Victoria's Secret (8FR) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jun 03, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.27

Last Year’s EPS

0.08

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 10 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Mar 05, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call was broadly positive: management reported multi-quarter momentum across brands, strong Q4 and full-year top- and bottom-line performance, international acceleration (notably China), and constructive FY2026 guidance. Key challenges include tariff headwinds, sizable one-time Adore Me impairment and restructuring charges, some inventory buildup and modest SG&A investment increases. Management emphasized margin mitigation actions, a healthy balance sheet, and confidence in scaling the Path to Potential strategy.

Company Guidance

The company guided fiscal 2026 net sales of $6.85–6.95 billion (≈+5–6% versus FY25 $6.553B), adjusted operating income of $430–460 million (vs $403M in 2025) implying ~20–50 bps of operating margin expansion, and adjusted diluted EPS of $3.20–3.45 (vs $3.00 in 2025); it expects capex of $220–240 million (≈3% of sales) and free cash flow of $220–250 million. Management assumes incremental gross tariff costs of about $160 million, largely mitigated to an incremental net tariff impact of ≈$40 million, with tariffs concentrated in H1 (Q1 alone ~175 bps headwind). Q1 2026 guidance is net sales $1.490–1.525 billion (~+10–13% vs Q1'25 $1.353B), operating income $32–42 million (vs $32M), gross margin ≈35.5% (≈+30 bps YoY), SG&A ≈33% (vs 32.8%), EPS $0.20–0.30 (vs $0.09), and ending inventories up high single digits. Store counts are expected flat-to-slightly-up, North America “Store of the Future” to ~250 stores (≈30% of fleet, up from 25% in 2025), international SoF ~55% (up from 45%), with a target of ~50% global conversion by 2027.

Quarterly and Full-Year Top-Line Growth

Q4 comp sales +8%; Q4 net sales $2.270B (+8% YoY, +9% excluding prior-year gift card adjustment). Fiscal 2025 net sales $6.553B, up ~6% YoY (excluding the prior-year gift card breakage benefit). Company reported its highest Q4 revenue since becoming an independent public company.

Improved Profitability and EPS

Fiscal 2025 adjusted operating income rose 16% to $403M and adjusted EPS increased 22% to $3.00. Q4 adjusted operating income was $316M (above guidance $265M–$290M) and Q4 adjusted net income per diluted share was $2.77 (above guidance $2.20–$2.45).

Strong International Momentum

Q4 international net sales +43% YoY to $276M (or +27% after adjusting for a reporting shift). China was a primary growth driver via social commerce and live streaming. Management expects double-digit international growth in fiscal 2026.

Brand Momentum and Customer File Expansion

Total customer count grew low single digits led by new customer acquisition; app downloads +25% in Q4 and apps now drive ~33% of digital sales. Spend per customer increased mid-single digits, reflecting improved quality of sale.

PINK Resurgence and Digital Engagement

PINK delivered its strongest growth in a decade: Q4 grew high single digits. PINK app downloads +50% in the quarter; TWICE campaign generated >79M social views. PINK drove double-digit AUR expansion and viral demand (multiple sellouts of key bra styles).

Recovery in Bras, Panties and Sleep

Victoria's Secret bra business returned to annual growth for the first time since 2021 and grew mid-single digits in Q4. Panties produced the best performance since 2021 with panty AURs up. Sleep outperformed expectations and became a key Q4 growth engine and third-largest new-customer-acquisition category.

Beauty Business Growth

Beauty grew low single digits in the quarter, supported by fine fragrance (including Bombshell holiday edition) and mists; management describes beauty as a nearly $1B business with continued runway for innovation and long-term acceleration.

Gross Margin Expansion Despite Tariff Pressure

Excluding prior-year gift card breakage, adjusted gross margin rate expanded ~50 bps YoY in Q4 despite ≈$60M (~250 bps) net tariff pressure in the quarter. Company attributes margin resilience to reduced promotions, increased regular-price selling and scale/leverage.

Balance Sheet and Cash Flow Strength

Ending cash balance $518M (+$291M YoY). Fiscal 2025 free cash flow $312M (adjusted FCF $244M excluding a $69M one-time litigation settlement benefit). Company repaid all outstanding borrowings under its $750M ABL facility, providing financial flexibility.

Constructive FY2026 Guidance

Fiscal 2026 guidance: net sales $6.85B–$6.95B (+5%–6% vs FY25); operating income $430M–$460M (operating margin expansion ~20–50 bps); EPS $3.20–$3.45. Q1 2026 guide: net sales $1.49B–$1.525B (+10%–13%) and expected gross margin expansion ~30 bps vs prior-year Q1.

Victoria's Secret (DE:8FR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:8FR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jun 03, 2026	2026 (Q1)	0.27 / -	0.077	―	―	―
Mar 05, 2026	2025 (Q4)	2.17 / 2.38	2.238	6.54% (+0.15)
Dec 05, 2025	2025 (Q3)	-0.50 / -0.23	-0.43	46.00% (+0.20)
Aug 28, 2025	2025 (Q2)	0.11 / 0.28	0.344	-17.50% (-0.06)
Jun 11, 2025	2025 (Q1)	0.06 / 0.08	0.103	-25.00% (-0.03)
Mar 05, 2025	2024 (Q4)	1.98 / 2.24	2.221	0.78% (+0.02)
Dec 05, 2024	2024 (Q3)	-0.54 / -0.43	-0.74	41.86% (+0.31)
Aug 28, 2024	2024 (Q2)	0.32 / 0.34	0.207	66.67% (+0.14)
Jun 05, 2024	2024 (Q1)	0.07 / 0.10	0.241	-57.14% (-0.14)
Mar 06, 2024	2023 (Q4)	2.14 / 2.22	2.126	4.45% (+0.09)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:8FR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 05, 2026	€53.00	€47.78	-9.85%
Dec 05, 2025	€35.96	€35.90	-0.17%
Aug 28, 2025	€18.82	€21.12	+12.19%
Jun 11, 2025	€19.73	€18.57	-5.93%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.