During the fiscal ended 31 January 2026, VS&Co’s net sales achieved $6.55bn, marking a 5% increase from the $6.23bn recorded in fiscal year 2024 (FY24).
This figure also surpassed the previously communicated guidance range of $6.45bn to $6.48bn. Comparable sales for the year rose by 5%.
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VS&Co’s operating income for the year reached $271m, down from $310m in the previous year.
Net income stood at $161m, or $1.93 per diluted share, compared to $165m, or $2.05 per diluted share, in fiscal year 2024.
Adjusted operating income was $403m, which was above our previously communicated guidance range of adjusted operating income of $350m to $375m. Adjusted net income was $250m compared to $218m in 2024.
Overall performance in Q4 FY25
In the fourth quarter (Q4) of 2025, VS&Co achieved net sales of $2.270bn, an 8% increase over the $2.11bn reported in the same period of 2024 and above the guidance range of $2.17bn to $2.20bn.
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By GlobalDataThe company’s comparable sales for the quarter also climbed by 8%.
Operating income came in at $229m, down from $268m during the same period last year.
Net income followed a similar trend, totalling $184m, or $2.14 per diluted share, just below the $193m, or $2.33 per diluted share, reported in the fourth quarter of 2024.
VS&Co CEO Hillary Super said: “We delivered an exceptional fourth quarter and a standout year, exceeding top- and bottom-line guidance with broad-based outperformance across brands, channels and geographies.
“In the quarter, our customers 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.”
Outlook for Q1 and fiscal year 2026
Looking ahead, VS&Co anticipates continued momentum into fiscal year 2026. For the first quarter of 2026, net sales are projected to be between $1.49bn and $1.53bn, compared to $1.35bn in the first quarter of 2025.
The company expects operating income for this period to range from $32m to $42m, aligning with adjusted operating income of $32m from a year earlier.
For the full fiscal year 2026, net sales are forecasted between $6.85bn and $6.95bn, up from $6.55bn in fiscal year 2025. Operating income is expected to reach between $430m and $460m.
Super continued: “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.”
Exploring strategic options for DailyLook
VS&Co, which owns brands like Victoria’s Secret and PINK, said it has begun a strategic review of DailyLook, which it acquired as part of the Adore Me deal in December 2022.
Although DailyLook has experienced rapid growth and reached significant scale, the company is now considering options to ensure its long-term success, aligning with its renewed focus on core operations.
This move underscores VS&Co’s intention to drive global expansion for its primary brands, Victoria’s Secret and PINK, under its Path to Potential strategy.
VS&Co is also continuing to evaluate the performance of Adore Me and seeking ways to better integrate and optimise it within its overall brand portfolio.
