VS Q4 Comps +8%

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Victoria’s Secret comparable sales were up 8% in the fourth quarter and up 5% for the full fiscal year ended January 31, 2026. Total sales for the year were up 5.2% and income was up 11.9%. The company earned $188.88 million on sales of $6.55 billion, compared to net income of $168.83 million on sales of $6.23 billion in fiscal 2024.

In the fourth quarter, total sales were up 7.8% and profits up 2.8%. The company earned 199.42 million on sales of $2.27 billion, compared to a profit of $193.92 million on sales of $2.11 billion in the fourth quarter last year.

In the full year 2025, North American stores represented $3.55 billion of total sales, white direct sales were $2.04 billion, and international sales (which include China joint ventures, royalties from franchise partners around the world and some direct sales in the European Union) were $967.4 million.  

CEO Hillary Super described “broad based outperformance across brands, channels and geographies,” in 2025, explaining “we drove meaningful acceleration in the second half of the year,” adding “our customer responded enthusiastically to our product and marketing, as demonstrated by growing new customer acquisition and increased AURs. Our 2025 results reflect the progress we have made against our Path to Potential strategy as we build brand heat and powerful connections with our customers around the world.”

Super concluded, “we enter fiscal 2026 from a position of strength. With a clear brand vision, a faster and more agile operating model, and a strong pipeline of product and brand moments ahead, we are confident in our ability to deliver profitable growth and create long‑term shareholder value.”

CFO Scott Sekella noted that VS “delivered adjusted operating income of $403 million in fiscal year 2025, despite approximately $85 million of tariff pressure.”

Looking ahead, Victoria’s Secret is “forecasting net sales for the first quarter of 2026 to be in the range of $1.490 billion to $1.525 billion compared to net sales of $1.353 billion for the first quarter of 2025. At this forecasted level of net sales, operating income for the first quarter of 2026 is expected to be in the range of $32 million to $42 million compared to adjusted operating income of $32 million for the first quarter of 2025.” The company is “forecasting fiscal year 2026 net sales to be in the range of $6.850 billion to $6.950 billion compared to net sales of $6.553 billion in fiscal year 2025. At this forecasted level of net sales, operating income for fiscal year 2026 is expected to be in the range of $430 million to $460 million compared to fiscal year 2025 adjusted operating income of $403 million.”

As on January 31, 2026, VS was operating 766 company owned stores in the U.S. and 24 in Canada. There were 65 China joint venture stores, 562 partner operated stores around the world, as well as 3 Adore Me shops.

As VS released the full year results, it reported that it “has initiated a strategic review of DailyLook, a non-core asset within VS&Co. Acquired through the Adore Me transaction in December 2022, DailyLook has grown rapidly and achieved meaningful scale. As part of VS&Co’s continued focus on its core business, the company is evaluating opportunities to position DailyLook for long-term success. This strategic review reflects VS&Co’s commitment to advancing the global growth of its two iconic brands, Victoria’s Secret and PINK, through the execution of its Path to Potential strategy. Additionally, the Company continues to assess the Adore Me business and explore opportunities to optimize it within the broader portfolio.