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Victoria's Secret & Co. (VSCO) Prelim. Q1 Sales Top Estimates

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June 3, 2025 8:06 AM EDT

Victoria’s Secret & Co. (“VS&Co” or the “Company”) (NYSE: VSCO) is providing an update on a recent security incident involving its information technology systems.

On May 24, 2025, the Company detected a security incident involving its information technology systems. The Company immediately enacted its response protocols to attempt to contain and eradicate unauthorized network access, and third-party experts were engaged.

As a precaution, the Company also temporarily shut down its corporate systems and e-commerce website on May 26, 2025. The website was restored on May 29, 2025 and work is ongoing to restore full access to corporate systems. The incident also affected certain limited functions in Victoria’s Secret and PINK stores, most of which have been restored.

The incident did not impact the Company’s financial results for the first quarter of fiscal 2025, which were near or exceeded the high-end of guidance as discussed below. However, the restoration process has prevented employees from accessing certain systems and information needed to support the Company’s release of its financial results for the first quarter ended May 3, 2025. As a result, the Company is postponing the date of its previously announced first quarter 2025 earnings release and earnings call webcast. The Company plans to announce a new earnings release and earnings call webcast date in due course.

The Company continues to assess the full scope and impact of the incident, under the oversight of the Audit Committee of the Board of Directors. Although this incident has not caused a material disruption to its operations to date, the Company has incurred, and may continue to incur, expenses and other financial impacts related to this incident, which could negatively impact its future financial results, including for the second quarter of fiscal 2025.

First Quarter 2025 Preliminary Financial Results

In conjunction with today’s announcement, the Company is providing preliminary results for the first quarter 2025. Net sales, adjusted operating income, and adjusted diluted earnings per share for the first quarter are expected to be near or exceed the high-end of previously issued guidance ranges as highlighted in the table below.

First Quarter 2025
Preliminary ResultsPrior Guidance
Net Sales$1.35 billion$1.30 billion to $1.33 billion
Adjusted Operating Income$32 million$10 - $30 million
Adjusted Net Income (Loss) Per Diluted Share$0.09($0.10) to $0.10

(Consensus sees Q1 sales of $1.33 billion)

Adjusted operating income and adjusted diluted earnings per share are non-GAAP financial measures. At the conclusion of this press release, we have included more information regarding these non-GAAP financial measures, including a reconciliation of each non-GAAP financial measure to the most directly comparable financial measure computed in accordance with GAAP.


VICTORIA'S SECRET & CO.
NON-GAAP FINANCIAL INFORMATION
(Unaudited)
(In millions except per share amounts)
In addition to our results provided in accordance with GAAP, provided below are non-GAAP financial measures that present operating income and net income (loss) per diluted share attributable to Victoria's Secret & Co. on an adjusted basis, which remove certain non-recurring, infrequent or unusual items that we believe are not indicative of the results of our ongoing operations due to their size and nature. The intangible asset amortization excluded from these non-GAAP financial measures is excluded because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. We use adjusted financial information as key performance measures of our results of operations for the purpose of evaluating performance internally. These non-GAAP measurements are not intended to replace the presentation of our financial results in accordance with GAAP. Instead, we believe that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of past and present operations. Further, our definition of non-GAAP financial measures may differ from similarly titled measures used by other companies. The table below reconciles the most directly comparable GAAP financial measure to each non-GAAP financial measure.
First Quarter 2025
Reconciliation of Preliminary Results
Preliminary Operating Income - GAAP $20 million
Amortization of Intangible Assets (a) $6 million
Restructuring and Other One-time Charges (b) $6 million
Preliminary Adjusted Operating Income $32 million
Preliminary Net Loss Per Diluted Share Attributable to Victoria's Secret & Co. - GAAP ($0.02)
Amortization of Intangible Assets (a) $0.06
Restructuring and Other One-time Charges (b) $0.05
Preliminary Adjusted Net Income Per Diluted Share Attributable to Victoria's Secret & Co. $0.09
(a)In the first quarter of 2025, we recognized amortization expense of $6 million ($5 million after tax) included in general, administrative and store operating expense, related to our definite-lived intangible assets.
(b)In the first quarter of 2025, we recognized pre-tax charges of $6 million ($4 million after tax), $4 million included in general, administrative and store operating expense and $2 million included in buying and occupancy expense, related to activities to restructure our executive leadership team and other one-time expenses.



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