Victoria’s Secret in knockout quarter as sales surge 15%; lifts outlook
Victoria’s Secret & Co. reported a strong start to the year, with double-digit revenue growth across its divisions and its fourth consecutive quarter of positive comps.
The lingerie giant lifted its full-year outlook as well as the outlook for its current quarter.
In a statement, CFO and COO Scott Sekella said that the company’s first quarter results included broad-based gross margin improvement, driven by higher regular-price selling, reduced promotions, and leveraging buying and occupancy expenses. It also earnings per share 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,” he said.
Victoria's Secret reported first-quarter net income of $48 million, or $0.56 per diluted share, for the quarter ended May 2, compared to net loss of $2 million, or $0.02 per diluted share, for the year-ago period. Adjusted net income was $51 million, or $0.60 per diluted share, which was far ahead of analysts expectations of $0.30 per share.
Net sales increased 15% to $1.560 billion, easily beating analyst expectataions of $1.52 billion. Total comparable increased 13% compared to a 1% drop in the year-ago quarter.
“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,” said CEO Hillary Super. “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."
Victoria’s Secret now expects full-year sales of between $7.03 billion and $7.13 billion, up from its previous range of between $6.85 billion to $6.95 billion. Adjusted operating income is slated for $550 million to $580 million, up from the prior guidance of $430 million to $460 million.
For the first quarter, it expects sales to be between $1.59 billion and $1.62 billion, beating expectations of $1.56 billion.
Victoria’s Secret & Co. has a global footprint of approximately 1,420 stores in approximately 70 countries.
