Victoria's Secret
Women's intimate-apparel retailer running Victoria's Secret, PINK, and Adore Me across North America.
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Profile
Victoria's Secret & Co. operates Victoria's Secret, PINK, and Adore Me — three intimate apparel and accessories brands serving adult and collegiate women through stores concentrated in North America and a direct-to-consumer digital channel. The company spent several years in brand-identity turnaround and is executing a "reclaim sexy" repositioning under CEO Hillary Super since 2024.
Victoria's Secret & Co. is a US-based specialty retailer of women's intimate apparel, sleepwear, beauty, and accessories, operating under three banners: Victoria's Secret, PINK, and Adore Me. Victoria's Secret carries lingerie, fragrance, and beauty products for adult women; PINK serves a younger collegiate demographic with casual apparel and intimates; Adore Me, acquired in early 2023, is a direct-to-consumer digital brand offering an extended size range. The business operates roughly 1,400 stores, concentrated in North American mall and off-mall locations, with a smaller international presence through company-owned and partner-operated outlets.
Revenue is generated primarily in North America, through store traffic and a growing digital channel. The brand repositioned toward inclusivity after cultural and reputational disruptions, then reversed course under CEO Hillary Super, who joined in 2024 and initiated a "reclaim sexy" strategy formalized by the Fashion Show revival that year. The business depends on brand relevance in an intimates market where specialty brands, mass retailers, and direct-to-consumer entrants compete directly.
Company facts
Categories
Key statistics
Year to date +71.5% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 3, 2026 | UBS | Downgrade | Buy | Neutral | ||
| Jun 3, 2026 | Jefferies | Downgrade | Buy | Hold | ||
| Jun 2, 2026 | Goldman Sachs | Target | $53 | $56 | ||
| May 8, 2026 | Wells Fargo | Upgrade | Equal Weight | Overweight | $45 | $57 |
| Apr 29, 2026 | B of A Securities | Upgrade | Neutral | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jun 2, 2026Q1 FY26 | $0.29 | $0.60 | +106.9% | $1.52B | $1.56B | +2.5% | −1.37% |
| Mar 5, 2026Q4 FY25 | $2.48 | $2.77 | +11.7% | $2.23B | $2.27B | +1.7% | −11.35% |
| Dec 5, 2025Q3 FY25 | −$0.59 | −$0.27 | +53.9% | $1.41B | $1.47B | +4.5% | +3.26% |
| Aug 28, 2025Q2 FY25 | $0.13 | $0.33 | +153.8% | $1.40B | $1.46B | +4.1% | +1.54% |
Financial highlights
| 12 quarters | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.11B | $1.35B | $1.46B | $1.47B | $2.27B | $1.56B | |
| Gross profit | $813.0M | $474.0M | $519.0M | $536.0M | $855.0M | $586.9M | |
| Operating income | $268.0M | $20.0M | $41.0M | −$19.0M | $229.0M | $82.1M | |
| Net income | $193.4M | −$2.0M | $16.2M | −$37.0M | $183.6M | $47.7M | |
| Diluted EPS | $2.33 | −$0.03 | $0.20 | −$0.46 | $2.14 | $0.56 | |
| Gross margin | 38.6% | 35.0% | 35.6% | 36.4% | 37.7% | 37.6% | |
| Operating margin | 12.7% | 1.5% | 2.8% | -1.3% | 10.1% | 5.3% |
Fiscal years (4-quarter sums)FY21 $6.79B · FY22 $6.34B · FY23 $6.18B · FY24 $6.23B · FY25 $6.55B
Revenue by product · Q1 FY26
Revenue by geography · FY25
Balance sheet, May 2, 2026Cash & short-term investments $207.0M · Total debt $2.85B · Total assets $4.77B · Shareholders' equity $790.0M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 79.43M · Float 69.09M
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % of company | Form | Filed |
|---|---|---|---|---|
| BBRC International Pte Ltd · 10 percent owner | 17.13M | 21.56% | Form 4 | Jun 30, 2026 |
| BlackRock, Inc. | 11.91M | 14.99% | 13F | Aug 7, 2026 |
| FMR LLC | 9.44M | 11.88% | 13F | Aug 13, 2026 |
| Bbfit Investments Pte Ltd | 7.81M | 9.80% of class | 13D | Jul 29, 2026 |
| Vanguard Portfolio Management LLC | 4.93M | 6.21% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 26, 2026 | BBRC International Pte Ltd | 10 percent owner | −276,171 | $88.50 |
| Jun 4, 2026 | BBRC International Pte Ltd | 10 percent owner | −27,758 | $80.03 |
| Jun 2, 2026 | BBRC International Pte Ltd | 10 percent owner | −1,107,672 | $80.11 |
| Apr 2, 2026 | Donna James | director | +2,175 | $46.23 |
| Apr 2, 2026 | Anne Sheehan | director | +5,475 | $45.86 |
Peers
- American Eagle Outfitters
Taking US intimate apparel share from VS and PINK via body-positive Aerie brand
- Lululemon Athletica
Sports bra and leggings dominance that pulled millennial wallet share from PINK
- Bath & Body Works
Former L Brands sibling; head-to-head rival in body fragrance and female retail
- PVH
Calvin Klein dominates global premium intimates, rivaling VS internationally
- Gap
Gap Body and Athleta activewear-intimates crowd PINK's everyday and active wear
- Urban Outfitters
Free People and Anthropologie intimates rival VS in fashion-forward lingerie
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Victoria's Secret | $91.51 | +2.58% | $7.27B | 37.5 | 18.7 | 1.1 | +15.3% |
| American Eagle Outfitters | $16.91 | +0.30% | $2.83B | 10.4 | 9.5 | 0.5 | +9.7% |
| Lululemon Athletica | $121.20 | +0.33% | $13.72B | 9.8 | 11.2 | 1.2 | +4.3% |
| Bath & Body Works | $19.26 | +0.21% | $3.87B | 5.1 | 7.3 | 0.5 | −2.3% |
| PVH | $75.79 | +0.04% | $3.49B | 22.9 | 6.2 | 0.4 | +2.1% |
| Gap | $23.48 | −0.04% | $8.45B | 7.1 | 9.8 | 0.6 | −2.0% |
| Urban Outfitters | $81.09 | −0.04% | $6.94B | 12.7 | 12.5 | 1.1 | +10.4% |
| Median | 10.1 | 9.6 | 0.5 | +3.2% |