The US lingerie company Victoria’s Secret remains on track with Chief Executive Officer (CEO) Hillary Super’s ‘Path to Potential’ strategy. This led to above-average performance in the third quarter and improved guidance for the full year.
For the quarter ended November 1, 2025, the company reported a net sales increase of nine percent compared to the same period last year. Sales amounted to 1.26 billion US dollars (1.26 billion euros), exceeding the previous forecast. Total comparable sales increased by eight percent.
The company broke even in adjusted operating income this quarter. This exceeded the original forecast loss of $35 million to $55 million. In the previous year, a loss of $28 million was reported. The company reported a total loss of $37 million, down from a loss of $56 million a year earlier.
The company’s adjusted gross margin increased 170 basis points. Chief Financial Officer Scott Sekella attributed the increase to reduced discount promotions and higher regular-price sales.
The Pink brand, on which the group has increased its focus in recent months, was particularly promising. The brand experienced low double-digit growth during this period. This reflects the opportunities in the laundry segment.
Victoria’s Secret acknowledged a negative impact on direct net sales of $20 million. This arose from the closure of the website in May due to security issues. Despite this, sales in North America rose 5.4 percent compared to the previous year, while international sales increased 33.5 percent.
In its own statement, Super said the results were driven by the strength of Victoria’s Secret, Pink and the beauty segment. The positive dynamics can be observed across all sales channels and regions.
“These outstanding results reflect the disciplined implementation of our Path to Potential strategy,” continued Super. “Building on the above-average performance in the third quarter and the solid start to our fourth quarter, we are raising our outlook for the full year. We are well positioned for a successful holiday season and the conclusion of our 2025 fiscal year.”
Looking ahead, Victoria’s Secret is raising its full-year forecast. The company now forecasts net sales between $6.45 billion and $6.48 billion. Adjusted operating income is expected to be in the range of $350 million to $375 million. This is above the previously forecast $270 million to $320 million.
The estimated impact of the tariffs will be $90 million over the course of the year. That’s less than the $100 million originally forecast.
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