Victoria’s Secret & Co. (NYSE: VSCO) reported third‑quarter 2025 results that surpassed analyst expectations, with net sales of $1.472 billion—up 9% year‑over‑year and $60 million above the $1.41 billion consensus estimate. Adjusted operating income reached breakeven, a sharp improvement from the $35‑$55 million loss forecast for the quarter, while GAAP net loss narrowed to $0.46 per diluted share from $0.71 a year earlier. Gross margin expanded 170 basis points to 35.6%, driven by a reduced promotional mix and higher full‑price selling.
Revenue growth was led by a 33.5% jump in international sales and a 8% rise in comparable sales. The beauty segment continued its eight‑quarter growth streak, contributing a larger share of the overall top line, while the Victoria’s Secret and PINK brands maintained steady demand. The mix shift toward higher‑margin beauty products and a stronger international presence helped offset the impact of a $90 million tariff estimate for the year.
The 170‑basis‑point margin expansion reflects disciplined pricing and promotional discipline. By tightening discounting and focusing on full‑price items, the company lifted its gross margin to 35.6% from 34.0% in the prior year. This improvement, combined with a higher mix of beauty and international sales, translated into breakeven adjusted operating income, a turnaround from the projected loss.
Management raised its full‑year outlook, projecting net sales of $6.45 billion to $6.48 billion—up from the previous $6.33 billion to $6.41 billion range. Adjusted operating income guidance increased to $350 million to $375 million, and adjusted EPS to $2.40 to $2.65, a lift of more than 15% from prior guidance. The upgrades signal confidence in sustained demand, margin recovery, and the effectiveness of the Path to Potential strategy.
CEO Hillary Super emphasized that the quarter’s performance “reflects disciplined execution of our Path to Potential strategy” and that the company is “well positioned for a successful holiday season.” CFO Scott Sekella noted that the company’s “focus on cost discipline and investment in product innovation” has “enabled us to scale effectively while maintaining profitability.”
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