Victoria's Secret & Co.(NYSE:VSCO) 
Victoria's Secret is an American lingerie, clothing, and beauty retailer known for high visibility marketing and branding, starting with a popular catalog and followed by an annual fashion show with supermodels dubbed Angels.
Founded: 1977
CEO: Martin Waters
Sector: TRADE & SERVICES
Industry: Speciality Retail
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At a glance:
- Turnaround Focus Amid Brand Repositioning: Victoria’s Secret & Co. continues to reposition the core Victoria’s Secret brand while balancing product innovation, marketing shifts, and assortment changes aimed at stabilizing demand and improving brand relevance.
- Profitability Driven by Margin and Cost Discipline: Key performance is closely tied to gross margin (promotions, freight, product mix) and operating expense control, with management emphasis on efficiency initiatives to support earnings even in a choppy demand environment.
- North America Demand and Promo Intensity Remain Key Swing Factors: Trends in store traffic, digital conversion, and promotional competitiveness—especially in bras and intimates—can materially impact revenue and margin, making near-term results sensitive to consumer discretionary spending.
- International and Category Mix as Potential Growth Levers: Expansion in international channels and strength in categories such as beauty and PINK can support growth, but execution risk remains as the company balances brand investment with near-term profitability goals.
- Balance Sheet and Inventory Management in Focus: Investors typically watch inventory levels, working capital discipline, and liquidity flexibility, as tighter inventory control and prudent capital allocation can help reduce volatility and support a more consistent cash profile.
Bull Thesis:
- Successful Brand Revitalization and Inclusivity Strategy: Victoria's Secret has been actively working to rebrand itself, moving away from its past 'aspirational' image towards one of inclusivity, body positivity, and comfort. If this strategy resonates with a broader and more diverse customer base, it could lead to renewed brand loyalty, increased market share, and a return to sustainable growth.
- Strong E-commerce Growth and Digital Transformation: The company's continued investment in its digital platforms and e-commerce capabilities could drive significant sales growth and improve operational efficiency. A robust online presence allows for broader reach, personalized marketing, and potentially higher margins compared to traditional brick-and-mortar sales.
- International Expansion Potential: Victoria's Secret still has significant untapped potential in various international markets. Expanding its global footprint, particularly in regions where the brand's refreshed image and product offerings are well-received, could provide a substantial long-term growth vector independent of domestic market saturation.
- Cost Optimization and Margin Improvement Post-Spin-off: As an independent company, Victoria's Secret has greater flexibility to streamline operations, optimize its supply chain, and manage inventory more efficiently. These efforts, coupled with a focus on higher-margin products and reduced promotional activity, could lead to improved profitability and stronger free cash flow generation.
Bear Thesis:
- Intense Competition and Market Fragmentation: The intimate apparel market is highly competitive and fragmented, with numerous direct-to-consumer (DTC) brands, established players, and fast-fashion retailers offering diverse styles, price points, and inclusive messaging. This intense competition could make it challenging for Victoria's Secret to regain significant market share or maintain pricing power.
- Slow Pace of Brand Turnaround and Consumer Skepticism: Despite efforts to rebrand, consumer perceptions can be slow to change. Years of a specific brand image may lead to lingering skepticism among potential customers, making it difficult for the company to fully shed its past and attract new demographics at a pace that satisfies growth expectations.
- Declining Store Footprint and Traffic Challenges: Victoria's Secret has historically relied heavily on its physical store presence. If store traffic continues to decline and the company is forced to close underperforming locations, it could negatively impact sales, increase lease liabilities, and diminish brand visibility, especially for customers who prefer in-person shopping experiences.
- Inflationary Pressures and Supply Chain Volatility: Like many retailers, Victoria's Secret is susceptible to macroeconomic headwinds such as rising raw material costs, increased shipping expenses, and labor inflation. These pressures, combined with potential supply chain disruptions, could compress profit margins and make it difficult to meet financial targets.
Main Competitors:
- American Eagle Outfitters ($AEO) (Aerie), Aerie competes directly in the lingerie, loungewear, and activewear market by championing body positivity, inclusivity, and comfort through unretouched campaigns and a diverse product range. This directly contrasts Victoria's Secret's historical 'aspirational' and often criticized marketing, appealing to a modern consumer base.
- Savage X Fenty (Lingerie, loungewear, sleepwear), A major disruptor, Savage X Fenty competes by offering highly inclusive sizing, diverse representation, and a bold, empowering, and fashion-forward aesthetic. It directly challenges Victoria's Secret's traditional image and offers a more modern, diverse, and often more accessible alternative.
