Victoria's Secret Is All About Lift, Support, and a Good CEO Fit—and the Stock Loves It
Victoria's Secret has been turning its business around under CEO Hillary Super. Morgan Stanley is beginning to believe in the trends.

Victoria's Secret & Co. operates as a specialty retailer of women’s intimate, and other apparel and beauty products worldwide. The company offers ...
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Est. EPS $0.06 · Revenue $1.57B · 2 analysts
Est. EPS $4.67 · Revenue $7.14B · 5 analysts
Est. EPS $3.25 · Revenue $2.39B · 4 analysts
Est. EPS $0.72 · Revenue $1.64B · 4 analysts
EPS $-0.03 · Revenue $1.35B
EPS $2.04 · Revenue $6.23B
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $6.6B | +5.2% | -31.3% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $160.9M | -2.5% | -74.0% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +36.4% | -0.6% | -0.1% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +4.5% | -9.0% | -47.8% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +2.5% | -7.3% | -62.2% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $312.0M | +26.3% | -129.4% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +4.8% | +20.1% | -142.8% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 332.5% | -21.1% | +8.5% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.25x | +19.2% | +1.2% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $5.0B | +10.6% | -4.8% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 1.93 vs 2.74 | -29.5% | 0.56 vs 0.06 | +900.6% |
| Revenue Surprise | $6.6B vs $6.5B | +0.6% | $1.6B vs $1.6B | -0.4% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Jun 26, 2026 | BBRC INTERNATIONAL PTE LTD | 10 percent owner | Common Stock | D | 276,171 | $88.50 |
| Jun 4, 2026 | BBRC INTERNATIONAL PTE LTD | 10 percent owner | Common Stock | D | 27,758 | $80.03 |
| Jun 2, 2026 | BBRC INTERNATIONAL PTE LTD | 10 percent owner | Common Stock | D | 1,107,672 | $80.11 |
| Apr 2, 2026 | Sheehan Anne | director | Common Stock | A | 633 | $45.86 |
| Apr 2, 2026 | Sheehan Anne | director | Common Stock | A | 4,842 | $45.86 |
Operator: 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 & Company's First Quarter 2026 Earnings Conference Call. Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to turn the call over to Kevin Wynk, Global Controller at Victoria's Secret & Company. Kevin, you may begin. Kevin Wynk: Thanks, Amanda. Good morning, and welcome to Victoria's Secret & Company's First Quarter Earnings Conference Call for the period ended May 2, 2026. Joining me on the call today is Chief Executive Officer, Hillary Super, and Chief Financial and Operating Officer, Scott Sekella. We are available today for approximately 30 minutes to answer any questions. I would like to remind you that any forward-looking statements we may make today are subject to our safe harbor statements found in our SEC filings and in our press releases. Certain results we discuss on the call today are adjusted results and exclude the impact of certain items described in our press release and our SEC filings. Reconciliation of these and other non-GAAP measures to the most comparable GAAP measures are included in our press release, our SEC filings and the investor presentation posted on the Investors section of our website. With that, I'll turn the call over to Hillary. Hillary Super: Good morning, and thank you for joining us. I am pleased to report a very strong quarter and start to 2026. The momentum we built in the back half of 2025 continued through the first quarter, and we delivered results that exceeded both our top and bottom line guidance. The strength was broad-based across the business. Victoria's Secret, PINK and Beauty all delivered double-digit sales growth. We achieved our fourth consecutive quarter of positive comps with total comp sales increasing 13% and driving total sales growth of 15%. We also saw strength across channels and geographies. We were particularly encouraged by double-digit gains in new customer acquisition and continued file growth across all age and income cohorts. In fact, we saw the strongest growth from customers and households earning under $50,000 annually and over $200,000, underscoring the broad resonance of our brands across the consumer landscape. During the quarter, we continued to gain share in intimates, particularly amongst 18- to 24-year-olds. Traffic also accelerated from the fourth quarter, reinforcing the momentum we are seeing across the business. We are now a little more than a year into our Path to Potential strategy and our new management team is hitting its stride. We are executing with precision and agility, deepening connections with our customers and strengthening the foundation of the business while driving sustainable long-term value. A big part of our work is what we call World Building, creating distinct and emotionally resonant worlds for the VS and PINK brands. These are immersive …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Hillary Super | Chief Executive Officer & Director | USD 6,341,924 | Female | 1973 | Active |
Scott Sekella | Chief Financial and Operating Officer | USD 2,226,173 | Male | 1977 | Active |
Melinda R. McAfee | Chief Legal?& Compliance?Officer | USD 2,103,793 | Female | 1971 | Active |
Elizabeth Preis | Chief Marketing and Customer Officer | USD 1,717,920 | Female | 1970 | Active |
Kevin Wynk | Head of Investor Relations | — | — | — | Active |
Adam Selman | Senior Vice President, Executive Creative Director | — | Male | — | Active |
Ali Dillon | President of PINK | — | Female | — | Active |
Amy Kocourek | President of Beauty | — | Female | 1969 | Active |
Anne Stephenson | President | — | Female | 1971 | Active |
Lucrecia Borgonovo | Chief People Officer | — | Female | — | Active |
Victoria's Secret has been turning its business around under CEO Hillary Super. Morgan Stanley is beginning to believe in the trends.

Victoria's Secret & Co. (NYSE:VSCO) could continue delivering strong earnings growth as sustained sales momentum supports margin expansion, according to Bank of America, which maintained its ‘Buy' rating on the retailer. Bank of America analysts wrote that recent sales trends have eased concerns about a potential slowdown following the company's first-quarter earnings beat and increased full-year guidance.

Victoria's Secret & Co. (NYSE:VSCO) could continue delivering strong earnings growth as sustained sales momentum supports margin expansion, according to...

Outcome reflects strong shareholder support for full Board, Company's Path to Potential strategy and continued momentum under CEO Hillary Super

The new CEO has been a boon for the company's stock price, not least on the day she announced its new stock ticker: VSXY.
