Victoria's Secret: Promising Turnaround Amidst Macroeconomic Uncertainty, Hold Rating MaintainedWe view the print as a positive datapoint for the turnaround, where we had already grown more constructive LQ (more here) – especially mgmt. comments around 1) core intimates improvement, 2) PINK apparel momentum, 3) ongoing Beauty strength, & 4) intentionally reduced discounting activity. That said, aggregate results remain challenged, as evidenced by the business’ ~4% 2Q25 EBIT margin. This is well below VSCO’s historical levels, & as noted above, to us leaves the business’ steady-state growth & profitability profile still highly uncertain. 3Q25 Guidance (-/=): VSCO set initial 3Q25 EPS guidance below the Street – similar to others in our coverage & its recent guidance trend (-75c to -55c vs. Street - 56c). This guidance reflects 1) better-than-consensus revenue growth (+4% y/y vs. +1%) – which mgmt.