- SKIMS (Shapewear, loungewear, underwear, sleepwear), Leveraging celebrity influence and social media, SKIMS competes in loungewear, underwear, and sleepwear. The brand focuses on comfort, diverse skin tones, and inclusive sizing, appealing to consumers who prioritize both style and practicality, often at a premium price point.
- ThirdLove (Bras, underwear, loungewear), ThirdLove competes by focusing on superior fit and comfort, utilizing a 'Fit Finder' quiz and offering a wide range of sizes, including half-cups. This directly addresses a key consumer pain point in bra shopping, positioning itself as a practical, data-driven alternative to traditional lingerie brands.
Moat:
Victoria's Secret's traditional moat, built on aspirational branding and a vast retail presence, has been significantly challenged by competitors who prioritize inclusivity, comfort, and authentic representation. These newer brands leverage digital-first strategies, diverse product offerings, and a more relatable brand image to capture market share from a consumer base increasingly seeking practical, body-positive, and socially conscious alternatives, forcing VS to adapt its own strategy.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-11-01 | 2025-08-02 | 2025-05-03 | 2025-02-01 | 2024-11-02 | 2024-08-03 | 2024-05-04 | 2024-02-03 | 2023-10-28 | 2023-07-29 | 2023-04-29 | 2023-01-28 | 2022-10-29 | 2022-07-30 | 2022-04-30 | 2022-01-29 | 2021-10-30 | 2021-07-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net sales | 1,472,000,000 | 1,459,000,000 | 1,353,000,000 | 1,347,000,000 | 1,417,000,000 | 1,359,000,000 | 1,265,000,000 | 1,427,000,000 | 1,407,000,000 | 1,318,000,000 | 1,521,000,000 | 1,484,000,000 | 1,441,000,000 | 1,614,000,000 | ||||
yoy | 9.28% | 2.96% | -0.44% | 6.48% | -0.70% | -3.41% | -4.02% | -6.18% | -5.19% | -8.54% | -5.76% | |||||||
qoq | 0.89% | 7.83% | -4.94% | 4.27% | -11.35% | 1.42% | -13.35% | 2.49% | -10.72% | |||||||||
costs of goods sold, buying and occupancy | -936,000,000 | -940,000,000 | -879,000,000 | -879,000,000 | -916,000,000 | -858,000,000 | -838,000,000 | -940,000,000 | -905,000,000 | -861,000,000 | -986,000,000 | -962,000,000 | -876,000,000 | -944,000,000 | ||||
gross profit | 536,000,000 | 519,000,000 | 474,000,000 | 468,000,000 | 501,000,000 | 501,000,000 | 427,000,000 | 487,000,000 | 502,000,000 | 457,000,000 | 535,000,000 | 522,000,000 | 565,000,000 | 670,000,000 | ||||
yoy | 14.53% | 3.59% | -5.39% | 9.60% | 2.87% | -0.20% | -6.56% | -8.97% | -3.83% | -19.12% | -20.15% | |||||||
qoq | 3.28% | 9.49% | -6.59% | 0.00% | -12.32% | -2.99% | -14.58% | 2.49% | -15.67% | |||||||||
gross margin % | 36.41% | 35.57% | 35.03% | NaN% | 34.74% | 35.36% | 36.87% | NaN% | 33.75% | 34.13% | 35.68% | NaN% | 34.67% | 35.17% | 35.18% | NaN% | 39.21% | 41.51% |
general, administrative and store operating expenses | -555,000,000 | -478,000,000 | -454,000,000 | -515,000,000 | -439,000,000 | -475,000,000 | -494,000,000 | -461,000,000 | -474,000,000 | -414,000,000 | -437,000,000 | -428,000,000 | -457,000,000 | -467,000,000 | ||||
operating income | -19,000,000 | 41,000,000 | 20,000,000 | -47,000,000 | 62,000,000 | 26,000,000 | -67,000,000 | 26,000,000 | 28,000,000 | 43,000,000 | 98,000,000 | 94,000,000 | 108,000,000 | 203,000,000 | ||||
yoy | -59.57% | -33.87% | -23.08% | -29.85% | 138.46% | -7.14% | -255.81% | -73.47% | -70.21% | -60.19% | -51.72% | |||||||
qoq | -146.34% | 105.00% | -175.81% | 138.46% | -357.69% | -7.14% | -56.12% | 4.26% | -46.80% | |||||||||
operating margin % | -1.29% | 2.81% | 1.48% | NaN% | -3.49% | 4.38% | 1.91% | NaN% | -5.30% | 1.82% | 1.99% | NaN% | 3.26% | 6.44% | 6.33% | NaN% | 7.49% | 12.58% |
