Victoria's Secret & Co. lowers 2025 operating income forecast; Q1 sales beat guidance
Victoria's Secret & Co. reported first quarter 2025 net sales of $1.353 billion, above its guidance range of $1.30 billion to $1.33 billion but flat with the prior year, and a net loss of $2 million, or $0.02 per diluted share. It cut its full-year 2025 adjusted operating income forecast to $270 million to $320 million from $300 million to $350 million, citing an updated estimated net tariff impact of about $50 million, while keeping its full-year net sales forecast of $6.2 billion to $6.3 billion. The lower profit outlook matters to shareholders because it reduces the company's expected earnings for the year even though first quarter results beat its own expectations.
Key points
- Q1 2025 net sales were $1.353 billion, above the guidance range of $1.30 billion to $1.33 billion and flat versus $1.359 billion a year earlier.
- Q1 2025 adjusted operating income was $32 million, above the $10 million to $30 million guidance range, but down from $40 million a year earlier.
- Full-year 2025 adjusted operating income guidance is now $270 million to $320 million, versus the prior $300 million to $350 million.
- Second quarter 2025 net sales are forecast at $1.380 billion to $1.410 billion, with adjusted operating income of $15 million to $35 million.
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 11, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.