Victoria’s Secret FY2025 net sales rise 5% to USD 6.6 billion as operating income falls 13% to USD 271 million

Victoria's Secret & Company -2.79%

Victoria's Secret & Company

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  • Victoria’s Secret published its annual report (Form 10-K) for the fiscal year ended Jan. 31, 2026, reporting net sales of USD 6.55 billion, up 5%.
  • Operating income was USD 271 million, down 13%, and net income attributable to shareholders was USD 161 million, down 2%.
  • Gross profit rose 4% to USD 2.38 billion as lower promotional activity and higher regular-priced selling offset higher net tariff costs, while the gross margin slipped 0.3 percentage point to 36.4%.
  • Management said tariffs, net of mitigation efforts, reduced operating income by about USD 85 million, and a May 2025 security incident reduced net sales by about USD 20 million and operating income by about USD 14 million.
  • Cash and cash equivalents ended the year at USD 518 million, up USD 291 million, while the company reiterated expected fiscal 2026 capital expenditures of USD 220 million to USD 240 million.


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