interest expense | -18,000,000 | -18,000,000 | -17,000,000 | -22,000,000 | -21,000,000 | -22,000,000 | -26,000,000 | -24,000,000 | -22,000,000 | -15,000,000 | -13,000,000 | -12,000,000 | -12,000,000 | -3,000,000 | ||||
other income | 1,000,000 | 3,000,000 | -1,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | -1,000,000 | |||||||||||
income before income taxes | -37,000,000 | 24,000,000 | 6,000,000 | -70,000,000 | 41,000,000 | 5,000,000 | -93,000,000 | 2,000,000 | 6,000,000 | 30,000,000 | 83,000,000 | 78,000,000 | 97,000,000 | 199,000,000 | ||||
benefit for income taxes | -6,000,000 | -15,000,000 | -22,000,000 | 22,000,000 | 48,000,000 | |||||||||||||
net income | -31,000,000 | 18,000,000 | 3,000,000 | -55,000,000 | 32,000,000 | -3,000,000 | -71,000,000 | -1,000,000 | 4,000,000 | 22,000,000 | 67,000,000 | 76,000,000 | 75,000,000 | 151,000,000 | ||||
yoy | -43.64% | -43.75% | -200.00% | -22.54% | -3300.00% | -175.00% | -422.73% | -101.49% | -94.74% | -70.67% | -55.63% | |||||||
qoq | -272.22% | 500.00% | -271.88% | -1166.67% | 7000.00% | -125.00% | -67.16% | -11.84% | -50.33% | |||||||||
net income margin % | -2.11% | 1.23% | 0.22% | NaN% | -4.08% | 2.26% | -0.22% | NaN% | -5.61% | -0.07% | 0.28% | NaN% | 1.67% | 4.40% | 5.12% | NaN% | 5.20% | 9.36% |
less: net income attributable to noncontrolling interest | 6,000,000 | 2,000,000 | 5,000,000 | 1,000,000 | 1,000,000 | 3,000,000 | -2,000,000 | -3,000,000 | -5,000,000 | |||||||||
net income attributable to victoria’s secret & co. | -37,000,000 | 16,000,000 | ||||||||||||||||
net income per basic share attributable to victoria’s secret & co. | -460,000 | 200,000 | ||||||||||||||||
net income per diluted share attributable to victoria’s secret & co. | -460,000 | 200,000 | ||||||||||||||||
benefit from income taxes | 6,000,000 | 3,000,000 | 9,000,000 | 8,000,000 | 3,000,000 | 2,000,000 | 8,000,000 | 16,000,000 | 2,000,000 | |||||||||
net income attributable to victoria's secret & co. | -2,000,000 | -56,000,000 | 32,000,000 | -4,000,000 | -71,000,000 | -1,000,000 | 1,000,000 | 24,000,000 | 70,000,000 | 81,000,000 | ||||||||
net income per basic share attributable to victoria's secret & co. | -20,000 | -710,000 | 410,000 | -50,000 | -920,000 | -20,000 | 10,000 | 300,000 | 840,000 | 960,000 | ||||||||
net income per diluted share attributable to victoria's secret & co. | -20,000 | -710,000 | 400,000 | -50,000 | -920,000 | -20,000 | 10,000 | 290,000 | 830,000 | 930,000 | ||||||||
other loss | -2,000,000 | -4,000,000 | ||||||||||||||||
net income per basic share | 850,000 | 1,710,000 | ||||||||||||||||
net income per diluted share | 810,000 | |||||||||||||||||
net income per dilutive share | 1,710,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-05-02 | 2026-01-31 | 2025-11-01 | 2025-08-02 | 2025-05-03 | 2025-02-01 | 2024-11-02 | 2024-08-03 | 2024-05-04 | 2024-02-03 | 2023-10-28 | 2023-07-29 | 2023-04-29 | 2023-01-28 | 2022-10-29 | 2022-07-30 | 2022-04-30 | 2022-01-29 | 2021-10-30 | 2021-07-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 207,000,000 | 518,000,000 | 249,000,000 | 188,000,000 | 138,000,000 | 227,000,000 | 161,000,000 | 169,000,000 | 105,000,000 | 270,000,000 | 124,000,000 | 131,000,000 | 132,000,000 | 427,000,000 | 126,000,000 | 201,000,000 | 204,000,000 | 490,000,000 | 331,000,000 | 293,000,000 |
accounts receivable | 185,000,000 | 186,000,000 | 190,000,000 | 166,000,000 | 153,000,000 | 159,000,000 | 163,000,000 | 158,000,000 | 152,000,000 | 152,000,000 | 139,000,000 | 140,000,000 | 126,000,000 | 141,000,000 | 184,000,000 | 149,000,000 | 152,000,000 | 162,000,000 | 145,000,000 | 99,000,000 |
