Victoria's Secret & Co (MEX:VSCO)

Q2 2026 Victoria's Secret & Co. Earnings Call Transcript

Sep 3, 2026 / 12:30 PM GMT

Release Date Price: MXN950

Transcript 10-Q8-K

Key Points

Positve

Victoria's Secret & Co (VSXY) delivered its fifth consecutive quarter of positive comps, with net sales increasing 10% year over year and operating income and EPS exceeding the high end of guidance.
The company's bra business grew in the mid-teens, driven by strength in core franchises and new innovations, contributing to both Victoria's Secret and Pink's performance.
Pink delivered its fifth consecutive quarter of growth, with strength in bras, panties, and apparel, and the new 'Marshmallow' bra pillar drove outsized results.
Beauty continued to grow, delivering its 12th consecutive quarter of sales growth, with regular price selling up high single-digits.
The company is gaining market share in intimates, with a fourth consecutive quarter of customer file growth, including strong new customer acquisition among 18-to-24-year-olds.
International business grew 20% in Q2, led by outstanding performance in China and the European digital business, with full-year growth forecast at approximately 20%.

Negative

The company experienced a top-line pressure in June due to lower inventory levels during the semiannual sale, as initial demand exceeded expectations and depleted stock.
Q3 guidance implies a deceleration in top-line growth to 7-9% from the 10% growth seen in Q2, due to tougher comparisons.
The company faces incremental pressure from rising transportation costs in the third quarter, partially offsetting gross margin tailwinds.
Q3 SG&A rate is expected to increase approximately 100 basis points year over year, reflecting higher marketing investments and incentive compensation.
International growth decelerated to 10% in Q2 from 36% in the prior quarter, partly due to a shift in merchandise sourcing sales to franchise partners.
The company's Q4 forecast assumes a return to an approximate 20% tariff rate, which could create headwinds in the back half of the year.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

VSXY.N - Victoria's Secret & Co.
Q2 2026 Victoria's Secret & Co. Earnings Call
Sep 03, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning my name is Amanda and I will be your conference operator today.

At this time, I'd like to welcome everyone to the Victoria's Secret and Company's second quarter 2026 earnings conference call.

Please be advised that today's conference is being recorded.

All parties will remain in a listen-only mode until the question-and-answer session of today's call.

I would now like to turn the call over to Kevin Wink, global controller at Victoria's Secret and Company.

Kevin, you may begin.

Thanks, Amanda.

Good morning and welcome to Victoria's Secret and Company's second quarter earnings conference call for the period ended August 1st, 2026.

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