Victoria’s Secret & Co. has announced its financial results for the fourth quarter and fiscal year ended January 31, 2026, reporting net sales of $6.553 billion for fiscal year 2025, an increase of 5% compared to net sales of $6.230 billion for fiscal year 2024 and above its previously communicated guidance range of $6.450 billion to $6.480 billion.
“We delivered an exceptional fourth quarter and a standout year, exceeding top- and bottom-line guidance with broad based outperformance across brands, channels and geographies. We drove meaningful acceleration in the second half of the year, with fourth quarter net sales of $2.270 billion and comparable sales growth of 8%,” said Hillary Super, VS&Co Chief Executive Officer.
“In the quarter, our customer responded enthusiastically to our product and marketing, as demonstrated by growing new customer acquisition and increased AURs. Our 2025 results reflect the progress we have made against our Path to Potential strategy as we build brand heat and powerful connections with our customers around the world.
“We enter fiscal 2026 from a position of strength. With a clear brand vision, a faster and more agile operating model, and a strong pipeline of product and brand moments ahead, we are confident in our ability to deliver profitable growth and create long‑term shareholder value.”
“Our results reflect disciplined execution, strong margin performance, and increased operational agility. We delivered adjusted operating income of $403 million in fiscal year 2025, despite approximately $85 million of tariff pressure. Our adjusted earnings per diluted share was $3.00, representing 22% growth versus last year, excluding last year’s cumulative gift card breakage adjustment. Our Path to Potential strategy is accelerating the Company’s growth, reinforcing our confidence in our fiscal 2026 guidance,” said Scott Sekella, VS&Co Chief Financial and Operating Officer.
Fourth Quarter 2025 Results
The company said net sales were $2.270 billion for the fourth quarter of 2025, an increase of 8% compared to net sales of $2.106 billion for the fourth quarter of 2024 and above itspreviously communicated guidance range of $2.170 billion to $2.200 billion. Total comparable sales for the fourth quarter of 2025 increased 8%.
The company reported operating income for the fourth quarter of 2025 of $229 million compared to operating income of $268 million in the fourth quarter of 2024. Net income was $184 million, or $2.14 per diluted share, for the fourth quarter of 2025 compared to net income of $193 million, or $2.33 per diluted share, for the fourth quarter of 2024.
Full Year 2025 Results
The company reported net sales of $6.553 billion for fiscal year 2025, an increase of 5% compared to net sales of $6.230 billion for fiscal year 2024 and above its previously communicated guidance range of $6.450 billion to $6.480 billion. Total comparable sales for fiscal year 2025 were 5%.
The company reported operating income for fiscal year 2025 of $271 million compared to $310 million in fiscal year 2024. Net income was $161 million, or $1.93 per diluted share for fiscal year 2025 compared to net income of $165 million, or $2.05 per diluted share for fiscal year 2024.
Full Year and First Quarter 2026 Outlook
The company is forecasting net sales for the first quarter of 2026 to be in the range of $1.490 billion to $1.525 billion compared to net sales of $1.353 billion for the first quarter of 2025. At this forecasted level of net sales, operating income for the first quarter of 2026 is expected to be in the range of $32 million to $42 million compared to adjusted operating income of $32 million for the first quarter of 2025, it said.
The company is forecasting fiscal year 2026 net sales to be in the range of $6.850 billion to $6.950 billion compared to net sales of $6.553 billion in fiscal year 2025. At this forecasted level of net sales, operating income for fiscal year 2026 is expected to be in the range of $430 million to $460 million compared to fiscal year 2025 adjusted operating income of $403 million, it added.
The retailer has more than 30,000 people working for it across a global footprint of 1,420 retail stores in approximately 70 countries.
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