inventories | 1,098,000,000 | 1,071,000,000 | 1,377,000,000 | 1,058,000,000 | 1,043,000,000 | 955,000,000 | 1,290,000,000 | 1,019,000,000 | 987,000,000 | 985,000,000 | 1,211,000,000 | 1,040,000,000 | 1,041,000,000 | 1,052,000,000 | 1,242,000,000 | 1,086,000,000 | 1,046,000,000 | 949,000,000 | 1,019,000,000 | 745,000,000 |
other | 136,000,000 | 108,000,000 | 129,000,000 | 127,000,000 | 121,000,000 | 100,000,000 | 172,000,000 | 142,000,000 | 149,000,000 | 126,000,000 | 162,000,000 | 167,000,000 | 136,000,000 | 117,000,000 | 157,000,000 | 116,000,000 | 112,000,000 | 90,000,000 | 114,000,000 | 90,000,000 |
total current assets | 1,626,000,000 | 1,883,000,000 | 1,945,000,000 | 1,539,000,000 | 1,455,000,000 | 1,441,000,000 | 1,786,000,000 | 1,488,000,000 | 1,393,000,000 | 1,533,000,000 | 1,636,000,000 | 1,478,000,000 | 1,435,000,000 | 1,737,000,000 | 1,709,000,000 | 1,552,000,000 | 1,514,000,000 | 1,691,000,000 | 1,609,000,000 | 1,827,000,000 |
property and equipment | 736,000,000 | 731,000,000 | 766,000,000 | 777,000,000 | 763,000,000 | 774,000,000 | 806,000,000 | 810,000,000 | 805,000,000 | 843,000,000 | 871,000,000 | 855,000,000 | 834,000,000 | 846,000,000 | 855,000,000 | 864,000,000 | 901,000,000 | 957,000,000 | 976,000,000 | 999,000,000 |
operating lease assets | 1,650,000,000 | 1,631,000,000 | 1,595,000,000 | 1,612,000,000 | 1,534,000,000 | 1,481,000,000 | 1,472,000,000 | 1,473,000,000 | 1,316,000,000 | 1,351,000,000 | 1,311,000,000 | 1,314,000,000 | 1,245,000,000 | 1,232,000,000 | 1,228,000,000 | 1,298,000,000 | 1,299,000,000 | 1,369,000,000 | 1,448,000,000 | 1,513,000,000 |
goodwill | 367,000,000 | 367,000,000 | 367,000,000 | 367,000,000 | 367,000,000 | 367,000,000 | 367,000,000 | 367,000,000 | 367,000,000 | 367,000,000 | 365,000,000 | 365,000,000 | 368,000,000 | 365,000,000 | ||||||
trade names | 246,000,000 | 246,000,000 | 277,000,000 | 278,000,000 | 279,000,000 | 281,000,000 | 281,000,000 | 282,000,000 | 283,000,000 | 284,000,000 | 286,000,000 | 287,000,000 | 288,000,000 | 289,000,000 | ||||||
other intangible assets | 80,000,000 | 85,000,000 | 90,000,000 | 95,000,000 | 100,000,000 | 106,000,000 | 111,000,000 | 116,000,000 | 121,000,000 | 126,000,000 | 132,000,000 | 137,000,000 | ||||||||
deferred income taxes | 54,000,000 | 65,000,000 | 22,000,000 | 22,000,000 | 23,000,000 | 22,000,000 | 19,000,000 | 19,000,000 | 20,000,000 | 20,000,000 | 15,000,000 | 16,000,000 | 16,000,000 | 18,000,000 | 20,000,000 | 21,000,000 | 17,000,000 | 17,000,000 | 10,000,000 | 12,000,000 |
other assets | 91,000,000 | 90,000,000 | 82,000,000 | 75,000,000 | 69,000,000 | 71,000,000 | 90,000,000 | 90,000,000 | 89,000,000 | 86,000,000 | 82,000,000 | 84,000,000 | 87,000,000 | 87,000,000 | 84,000,000 | 91,000,000 | 88,000,000 | 64,000,000 | 80,000,000 | 61,000,000 |
total assets | 4,770,000,000 | 5,013,000,000 | 5,134,000,000 | 4,755,000,000 | 4,580,000,000 | 4,532,000,000 | 4,921,000,000 | 4,635,000,000 | 4,384,000,000 | 4,600,000,000 | 4,687,000,000 | 4,525,000,000 | 4,405,000,000 | 4,711,000,000 | 4,142,000,000 | 4,072,000,000 | 4,065,000,000 | 4,344,000,000 | 4,369,000,000 | 4,658,000,000 |
liabilities and equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
accounts payable | 412,000,000 | 493,000,000 | 546,000,000 | 480,000,000 | 423,000,000 | 419,000,000 | 464,000,000 | 475,000,000 | 412,000,000 | 513,000,000 | 449,000,000 | 529,000,000 | 388,000,000 | 481,000,000 | 397,000,000 | 490,000,000 | 443,000,000 | 538,000,000 | 560,000,000 | 371,000,000 |
