The earnings call demonstrated a successful quarter with strong sales growth, improved gross margins, and positive international performance. However, challenges such as the digital outage and increased tariff impacts were noted. Overall, the positive aspects slightly outweigh the negatives, suggesting a generally optimistic outlook.

Company Guidance

During the Victoria's Secret & Co. second quarter 2025 earnings call, the company announced that they exceeded their top and bottom line guidance, with net sales growing by 3% and comparable sales increasing by 4%. The international segment was a standout, with net sales increasing by 22% year-over-year. Gross margins improved to 35.6%, 20 basis points higher than the previous year and 60 basis points above guidance. Adjusted operating income reached $55 million, surpassing the high end of their guidance by $20 million. The company also gained market share in the intimate apparel category, particularly in the 18 to 44 age group. Looking forward, Victoria's Secret is maintaining its full-year operating income guidance despite an anticipated $100 million net tariff impact, and it plans to mitigate the impact through strategic pricing, sourcing, and promotional strategies, alongside a focus on driving top-line growth with elevated product assortments and major brand initiatives.

Net Sales Growth

Net sales grew by 3% year-over-year to $1.459 billion, with comparable sales increasing by 4% across both Victoria's Secret and PINK brands.

International Expansion

International net sales grew 22% year-over-year, with high single-digit retail comparable sales gains and continued new store openings.

Improved Gross Margins

Gross margins improved to 35.6%, 20 basis points above last year and 60 basis points above guidance, driven by reduced promotions and higher regular-priced sales.

Bra Market Share Gain

Victoria's Secret grew market share by approximately 0.5 points in total bras, including almost 1 full point in traditional bras.

Successful Product Launches

The launch of the Body by Victoria collection's new FlexFactor bra and the PINK x LoveShackFancy collaboration drove significant customer engagement and sales.

Victoria's Secret (VSCO) Earnings, Revenues Date & History

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VSCO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 26, 2025	2025 (Q3)	-0.63 / -	-0.5	―	―	―
Aug 28, 2025	2025 (Q2)	0.13 / 0.33	0.4	-17.50% (-0.07)
Jun 11, 2025	2025 (Q1)	0.07 / 0.09	0.12	-25.00% (-0.03)
Mar 05, 2025	2024 (Q4)	2.30 / 2.60	2.58	0.78% (+0.02)
Dec 05, 2024	2024 (Q3)	-0.63 / -0.50	-0.86	41.86% (+0.36)
Aug 28, 2024	2024 (Q2)	0.37 / 0.40	0.24	66.67% (+0.16)
Jun 05, 2024	2024 (Q1)	0.09 / 0.12	0.28	-57.14% (-0.16)
Mar 06, 2024	2023 (Q4)	2.48 / 2.58	2.47	4.45% (+0.11)
Nov 29, 2023	2023 (Q3)	-0.78 / -0.86	0.29	-396.55% (-1.15)
Aug 30, 2023	2023 (Q2)	0.26 / 0.24	1.09	-77.98% (-0.85)

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

VSCO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 28, 2025	$22.78	$22.67	-0.48%
Jun 11, 2025	$22.20	$21.00	-5.41%
Mar 05, 2025	$22.21	$20.38	-8.24%
Dec 05, 2024	$43.02	$48.02	+11.62%

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.