Quick Facts
- Victoria’s Secret achieved 5% comparable sales growth for the full year, reaching $6.55 billion in net sales
- Fourth quarter comparable sales jumped 8%, beating analyst expectations of 5.6% growth
- International sales surged 43% to $276 million in Q4, driven by strong performance in China
Victoria’s Secret delivered its strongest financial performance in years as CEO Hillary Super’s turnaround strategy shows clear results. The company reported three consecutive quarters of comparable sales growth, marking the longest sustained growth period in at least four years.
Full-year comparable sales increased 5%, with net sales reaching $6.55 billion, up from $6.23 billion in fiscal 2024. Fourth quarter results exceeded expectations across key metrics, with adjusted earnings per share hitting $2.77 against forecasts of $2.47.
The company’s “Path to Potential” strategy focuses on four core areas: strengthening bra authority, revitalizing the PINK brand, expanding beauty offerings, and evolving brand messaging. Super said bras were placed back at the center of the Victoria’s Secret brand, helping restore the bra category to growth for the first time in four years.
“Our brand is about sexy, glamorous, accessible luxury,” Super said, describing the transformation work completed over the past 18 months. The CEO highlighted the So Obsessed underwire-free push-up bra as a standout product with 30% year-over-year growth and strong appeal among millennial customers.
International expansion drove significant gains, with fourth quarter international sales growing 43% to $276 million. China led this performance through digital channels. The company partnered with Global-e to provide localized shopping experiences across more than 100 international markets.
Beauty remained a growth driver, with fragrance performing particularly well. Super called scent the brand’s “secret weapon” and described Bombshell as “America’s number one fragrance.” The beauty segment delivered low single-digit growth in Q4.
The PINK brand also showed improvement under the new strategy. Management reset PINK as a digitally native lifestyle brand targeting 18-24 year olds, resulting in growing brand awareness and customer affinity.
Morgan Stanley analyst Alexandra Straton noted that Super demonstrated “a deeper understanding of how the intimates industry has evolved in recent years” compared to previous management. The analyst praised the renewed focus on product innovation and market positioning.
Adjusted operating income reached $403 million for the full year, exceeding guidance of $350 million to $375 million. The company maintained a 37.0% adjusted gross profit rate despite absorbing $85 million in tariff-related pressures.