accrued expenses and other | 573,000,000 | 673,000,000 | 646,000,000 | 600,000,000 | 543,000,000 | 633,000,000 | 801,000,000 | 752,000,000 | 755,000,000 | 810,000,000 | 625,000,000 | 578,000,000 | 649,000,000 | 737,000,000 | 618,000,000 | 623,000,000 | 607,000,000 | 714,000,000 | 696,000,000 | 702,000,000 |
current debt | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | |
current operating lease liabilities | 264,000,000 | 295,000,000 | 284,000,000 | 258,000,000 | 260,000,000 | 287,000,000 | 252,000,000 | 257,000,000 | 246,000,000 | 267,000,000 | 288,000,000 | 293,000,000 | 298,000,000 | 310,000,000 | 305,000,000 | 322,000,000 | 299,000,000 | 340,000,000 | 320,000,000 | 332,000,000 |
income taxes | 33,000,000 | 42,000,000 | 11,000,000 | 3,000,000 | 26,000,000 | 32,000,000 | 5,000,000 | 6,000,000 | 18,000,000 | 20,000,000 | 2,000,000 | 3,000,000 | 30,000,000 | 47,000,000 | 8,000,000 | 6,000,000 | 98,000,000 | 102,000,000 | 18,000,000 | 28,000,000 |
total current liabilities | 1,286,000,000 | 1,507,000,000 | 1,491,000,000 | 1,345,000,000 | 1,256,000,000 | 1,375,000,000 | 1,526,000,000 | 1,494,000,000 | 1,435,000,000 | 1,614,000,000 | 1,368,000,000 | 1,407,000,000 | 1,369,000,000 | 1,579,000,000 | 1,332,000,000 | 1,445,000,000 | 1,451,000,000 | 1,698,000,000 | 1,598,000,000 | 1,435,000,000 |
long-term debt | 986,000,000 | 971,000,000 | 1,347,000,000 | 1,048,000,000 | 1,078,000,000 | 973,000,000 | 1,414,000,000 | 1,119,000,000 | 1,119,000,000 | 1,120,000,000 | 1,530,000,000 | 1,270,000,000 | 1,271,000,000 | 1,271,000,000 | 1,244,000,000 | 977,000,000 | 977,000,000 | 978,000,000 | 978,000,000 | 592,000,000 |
long-term operating lease liabilities | 1,597,000,000 | 1,576,000,000 | 1,551,000,000 | 1,564,000,000 | 1,482,000,000 | 1,434,000,000 | 1,428,000,000 | 1,428,000,000 | 1,285,000,000 | 1,312,000,000 | 1,279,000,000 | 1,285,000,000 | 1,219,000,000 | 1,201,000,000 | 1,207,000,000 | 1,269,000,000 | 1,274,000,000 | 1,314,000,000 | 1,391,000,000 | 1,457,000,000 |
other long-term liabilities | 51,000,000 | 44,000,000 | 43,000,000 | 74,000,000 | 75,000,000 | 75,000,000 | 62,000,000 | 60,000,000 | 58,000,000 | 79,000,000 | 212,000,000 | 202,000,000 | 197,000,000 | 206,000,000 | 48,000,000 | 52,000,000 | 49,000,000 | 39,000,000 | 43,000,000 | 123,000,000 |
total liabilities | 3,925,000,000 | 4,103,000,000 | 4,445,000,000 | 4,045,000,000 | 3,907,000,000 | 3,868,000,000 | 4,468,000,000 | 4,141,000,000 | 3,939,000,000 | 4,162,000,000 | 4,449,000,000 | 4,225,000,000 | 4,118,000,000 | 4,310,000,000 | 3,890,000,000 | 3,803,000,000 | 3,814,000,000 | 4,087,000,000 | 4,117,000,000 | 3,774,000,000 |
shareholders’ equity: | ||||||||||||||||||||
preferred stock — 0.01 par value... | ||||||||||||||||||||
common stock — 0.01 par value... | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||
paid-in capital | 322,000,000 | 345,000,000 | 330,000,000 | 320,000,000 | 302,000,000 | 297,000,000 | 278,000,000 | 265,000,000 | 248,000,000 | 238,000,000 | 223,000,000 | 210,000,000 | 173,000,000 | 195,000,000 | 187,000,000 | 177,000,000 | 166,000,000 | 125,000,000 | 172,000,000 | |
accumulated other comprehensive income | 6,000,000 | 6,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | 1,000,000 | 6,000,000 | 8,000,000 | 5,000,000 | 7,000,000 | 8,000,000 | ||||||
retained earnings | 461,000,000 | 504,000,000 | 320,000,000 | 357,000,000 | 341,000,000 | 343,000,000 | 150,000,000 | 206,000,000 | 174,000,000 | 178,000,000 | -3,000,000 | 68,000,000 | 92,000,000 | 186,000,000 | 47,000,000 | 65,000,000 | 52,000,000 | 126,000,000 | 72,000,000 | |
total victoria’s secret & co. shareholders’ equity | 790,000,000 | 856,000,000 | 653,000,000 | 680,000,000 | ||||||||||||||||
