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Victoria’s Secret lifts FY26 outlook as Q1 beats expectations

Victoria’s Secret & Co. (VS&Co) has raised its guidance for fiscal 2026 (FY26) after reporting first quarter financial results that exceeded both sales and earnings expectations, driven by double-digit sales growth across core brands.

VS&Co now expects net sales for the full year 2026 to reach between $7.03bn and $7.13bn, up from the prior range of $6.85bn to $6.95bn.

This projection is above the $6.55bn recorded in the previous financial year.

Adjusted operating income for 2026 is now anticipated to be in the range of $550m to $580m, higher than the previous guidance of $430m to $460m, and an increase from $403m in 2025.

VS&Co chief executive officer Hillary Super said: “We delivered a very strong start to 2026, exceeding top- and bottom-line guidance and continuing the momentum we built in the back half of last year. We drove double-digit sales growth across Victoria’s Secret, PINK, and Beauty, as well as our fourth consecutive quarter of positive comps."

The results follow a strong end to FY25 for VS&Co, as it exceeded both revenue and profit forecasts across its various brands, sales channels and global markets.

VS&Co’s Q1 Financial Highlights

For the three months ending 2 May 2026, VS&Co posted net sales of $1.56bn, marking a 15% rise from $1.35bn reported in the first quarter of 2025, and surpassing the previously announced guidance range of $1.49bn to $1.53bn.

Its comparable sales grew by 13% year-on-year during the period.

Operating income for the first quarter reached $76m, up from $20m a year earlier and net income for the period totalled $48m, or $0.56 per diluted share, reversing a net loss of $2m, or $0.02 per diluted share, in the same period last year.

The company’s adjusted net income came to $51m, or $0.60 per diluted share, beating the previously forecasted range of $0.20 to $0.30 per diluted share and rising from last year’s adjusted net income of $7m, or $0.09 per diluted share.

Super added: “Our customer responded strongly to our product innovation, emotionally resonant storytelling, and distinct brand projection, driving double-digit growth in new customer acquisition, increased regular-price selling, and broad-based strength across categories, channels, and geographies.

"These results reflect the progress we are making against our Path to Potential strategy as we continue to strengthen customer connection, build brand heat, and drive sustainable long-term growth.”