 2025 mitigation efforts reduced impact by $70 million.
- **Inventory Management**: Shortened production lead times (e.g., 26 weeks for LoveShackFancy) improve agility. Focus on right-sizing assortments and data-driven store allocations.
- **International Growth**: China digital channel led international sales growth. Int'l retail comps up high single digits, with 190+ Store of the Future locations by year-end.
- **Fashion Show Strategy**: 2025 show to amplify brand momentum, with marketing spend flat YoY. Holiday focus on gifting and Valentine's Day activations.


Victoria's Secret & Co. (VSCO) Q2 2025 Earnings Call Transcript

- **Q1 Strong Beat**: $1.35B net sales vs. $6.2-6.3B FY25 guide, PINK apparel and Beauty lead growth. Q2 adj. EPS $0-0.15 due to $50M tariff headwind.
- **Brand Momentum**: PINK comps +3Q, Beauty 7Q growth, VSX bras +20%. Store of the Future to be 25% of North America fleet by end-2025.
- **Tariff Mitigation**: $70M savings vs. $120M headwind, Q2 gross margin ~35% with $10M tariff impact. FY25 adj. EPS $1.80-2.20.
- **Marketing Shift**: Acquisition-focused media, GWP promotions driving basket size (+2%), digital PINK outperformance.
- **Key Risks**: Tariff volatility, macro uncertainty, and security incident Q2 $20M sales impact.

**【CEO Summary Section】**
- **Q1 Performance**: Net sales of $1.353B, exceeding guidance, with PINK apparel and Beauty driving growth. Comparable sales down 1% YoY, but March/April sales reversed February's decline.
- **Strategic Progress**: 
  - **PINK**: 3rd consecutive quarter of positive comps, AUR up 2%, fueled by new categories (skirts, denim) and PINK Break event success.
  - **Beauty**: 7th consecutive quarter of growth, Bombshell fragrance as #1 in US, new body care line launched.
  - **VSX**: 20% growth in bras, standout performance of Knockout Front-Close and Featherweight Max.
- **Brand Differentiation**: Rebranding PINK for Gen Z, modernizing VS with "new era of sexy" through creative evolution and store pilots (25% of fleet to be Store of the Future by end-2025).
- **Team Expansion**: New brand presidents (Anne Stephenson, Ali Dillon, Amy Kocourek) and CMO Elizabeth Preis to drive innovation and customer engagement.

**【CFO Financial Commentary】**
- **Q1 Results**: Adjusted operating income $32M vs. guidance of $20-25M, adj. EPS $0.09 (near upper end of $0.08-0.09 range).
- **Gross Margin**: 35.2% (-170bps YoY), pressured by air freight, tariffs, and GWP activity. Offset by buying leverage and cost controls.
- **SG&A**: 32.8% (-120bps YoY), benefiting from expense pullback and marketing shift to Q2.
- **Tariff Impact**: FY25 net impact $50M (mitigation: $70M vs. $120M headwind). Q2 gross margin rate ~35%, with tariff headwind $10M.
- **Liquidity**: $138M cash, $105M ABL borrowings. FY25 capex reduced to $220M, focusing on store remodels and tech/logistics.
- **FY25 Outlook**: Net sales $6.2-6.3B, adj. EPS $1.80-2.20 (down from $2.69 in FY24). Q2 adj. EPS $0-0.15 due to tariff, marketing shift, and security incident costs.

**【Q&A Highlights】**
- **Marketing Strategy**: Shifting to acquisition-focused media, reducing direct mail, and optimizing lower-funnel spend. Q2 will see bra campaign expansion and entertainment-based activation.
- **Tariff Mitigation**: Sourcing diversification, air/ocean mix optimization, strategic price adjustments. FY25 mitigation savings ~$70M.
- **PINK Potential**: $1B+ revenue opportunity through lifestyle expansion (beauty, accessories) and apparel innovation. Q1 PINK apparel AUR up 20%.
- **Intimates Market**: bras pressured by younger consumers' preference for sports bras and wireless options. VSX leading with tech-driven comfort and performance.
- **Security Incident**: $20M Q2 sales impact, $10M operating expense. Digital recovery swift, stores operational during outage.


Actual	1.71	0.81	2.7	1.11	1.09	0.29	2.47	0.28	0.24	-0.86	2.58	0.12	0.4	-0.5	2.6	0.09	0.33	-0.27	2.77
Forecast	1.59	0.7027	2.6279	0.8384	0.9536	0.2284	2.3277	0.5365	0.2622	-0.7836	2.4822	0.086	0.3671	-0.6248	2.2968	0.0728	0.1259	-0.586	2.5246
Surprise	+7.55%	+15.27%	+2.74%	+32.40%	+14.30%	+26.97%	+6.11%	-47.81%	-8.47%	-9.75%	+3.94%	+39.53%	+8.96%	+19.97%	+13.20%	+23.63%	+162.11%	+53.92%	+9.72%

VSCO

VSCO fundamentals

VSCO Q4 2026 Earnings

Earnings Call

You can ask Aime

VSCO

VSCO fundamentals

VSCO Q4 2026 Earnings

Earnings Call

VSCO Earnings Call Summary for Q4/20268:30 AM on Mar 5, 2026

VSCO Earnings Call Summary for Q3/20268:30 AM on Dec 5, 2025

VSCO Earnings Call Summary for Q2/20268:30 AM on Aug 28, 2025

VSCO Earnings Call Summary for Q1/20268:30 AM on Jun 11, 2025

VSCO Earnings Call Summary for Q4/2025 Mar 25, 2026

You can ask Aime