VS Q2 Sales +3%, Profit -44%

Left, new on the VS website: Very Sexy Logo Shine Strap Lightly Lined Low-Cut Demi Bra ($74.95); right, Pink Boyfriend Flannel Button-Down Sleepshirt ($39.95).

Victoria’s Secret Q2 net income fell 44% as sales rose 3%. Comparable sales also rose 4% and it raised its full year 2025 sales guidance. The company earned $18.027 million on sales of $1.459 billion in the 13 weeks ended August 2, compared to a profit of $32.141 million on sales of $1.417 billion in the same quarter last year.

North America store sales rose 3.1% in the quarter to $824.8 million, compared to $800.0 million last year, while direct sales fell 5.5% in the period to $406.5 million, compared toe $430.2 million last year. International sales jumped 21.8% to $227.8 million, compared to $187.0 million in the same quarter in 2024.

Store comparable sales rose 4% in the quarter, as did the combination of store and direct sales. CEO Hillary Super added, “we delivered comparable sales growth in both Victoria’s Secret and Pink, in North America and across the globe, and in our stores and online channels.” 

VS&Co CFO Scott Sekella stated, that “despite tariff headwinds, we drove gross margin rate expansion in the quarter to go along with the sales growth, driven by disciplined inventory management and our evolving promotional approach in the business.

As of August 2, the company was operating 763 stores in the U.S., having opened five and closed 24 since February 1, 2025. In Canada the company closed one shop and opened one to end with a total of 24 during the same period.

Victoria’s Secret raised its “outlook for net sales and is now forecasting net sales in the range of $6.330 billion to $6.410 billion, compared to prior guidance of $6.2 billion to $6.3 billion.”The company also reiterated its “full year outlook for adjusted operating income and expects adjusted operating income to be in the range of $270 million to $320 million. This outlook includes an updated estimated net tariff impact of approximately $100 million for fiscal year 2025 which is $50 million higher than our estimated net tariff impact that was included in our previous guidance.”