Victoria’s Secret raises FY guidance as Q3 outperforms

Lingerie giant Victoria’s Secret is remaining on course with CEO Hillary Super’s ‘Path to Potential’ strategy, driving outperformance in the third quarter and improving guidance for the full year.

For the quarter ended November 1, 2025, the company posted a net sales increase of 9 percent versus the same period last year, amounting to 1.472 billion dollars – above previous guidance. Total comparable sales rose 8 percent.

The quarter marked a breakeven point for the company’s adjusted operating income, surpassing the 35 to 55 million dollars loss initially forecasted and the 28 million dollar loss reported last year. The company reported an overall net loss of 37 million dollars, down from a loss of 56 million dollars last year.

The company’s adjusted gross margin expanded 170 basis points. Chief financial officer and operating offer, Scott Sekella, attributed a reduced promotional approach and higher regular-priced selling as the drivers behind the uptick.

The Pink brand, to which the group has recommitted in recent months, showed particular promise. The brand recorded low double digit growth during the period, reflecting opportunity in the intimates sector.

Victoria’s Secret acknowledged a 20 million dollar negative impact on direct net-sales from the website closure due to security issues in May. Despite this, North American sales rose 5.4 percent on last year, while international sales rose 33.5 percent.

In her own statement, Super said the results were driven by strength across Victoria’s Secret, Pink and beauty, with momentum seen across channels and geographies.

“These outstanding results reflect disciplined execution of our Path to Potential strategy,” she continued. “Building on the third quarter’s outperformance as well as the solid start to our fourth quarter, we are raising our full year outlook and are well positioned for a successful holiday season and finish to our fiscal 2025.”

Looking ahead, Victoria’s Secret is raising its full year outlook, now forecasting net sales between 6.45 billion and 6.48 billion dollars. Adjusted operating income is expected to be in the range of 350 million to 375 million dollars, above the previously anticipated 270 million to 320 million dollars.

Estimated tariff impact will be 90 million dollars over the year, lower than the 100 million dollars first forecasted.