noncontrolling interest | 55,000,000 | 54,000,000 | 36,000,000 | 30,000,000 | 28,000,000 | 24,000,000 | 24,000,000 | 22,000,000 | 22,000,000 | 21,000,000 | 18,000,000 | 21,000,000 | 22,000,000 | 18,000,000 | 17,000,000 | 22,000,000 | 24,000,000 | |||
total equity | 845,000,000 | 910,000,000 | 689,000,000 | 710,000,000 | 673,000,000 | 664,000,000 | 453,000,000 | 494,000,000 | 445,000,000 | 438,000,000 | 238,000,000 | 300,000,000 | 287,000,000 | 401,000,000 | 252,000,000 | 269,000,000 | 251,000,000 | 257,000,000 | 252,000,000 | 884,000,000 |
total liabilities and equity | 4,770,000,000 | 5,013,000,000 | 5,134,000,000 | 4,755,000,000 | 4,580,000,000 | 4,532,000,000 | 4,921,000,000 | 4,635,000,000 | 4,384,000,000 | 4,600,000,000 | 4,687,000,000 | 4,525,000,000 | 4,405,000,000 | 4,711,000,000 | 4,142,000,000 | 4,072,000,000 | 4,065,000,000 | 4,344,000,000 | 4,369,000,000 | 4,658,000,000 |
preferred stock—0.01 par value... | ||||||||||||||||||||
common stock—0.01 par value... | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||||||
shareholders' equity: | ||||||||||||||||||||
total victoria's secret & co. shareholders' equity | 645,000,000 | 640,000,000 | 429,000,000 | 472,000,000 | 423,000,000 | 417,000,000 | 220,000,000 | 279,000,000 | 265,000,000 | 383,000,000 | 235,000,000 | 247,000,000 | 227,000,000 | |||||||
less: treasury stock; 0, 0, and 0 shares, respectively | ||||||||||||||||||||
trade name | 246,000,000 | 246,000,000 | 246,000,000 | 246,000,000 | 246,000,000 | 246,000,000 | ||||||||||||||
cash in escrow related to the spin-off | 600,000,000 | |||||||||||||||||||
long-term debt due to former parent | ||||||||||||||||||||
net investment by former parent | ||||||||||||||||||||
less: treasury stock, at average cost; 0, 0, and 0 shares, respectively | -2,000,000 | |||||||||||||||||||
due to former parent | ||||||||||||||||||||
total shareholders' equity | 252,000,000 | |||||||||||||||||||
due to related parties | 2,000,000 | |||||||||||||||||||
long-term debt due to related party | 97,000,000 | |||||||||||||||||||
equity | ||||||||||||||||||||
net investment by l brands, inc. | 876,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-05-02 | 2025-11-01 | 2025-08-02 | 2025-05-03 | 2024-11-02 | 2024-08-03 | 2024-05-04 | 2023-10-28 | 2023-07-29 | 2023-04-29 | 2022-10-29 | 2022-07-30 | 2022-04-30 | 2021-10-30 | 2021-07-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | |||||||||||||||
net income | 57,000,000 | 21,000,000 | 3,000,000 | 30,000,000 | -3,000,000 | -68,000,000 | 3,000,000 | 4,000,000 | 166,000,000 | 143,000,000 | 76,000,000 | 400,000,000 | 325,000,000 | ||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||
depreciation and amortization | 54,000,000 | 185,000,000 | |||||||||||||
share-based compensation expense | 13,000,000 | 41,000,000 | 29,000,000 | 14,000,000 | 45,000,000 | 32,000,000 | 16,000,000 | 41,000,000 | 27,000,000 | 14,000,000 | 38,000,000 | 26,000,000 | 12,000,000 | 24,000,000 | 15,000,000 |
deferred income taxes | 11,000,000 | 2,000,000 | 3,000,000 | 5,000,000 | 1,000,000 | 3,000,000 | 5,000,000 | 7,000,000 | 8,000,000 | 10,000,000 | -3,000,000 | -2,000,000 | 5,000,000 | 58,000,000 | 59,000,000 |
changes in assets and liabilities: | |||||||||||||||
accounts receivable | 2,000,000 | -29,000,000 | -4,000,000 | 8,000,000 | -11,000,000 | -6,000,000 | -1,000,000 | 14,000,000 | -23,000,000 | 12,000,000 | 10,000,000 | -4,000,000 | 22,000,000 | ||
inventories | -26,000,000 | -420,000,000 | -100,000,000 | -86,000,000 | -305,000,000 | -34,000,000 | -2,000,000 | -184,000,000 | -5,000,000 | 2,000,000 | -298,000,000 | -138,000,000 | -98,000,000 | -318,000,000 | -44,000,000 |
