Victoria's Secret & Co. (NYSE: VSCO) issued a letter to shareholders highlighting its financial performance under CEO Hillary Super's leadership while facing a proxy contest from BBRC International Pte Limited ahead of its annual meeting on June 11.

The company reported a total shareholder return of 141% since Super's appointment was announced in August 2024, outperforming analyst peer groups, the S&P 500 Consumer Discretionary Distribution Retail index, and the S&P 600. The retailer delivered comparable sales growth of 5% in fiscal year 2025 and adjusted net income growth of 15%.

Victoria's Secret's "Path to Potential" strategy focuses on four areas: strengthening bra authority, recommitting to the PINK brand, growing the beauty business, and evolving brand projection. The company said it grew its customer file for the first time in years and gained market share.

BBRC International and Chairman Brett Blundy have launched a proxy contest challenging the current board. Victoria's Secret's board, led by independent Chair Donna James, has added three new independent directors since 2022 and appointed Super as CEO after identifying the need for merchant leadership expertise.

Analyst firms including Jefferies, UBS, Wells Fargo, and Barclays have issued positive assessments of the company's turnaround strategy. The median analyst price target increased 70% since Super's appointment, with 83% of analysts issuing buy ratings.

Victoria's Secret operates 1,420 retail stores across approximately 70 countries and employs more than 30,000 associates. The company's brands include Victoria's Secret, PINK, and digital intimates brand Adore Me.