Victoria’s Secret raises FY25 revenue view $6.33B-$6.41B from $6.2B-$6.3B

Consensus $6.24B. The Company is raising its full year outlook for net sales and is now forecasting net sales in the range of $6.33B to $6.41B, compared to prior guidance of $6.2B to $6.3B. At this forecasted level of net sales, the Company is reiterating its full year outlook for adjusted operating income and expects adjusted operating income to be in the range of $270M to $320M. This outlook includes an updated estimated net tariff impact of approximately $100M for fiscal year 2025 which is $50M higher than our estimated net tariff impact that was included in our previous guidance. VS&Co Chief Financial and Operating Officer Scott Sekella added, “Importantly, despite tariff headwinds, we drove gross margin rate expansion in the quarter to go along with the sales growth, driven by disciplined inventory management and our evolving promotional approach in the business. Although we recognize that the macro environment remains uncertain, we are excited about the product newness and customer experiences we have planned for the second half of the year.”