NYSE$VSCO
Victoria's Secret & Co. · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Victoria's Secret & Co. reported flat net sales and lower operating income for Q1 2025.
Net sales were $1.353 billion, essentially flat versus the prior year, while operating income declined to $20 million. The company posted a net loss attributable to shareholders of $2 million or $0.02 per diluted share. Adjusted diluted EPS was $0.09. International sales grew 9% while North American stores and direct channels declined modestly.
- Net sales of $1.353 billion were flat year-over-year as North America softness was offset by 9% international growth.
- Operating income fell to $20 million (1.5% margin) from $26 million (1.9% margin) due to higher transportation costs and tariff-related adjustments.
- Adjusted net income was $7 million ($0.09 per diluted share) after adding back amortization, restructuring, and acquisition-related items.
- Cash and cash equivalents declined to $138 million; operating cash flow was negative $150 million and capital expenditures totaled $43 million.
Headline financials
Revenue & EPS history
Victoria's Secret · Revenue · Quarterly
$1.35B
Revenue by segment
Victoria's Secret · $1.35B total across 3 segments · Q1 2025
- Stores – North America$721M—53.3%
- Direct$433M—32.0%
- International$199M—14.7%
Forward guidance
Management continues to execute on its four strategic priorities while navigating macro uncertainty and newly imposed tariffs.
Tailwinds
- International channel grew 9% in the quarter.
- Disciplined expense management and marketing timing shift expected to benefit Q2.
Headwinds
- Near-term headwinds from tariffs and macro environment remain uncertain.
- Security incident post-quarter may result in incremental expenses.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
-1.0%
Avg return
Earnings day
-4.8%
Avg return
5 days after
-9.7%
Avg return
30 days after
36%
8 / 22 earnings
Positive
+20.7%
Q3 2023
Best reaction
-32.4%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -12.8% | -20.5% | -23.3% | |
| Q3 2025 | +17.0% | +25.1% | +28.4% | |
| Q2 2025 | -0.5% | -1.7% | +15.2% | |
| Q1 2025 | +4.4% | +4.7% | -4.2% | |
| Q1 2027 | -5.5% | -16.1% | -13.8% | |
| Q4 2024 | -8.2% | -26.8% | -23.7% | |
| Q3 2024 | +9.4% | +6.2% | -4.6% | |
| Q2 2024 | -3.1% | -5.1% | +5.3% | |
| Q1 2024 | -5.4% | -18.0% | -22.6% | |
| Q4 2023 | -32.4% | -28.6% | -30.7% | |
| Q3 2023 | +20.7% | +21.7% | +18.9% | |
| Q2 2023 | +7.3% | +10.8% | -6.7% | |
| Q1 2023 | -12.8% | -13.3% | -18.5% | |
| Q4 2022 | -7.2% | -10.0% | -11.4% | |
| Q3 2022 | -5.2% | -4.6% | -21.3% | |
| Q2 2022 | -1.9% | -7.4% | -21.7% | |
| Q1 2022 | +5.2% | -2.7% | -34.5% | |
| Q1 2021 | -2.1% | -4.2% | -5.5% | |
| Q4 2021 | +8.6% | -16.9% | -1.5% | |
| Q3 2021 | +12.2% | +14.1% | -4.1% | |
| Q4 2020 | -5.0% | -4.2% | -18.2% | |
| Q2 2021 | -3.7% | -8.0% | -13.9% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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