accounts payable, accrued expenses and other | -181,000,000 | 132,000,000 | 19,000,000 | -98,000,000 | -55,000,000 | -99,000,000 | -174,000,000 | -122,000,000 | -106,000,000 | -180,000,000 | -229,000,000 | -137,000,000 | -200,000,000 | 163,000,000 | -86,000,000 |
income taxes | -11,000,000 | -20,000,000 | -40,000,000 | -7,000,000 | -45,000,000 | -24,000,000 | -3,000,000 | -83,000,000 | -56,000,000 | -18,000,000 | -131,000,000 | -120,000,000 | -12,000,000 | 29,000,000 | 12,000,000 |
other assets and liabilities | -56,000,000 | -54,000,000 | -47,000,000 | -51,000,000 | -40,000,000 | -26,000,000 | -20,000,000 | -29,000,000 | -49,000,000 | -36,000,000 | -7,000,000 | 25,000,000 | -9,000,000 | -207,000,000 | -72,000,000 |
net cash from operating activities | -137,000,000 | -174,000,000 | 6,000,000 | -150,000,000 | -249,000,000 | -1,000,000 | -116,000,000 | -200,000,000 | -19,000,000 | -108,000,000 | -279,000,000 | -51,000,000 | -146,000,000 | 378,000,000 | 389,000,000 |
investing activities: | |||||||||||||||
capital expenditures | -54,000,000 | -163,000,000 | -111,000,000 | -43,000,000 | -150,000,000 | -99,000,000 | -39,000,000 | -224,000,000 | -144,000,000 | -55,000,000 | -125,000,000 | -58,000,000 | -21,000,000 | -117,000,000 | -66,000,000 |
free cash flows | -191,000,000 | -337,000,000 | -105,000,000 | -193,000,000 | -399,000,000 | -100,000,000 | -155,000,000 | -424,000,000 | -163,000,000 | -163,000,000 | -404,000,000 | -109,000,000 | -167,000,000 | 261,000,000 | 323,000,000 |
net cash from investing activities | -54,000,000 | -163,000,000 | -111,000,000 | -43,000,000 | -133,000,000 | -83,000,000 | -39,000,000 | -223,000,000 | -143,000,000 | -55,000,000 | -150,000,000 | -83,000,000 | -48,000,000 | -117,000,000 | -66,000,000 |
financing activities: | |||||||||||||||
repurchases of common stock | -100,000,000 | -125,000,000 | -125,000,000 | -125,000,000 | -214,000,000 | -169,000,000 | -109,000,000 | ||||||||
borrowings from asset-based revolving credit facility | 55,000,000 | 545,000,000 | 245,000,000 | 160,000,000 | 460,000,000 | 145,000,000 | 90,000,000 | 405,000,000 | 115,000,000 | 15,000,000 | 267,000,000 | ||||
repayments of borrowings from asset-based revolving credit facility | -40,000,000 | -170,000,000 | -170,000,000 | -55,000,000 | -165,000,000 | -145,000,000 | -90,000,000 | -145,000,000 | -115,000,000 | -15,000,000 | |||||
tax payments related to share-based awards | -28,000,000 | -13,000,000 | -10,000,000 | -10,000,000 | -9,000,000 | -8,000,000 | -7,000,000 | -10,000,000 | -9,000,000 | -9,000,000 | -40,000,000 | -39,000,000 | -38,000,000 | -3,000,000 | |
distribution to noncontrolling interest | -7,000,000 | ||||||||||||||
payments of long-term debt | -1,000,000 | -3,000,000 | -2,000,000 | -1,000,000 | -3,000,000 | -2,000,000 | -1,000,000 | -3,000,000 | -2,000,000 | -1,000,000 | -3,000,000 | -2,000,000 | -1,000,000 | ||
other financing activities | -1,000,000 | 3,000,000 | 12,000,000 | 5,000,000 | 9,000,000 | 14,000,000 | -3,000,000 | -2,000,000 | -2,000,000 | -1,000,000 | 5,000,000 | ||||
net cash from financing activities | -121,000,000 | 360,000,000 | 67,000,000 | 106,000,000 | 272,000,000 | -17,000,000 | -10,000,000 | 122,000,000 | -133,000,000 | -132,000,000 | 67,000,000 | -153,000,000 | -91,000,000 | -266,000,000 | 233,000,000 |
effects of exchange rate changes on cash and cash equivalents | 1,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | 1,000,000 | -2,000,000 | -1,000,000 | -2,000,000 | -1,000,000 | 1,000,000 | |||||
