The company posted net sales of $1.56 billion in Q1 ended May 2, 2026, up 15 per cent from $1.353 billion in the corresponding quarter last year and above its earlier guidance range of $1.49-$1.525 billion. Comparable sales increased 13 per cent during the quarter.
Victoria’s Secret & Co has reported strong Q1 FY26 results, with net sales rising 15 per cent YoY to $1.56 billion and comparable sales up 13 per cent.
Operating income increased to $76 million, while adjusted operating income reached $80 million, exceeding guidance.
Driven by growth across Victoria’s Secret, PINK and Beauty, the company raised its FY26 sales outlook to $7.03-$7.13 billion.
Hillary Super, chief executive officer of VS&Co, said the company had delivered a ‘very strong start’ to 2026, supported by product innovation, stronger customer engagement and broad-based category growth.
“We delivered a very strong start to 2026, exceeding top- and bottom-line guidance and continuing the momentum we built in the back half of last year. We drove double-digit sales growth across Victoria’s Secret, PINK, and Beauty, as well as our fourth consecutive quarter of positive comps,” said Super.
Operating income jumps in Q1 FY26
The operating income rose sharply to $76 million from $20 million in the first quarter of fiscal 2025, while net income reached $48 million, or $0.56 per diluted share, compared to a net loss of $2 million, or $0.02 per diluted share, a year earlier.
“Our customer responded strongly to our product innovation, emotionally resonant storytelling, and distinct brand projection, driving double-digit growth in new customer acquisition, increased regular-price selling, and broad-based strength across categories, channels, and geographies,” she added.
The adjusted operating income came in at $80 million, significantly ahead of the company’s earlier guidance of $32-$42 million and more than double last year’s adjusted operating income of $32 million. Adjusted net income rose to $51 million, or $0.6 per diluted share, compared to $7 million, or $0.09 per diluted share, in the prior-year quarter.
Super said the company remained confident about sustaining momentum through upcoming product launches, partnerships and brand initiatives.
Chief financial and operating officer Scott Sekella said disciplined execution and reduced promotional activity supported margin expansion despite tariff-related pressures.
“Our first quarter results reflect disciplined execution across the business, including broad-based gross margin improvement, driven by higher regular-price selling, reduced promotions, and leveraging our buying and occupancy expenses, all despite tariff headwinds,” said Sekella.
VS&Co projects higher Q2 sales and earnings
For the second quarter of fiscal 2026, VS&Co expects net sales in the range of $1.590-$1.615 billion, compared to $1.459 billion in the year-ago quarter. Operating income is projected between $90 million and $100 million versus adjusted operating income of $55 million in the second quarter of fiscal 2025.
The company also raised its full-year fiscal 2026 outlook. VS&Co now expects annual net sales between $7.03 billion and $7.13 billion, higher than its earlier guidance of $6.85-$6.95 billion and above fiscal 2025 net sales of $6.553 billion.
Adjusted operating income for fiscal 2026 is now projected in the range of $550-580 million, compared to previous guidance of $430-460 million and fiscal 2025 adjusted operating income of $403 million.
Fibre2Fashion News Desk (SG)
