Victoria's Secret & Co. said Melinda McAfee will leave as Chief Legal and Compliance Officer effective March 31, 2027; she will remain in her current role until a successor is appointed, then serve in a non-executive capacity.
VSXY · Victoria's Secret & Co.
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q4 FY26 earnings call · Mar 5, 2026TL;DR. VSCO reported Q4 and full-year FY2025 results that exceeded top- and bottom-line guidance, with Q4 comps up 8%, full-year comps up 5%, and international Q4 net sales up 43%; the company initiated FY2026 guidance of $6.85B–$6.95B in net sales (+5% to +6%) and $3.20–$3.45 adjusted EPS despite incremental tariff pressure of approximately $160M gross / $40M net.
- + FY2026 net sales guidance of $6.85B–$6.95B implies ~5%–6% growth over FY2025's $6.553B.
- + FY2026 adjusted EPS guidance of $3.20–$3.45 implies growth from $3.00 in FY2025.
- + Q4 international net sales grew 43% to $276M, led by China.
- + FY2025 adjusted operating income rose 16% to $403M and adjusted EPS grew 22% to $3.00 despite ~$85M of net tariff pressure.
- + Customer file expanded with new customer acquisition, including among younger customers, and Q4 spend per customer rose mid-single-digits.
- − Q4 GAAP operating income declined to $229M from $268M, and FY2025 GAAP operating income declined to $271M from $310M.
- − Q4 inventory rose 12% year-over-year, and Q1 2026 inventories are expected up high single digits.
- − Q4 GAAP net income declined to $184M from $193M, and GAAP diluted EPS fell to $2.14 from $2.33; FY2025 GAAP diluted EPS fell to $1.93 from $2.05.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
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Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Adjusted Net Income Attributable to Victoria's Secret & Co. non-GAAP | $80M | second quarter of 2026 filing | — |
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GAAP → non-GAAP reconciliationGAAP Reported Net Income Attributable to Victoria's Secret & Co. - GAAP 183M
-140M Tariff Refund Recoveries, Net of Related Costs and Other Items (a)
+3M Organizational Restructuring and Other One-time Items (b)
+0M Amortization of Intangible Assets (c)
+34M Tax Effect of Adjusted Items
= Adjusted Net Income Attributable to Victoria's Secret & Co. 80M
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| Adjusted Net Income Per Diluted Share Attributable to Victoria's Secret & Co. non-GAAP | $0.95 | second quarter of 2026 filing | — |
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| Average Store Size (selling square feet) | 6,930 | second quarter of 2026 filing | — |
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| Comparable Store Sales | 7% | second quarter of 2026 filing | — |
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| Sales per Average Selling Square Foot | $160 | second quarter of 2026 filing | — |
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| Sales per Average Store | $1.1M | second quarter of 2026 filing | — |
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| Total Selling Square Feet | 5.3M | second quarter of 2026 filing | — |
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| Adjusted operating income non-GAAP | $124M | Second Quarter 2026 | — |
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GAAP → non-GAAP reconciliationGAAP Reported Operating Income 256.63M
-135.84M Tariff Refund Recoveries, Net of Related Costs and Other Items (a)
+3.17M Organizational Restructuring and Other One-time Items (b)
+0K Amortization of Intangible Assets (c)
= Adjusted Operating Income 123.96M
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| Comparable sales (Stores and Direct) | 9% | Second Quarter 2026 | — |
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| Comparable sales (Stores Only) | 7% | Second Quarter 2026 | — |
| Total stores | 1,430 | 8/1/26 | — |
| Net sales in our international channel increase | 45% | the first quarter of 2026 filing | — |
| North America direct channel net sales increase | 8% | the first quarter of 2026 filing | — |
| North America stores channel net sales increase | 11% | the first quarter of 2026 filing | — |
| operating income rate (expressed as a percentage of net sales) | 4.9% | the first quarter of 2026 filing | — |
| Shares Repurchased | 2.21M | the first quarter of 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Apparel Retail — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
VSXY
this stock
Victoria's Secret & Co.
|
$8.47B | +96.0% | +5.2% | 23.7 | 12.2% |
|
IDEXF
Industria de Diseno Textil Inditex SA
|
$204.80B | -0.9% | — | — | 0.0% |
|
TJX
Tjx Companies Inc
|
$147.80B | -12.5% | +6.0% | 24.9 | 1.4% |
|
ROST
Ross Stores, Inc.
|
$74.01B | +28.6% | +7.7% | 28.1 | 2.8% |
|
BURL
Burlington Stores, Inc.
|
$15.26B | -15.9% | +8.8% | 21.8 | 4.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 9, 2026
- This year
- 25
Victoria's Secret & Co. said Melinda McAfee will leave as Chief Legal and Compliance Officer effective March 31, 2027; she will remain in her current role until a successor is appointed, then serve in a non-executive capacity.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| VSXY | -1.7% | +21.6% | +89.9% | +9.9% | +96.0% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -4.3% | +22.7% | +89.4% | +10.1% | +85.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.