Victoria's Secret & Co. (VSCO) Earnings Call Transcripts

Victoria's Secret & Co.'s Latest Earnings Call - Q1 FY2027

Victoria's Secret & Co. reported strong first-quarter results for fiscal year 2026, with net sales of $1.56 billion, up 15% year-over-year, and adjusted EPS of $0.60, reflecting over 500% growth compared to the prior year. The company raised its full-year guidance for net sales to a range of $7.03 billion to $7.13 billion, up from $6.85 billion to $6.95 billion, indicating continued momentum across all brands. Management highlighted broad-based growth, particularly in the intimates and beauty segments, and a successful promotional strategy that reduced markdowns while enhancing brand strength.

Reported metrics

Guidance from management

Management raised its fiscal year 2026 guidance for net sales to $7.03 billion to $7.13 billion and adjusted EPS to $4.35 to $4.60, reflecting strong first-quarter performance and continued momentum.

What management said

Thanks, Scott. Before we get into Q&A, I want to briefly address the campaign launched by one of our shareholders ahead of our upcoming annual meeting. While we respect the perspectives of all shareholders, including BBRC, we believe this campaign is a distraction from the significant progress and momentum we are building across the business. Our focus remains on executing our Path to Potential strategy and deliverin...

In terms of your tariff question, it's a good question. So as we said versus the prior expectation [indiscernible] $65 million. So that implies that our net tariff benefit, if you will, on the full year's $25 million, but that's only a benefit because of the hard work on the mitigation side of things. Even with this tariff assumption of 10% Q2 and then returning 20% to the back half, the gross tariffs on the year is ...

What analysts pressed on

Analysts expressed concerns about the sustainability of customer acquisition and retention rates, particularly in light of the promotional detox strategy. Additionally, there were questions regarding the potential impact of tariff changes on margins and overall profitability in the back half of the year.

Main topics on the call

• Revenue Growth Acceleration — Victoria's Secret achieved a 15% increase in net sales, driven by a 13% rise in comparable sales. CEO Hillary Super noted, "The strength was broad-based across the business," indicating robust performance across all bran...
• Strong Customer Acquisition — The company reported double-digit growth in new customer acquisition, particularly among households earning under $50,000 and over $200,000. Super stated, "In a world full of choices, she's choosing us," emphasizing bran...
• Promotional Detox Strategy — Management's strategy to reduce promotions resulted in higher average unit retail (AUR) growth. Scott Sekella mentioned, "We are seeing strong AUR growth, reflecting the increased strength of our brand propositions," whi...
• International Growth — International sales grew by 45%, with significant contributions from China. Sekella noted, "The growth was led by another quarter of outstanding performance in China, primarily in the digital channel," indicating strong ...

Read the full Victoria's Secret & Co. transcript (Q1 FY2027) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 22 Victoria's Secret & Co. earnings call transcripts on record, spanning August 19, 2021 to June 2, 2026. Based on this history, Victoria's Secret & Co. reports quarterly. The most recent call on file is dated June 2, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

VSCO

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Specialty Retail

Calls on record

22

First call

August 19, 2021

Most recent

June 2, 2026

Reporting cadence

quarterly