VS Q1 Sales +15.3, Profit $48M
- Nick Monjo
- 2 hours ago
- 2 min read
Victoria’s Secret first quarter sales rose 15.3% to $1.559591 billion, from $1.352949 billion as net income rose to $47.691 million, compared to a loss of $1.656 million in the same quarter last year.
CEO Hillary Super bragged, “we delivered a very strong start to 2026, exceeding top- and bottom-line guidance and continuing the momentum we built in the back half of last year. We drove double-digit sales growth across Victoria’s Secret, Pink, and Beauty, as well as our fourth consecutive quarter of positive comps. Our customer responded strongly to our product innovation, emotionally resonant storytelling, and distinct brand projection, driving double-digit growth in new customer acquisition, increased regular-price selling, and broad-based strength across categories, channels, and geographies.”
CFO and COO Scott Sekella added “our first quarter results reflect disciplined execution across the business, including broad-based gross margin improvement, driven by higher regular-price selling, reduced promotions, and leveraging our buying and occupancy expenses, all despite tariff headwinds.”
Looking ahead, VS is “forecasting net sales for the second quarter of 2026 to be in the range of $1.590 billion to $1.615 billion compared to net sales of $1.459 billion for the second quarter of 2025. At this forecasted level of net sales, operating income for the second quarter of 2026 is expected to be in the range of $90 million to $100 million compared to adjusted operating income of $55 million for the second quarter of 2025.” For the full fiscal year 2026, the company is forecasting sales “to be in the range of $7.030 billion to $7.130 billion, an increase compared to the previously communicated guidance range of $6.850 billion to $6.950 billion, and compared to net sales of $6.553 billion in fiscal year 2025. At this forecasted level of net sales, the company is now forecasting adjusted operating income for fiscal year 2026 to be in the range of $550 million to $580 million, an increase compared to previously communicated guidance range of $430 million to $460 million, and compared to fiscal year 2025 adjusted operating income of $403 million.”
In the first quarter, North American store sales were up 11.3% to $802.8 million, compared to $721.3 million in the same three months last year. Direct sales were up 8.4% to $469.4 million compared top $433.2 last year; and international sales (which includes a combination of China joint venture business, wholesale sales and direct sales to the European Union) were up 44.9% to $287.4 million, compared to $198.4 million in the first quarter of 2025. VS noted that as of May 2, 2026 it was operating 767 stores in the U.S. (one more than January 31), and the same 24 stores in Canada. The company was operating three Adore Me shops; at the time that VS announce the acquisition of that company in 2022 it had six brick and mortar shops in the U.S.