Victoria’s Secret Surpasses Expectations in Q3

Victoria’s Secret & Co. delivered a stronger-than-expected third quarter for 2025, with net sales of US$ 1.472 billion, up 9% compared with the same quarter last year — and higher than the company’s own guidance of US$ 1.390–1.420 billion. Total comparable sales rose 8% year-on-year.

Although the company still recorded a net loss — US$ 37 million, or US$ 0.46 per diluted share — the loss narrowed compared to the US$ 56 million (US$ 0.71 per share) loss in Q3 2024.

Strategic Shifts Pay Off — Less Discounting, Better Margins

Executives attributed the performance to a shift toward fewer promotions and more full-price selling, improving gross margin by about 170 basis points.

Much of the growth came from the strength of both legacy and newer business lines. The group highlighted strong demand across its established intimates business, as well as growth in beauty, and in its younger, lifestyle-oriented brand Pink. International and direct-to-consumer channels also contributed, including an increase in online sales.

Upgraded Full-Year Forecast Reflects Confidence

Thanks to the outperformance in Q3, Victoria’s Secret raised its full-year 2025 forecasts. The company now expects net sales between US$ 6.450 billion and US$ 6.480 billion, up from prior guidance of US$ 6.330–6.410 billion. Adjusted net income per diluted share is projected to hit US$ 2.40–2.65, compared with the previous US$ 1.80–2.20 range.

For the fourth quarter, the retailer anticipates net sales of US$ 2.170–2.200 billion, versus US$ 2.106 billion in Q4 2024.

What This Means for the Brand’s Comeback

The results suggest that the company’s revitalisation strategy — which its leadership refers to as Path to Potential — is gaining traction. By doubling down on brand appeal, investing in product curation, and limiting discounting, Victoria’s Secret is beginning to restore profitability and investor confidence.