Victoria’s Secret Raises FY25 Outlook After Strong Q3
US lingerie retailer Victoria’s Secret (VS&Co) has upgraded its Victoria’s Secret FY25 outlook following a successful third quarter, showcasing impressive net sales and earnings per share.
In the third quarter ending November 1, 2025, Victoria’s Secret posted net sales of $1.47 billion, a 9% rise from $1.35 billion in the same quarter last year. This figure surpassed the company’s previous guidance range of $1.39 billion to $1.42 billionHillary Super, the CEO of Victoria’s Secret, attributed this growth to strong performance across the Victoria’s Secret, PINK, and Beauty segments, along with robust momentum in various sales channels and geographic markets. Super stated: “These outstanding results reflect disciplined execution of our Path to Potential strategy. With two iconic brands, Victoria’s Secret and PINK, a curated product assortment, high-emotion marketing, and a relentless customer focus, we are reinforcing our leadership in global intimates and beauty. As we continue to advance our Path to Potential strategy, we are accelerating global growth, elevating brand distinctiveness, and unlocking greater value across our ecosystem to drive long-term profitable growth.”
Victoria’s Secret posted a gross profit of $536.14 million during Q3 FY25, up from $468.29 million in the previous year. The company’s operating loss improved, reducing to $19 million from $47 million in the same quarter last year. The net loss attributable to the retailer also narrowed to $37.35 million, equating to a loss per diluted share of $0.46, compared to a net loss of $56.23 million or $0.71 per diluted share in Q3 FY24.
The brand achieved an adjusted gross margin increase of 170 basis points, attributed to a decrease in promotional activities and a higher percentage of regular-priced sales, effectively leveraging its established business model.
FY25 Full-Year and Q4 Outlook
Updating its Victoria’s Secret FY25 outlook, the company now projects full-year net sales between $6.45 billion and $6.48 billion, an increase from previous estimates of $6.33 billion to $6. billion. This sales estimate anticipates adjusted operating income ranging from $350 million to $375 million, up from the previous guidance of $270 million to $320 million.
The outlook also accounts for an estimated net tariff impact of about $90 million for fiscal year 2025, revised down from $100 million.
In the fourth quarter, net sales are projected to be between $2.17 billion and $2.20 billion, with adjusted operating income expected between $265 million and $290 million.
Scott Sekella, Chief Financial and Operating Officer, expressed confidence, stating: “We remain focused on managing costs whileizing investments in product innovation, brand strength, and customer experience. These efforts, along with the solid operational foundation we have built, enable us to scale effectively and support the company’s growth, giving us confidence in delivering a strong finish to the year and positioning VS&Co for long-term success.”
