On June 2, Victoria’s Secret & Co. reported its financial results for the first quarter ended May 2, 2026. The company delivered net sales of $1.56 billion, representing a 15.3% year-over-year increase and exceeding its previously issued guidance range. Operating income also rose significantly to $76 million, compared to $20 million in the prior-year period.
Summary
- First-quarter 2026 net sales increased 15.3% year-over-year to $1.56 billion
- Operating income rose to $76 million from $20 million a year earlier
- Comparable sales increased 13%, marking the fourth consecutive quarter of positive comps
- Victoria’s Secret, PINK, and Beauty each delivered double-digit sales growth
- The company raised its full-year 2026 net sales and adjusted operating income outlook
Sales Increase 15%, Exceeding Guidance
Victoria’s Secret & Co. reported first-quarter net sales of $1.56 billion, up 15.3% from $1.35 billion in the first quarter of 2025. The result exceeded the company’s previously communicated guidance range of $1.49 billion to $1.525 billion.
Total comparable sales increased 13%, marking the fourth consecutive quarter of positive comparable sales growth.
By segment, North America stores generated $802.8 million in sales, up 11.3% year-over-year. Direct sales increased 8.4% to $469.4 million, while international sales rose 44.9% to $287.4 million, making international operations a key contributor to overall growth.
Profitability Improves Significantly
Operating income increased to $76 million from $20 million in the prior-year quarter.
Net income attributable to Victoria’s Secret & Co. reached $47.7 million, compared to a net loss of $1.7 million in the first quarter of 2025. Diluted earnings per share improved to $0.56 from a loss of $0.02 per share a year earlier.
Adjusted operating income reached $80 million, significantly exceeding the company’s previously communicated guidance range of $32 million to $42 million. Adjusted diluted earnings per share came in at $0.60.
CEO Hillary Super: “A Very Strong Start to 2026”
Commenting on the results, Hillary Super, Chief Executive Officer of Victoria’s Secret & Co., said: “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. We drove double-digit sales growth across Victoria’s Secret, PINK, and Beauty, as well as our fourth consecutive quarter of positive comps. 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. These results reflect the progress we are making against our Path to Potential strategy as we continue to strengthen customer connection, build brand heat, and drive sustainable long-term growth.”
She added, “We are increasingly confident in the trajectory of the business. Our teams are executing with greater precision and agility, Victoria’s Secret, PINK, and Beauty are gaining cultural relevance and expanding their customer files, and we have a strong pipeline of product launches, partnerships, and brand moments ahead. We believe we are well positioned to continue building momentum and creating shareholder value.”
Scott Sekella, Chief Financial and Operating Officer, emphasized the company’s operational execution and profitability gains: “Our first quarter results reflect disciplined execution across the business, including broad-based gross margin improvement, driven by higher regular-price selling, reduced promotions, and leveraging our buying and occupancy expenses, all despite tariff headwinds. We also delivered SG&A leverage versus last year’s first quarter and EPS 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.”
Full-Year Outlook Raised
Following the stronger-than-expected first-quarter performance, Victoria’s Secret & Co. increased its fiscal 2026 outlook.
The company now expects full-year net sales to range between $7.03 billion and $7.13 billion, up from its previous guidance of $6.85 billion to $6.95 billion.
Adjusted operating income is now projected to be between $550 million and $580 million, compared to the prior outlook of $430 million to $460 million.
For the second quarter of 2026, the company expects net sales of $1.59 billion to $1.615 billion and operating income of $90 million to $100 million.
Why Profit Quality Matters More Than Sales Growth
Victoria’s Secret has spent the past several years rebuilding its brand while working to improve profitability. What stands out in this quarter is not simply the 15% increase in sales, but the substantial expansion in operating income.
The improvement in profitability was supported by stronger regular-price selling and lower promotional activity, suggesting that the company’s gains may reflect improving brand equity rather than a temporary rebound in demand.
The 44.9% increase in international sales is another notable development, indicating that future growth drivers are expanding beyond North America. Looking ahead, investors and industry observers will be watching closely to see whether upcoming product launches, partnerships, and brand initiatives can sustain customer acquisition and long-term growth momentum.
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