Victoria’s Secret & Co. posted a sharp turnaround in the first quarter of 2026, with net sales rising 15% to $1.560 billion from $1.353 billion a year earlier and topping its own guidance of $1.490 billion to $1.525 billion.
Comparable sales increased 13% in the quarter.
Operating income climbed to $76 million from $20 million in last year’s first quarter. Net income was $48 million, or $0.56 per diluted share, compared with a net loss of $2 million, or $0.02 per diluted share, a year ago.
Adjusted operating income came in at $80 million, up from $32 million in the prior-year period and well above the company’s guidance range of $32 million to $42 million. Adjusted net income rose to $51 million, or $0.60 per diluted share, from $7 million, or $0.09 per diluted share, in the first quarter of 2025.
The company said it repurchased 2.2 million shares for $100 million during the quarter at an average price of $45.27 per share. That left $150 million still authorized under its buyback program.
For the second quarter, Victoria’s Secret is forecasting net sales of $1.590 billion to $1.615 billion, versus $1.459 billion in the same period last year. It expects operating income of $90 million to $100 million, compared with adjusted operating income of $55 million a year earlier.
For fiscal 2026, the company raised its net sales outlook to $7.030 billion to $7.130 billion, from a prior range of $6.850 billion to $6.950 billion. It also boosted its adjusted operating income forecast to $550 million to $580 million, up from $430 million to $460 million previously. Those targets compare with fiscal 2025 net sales of $6.553 billion and adjusted operating income of $403 million. Today the company's shares have moved -0.96% to a price of $54.47. Check out the company's full 8-K submission here.