net decrease in cash and cash equivalents | -311,000,000 | -39,000,000 | -89,000,000 | -109,000,000 | -101,000,000 | -165,000,000 | -303,000,000 | -296,000,000 | -295,000,000 | -364,000,000 | -286,000,000 | -4,000,000 | |||
cash and cash equivalents, beginning of period | 518,000,000 | 227,000,000 | 227,000,000 | 227,000,000 | 270,000,000 | 270,000,000 | 270,000,000 | 427,000,000 | 427,000,000 | 427,000,000 | 490,000,000 | 490,000,000 | 335,000,000 | ||
cash and cash equivalents, end of period | 207,000,000 | 249,000,000 | 188,000,000 | 138,000,000 | 161,000,000 | 169,000,000 | 105,000,000 | 124,000,000 | 131,000,000 | 132,000,000 | 126,000,000 | 204,000,000 | 331,000,000 | ||
adore me long-lived assets impairment charges | |||||||||||||||
payments for contingent compensation related to adore me acquisition | |||||||||||||||
equity method investment impairment charges | |||||||||||||||
gain on sale of assets | -6,000,000 | -6,000,000 | |||||||||||||
amortization of fair value adjustment to acquired inventories | 22,000,000 | 15,000,000 | 9,000,000 | ||||||||||||
proceeds from sale of assets | 16,000,000 | 16,000,000 | |||||||||||||
acquisition, net of cash acquired | 1,000,000 | 1,000,000 | |||||||||||||
other investing activities | 1,000,000 | -7,000,000 | -7,000,000 | -9,000,000 | |||||||||||
payments for contingent and deferred consideration related to adore me acquisition | |||||||||||||||
proceeds from stock option exercises | 2,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 4,000,000 | 4,000,000 | 3,000,000 | 3,000,000 | ||||||
net increase in cash and cash equivalents | 22,000,000 | ||||||||||||||
net loss | -11,000,000 | -25,000,000 | |||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||
payments for contingent consideration related to adore me acquisition | -16,000,000 | -16,000,000 | -16,000,000 | ||||||||||||
depreciation and amortization of long-lived assets | 125,000,000 | 62,000,000 | 192,000,000 | 129,000,000 | 65,000,000 | 216,000,000 | 145,000,000 | 73,000,000 | |||||||
changes in assets and liabilities, net of assets and liabilities related to the acquisition: | |||||||||||||||
investment in frankies bikinis, llc | -18,000,000 | -18,000,000 | -18,000,000 | ||||||||||||
cash received from noncontrolling interest holder | |||||||||||||||
net transfers to former parent | |||||||||||||||
proceeds from issuance of long-term debt, net of issuance costs and discounts | 982,000,000 | ||||||||||||||
cash received from noncontrolling interest partner | 55,000,000 | 55,000,000 | 55,000,000 | ||||||||||||
depreciation of long-lived assets | 208,000,000 | 140,000,000 | 70,000,000 | 233,000,000 | 158,000,000 | ||||||||||
asset impairment charges | |||||||||||||||
gain related to formation of u.k. joint venture | |||||||||||||||
gain from hong kong store closure and lease termination | |||||||||||||||
borrowings from foreign facilities | |||||||||||||||
repayments of foreign facilities | |||||||||||||||
borrowing from former parent | |||||||||||||||
proceeds from issuance of long-term debt | 600,000,000 | ||||||||||||||
effects of exchange rate changes on cash and cash equivalents and restricted cash | -2,000,000 | 2,000,000 | |||||||||||||
net increase in cash and cash equivalents and restricted cash | -289,000,000 | 558,000,000 | |||||||||||||
cash and cash equivalents and restricted cash, beginning of period | 490,000,000 | 335,000,000 | |||||||||||||
cash and cash equivalents and restricted cash, end of period | 201,000,000 | 893,000,000 | |||||||||||||
impairment of goodwill | |||||||||||||||
income taxes payable | |||||||||||||||
net transfers from (to) former parent | -1,253,000,000 | ||||||||||||||
net transfers from (to) l brands, inc. | -367,000,000 |