Victoria’s Secret appears to be gaining real traction in its multiyear turnaround effort. The lingerie retailer reported stronger-than-expected fourth-quarter sales and earnings, a sign that its strategy to refocus on core products and revitalize its brands is beginning to resonate with consumers.
The results suggest that the company’s repositioning—after several years of brand challenges and shifting consumer expectations—may finally be paying off.
A Strong Quarter Reinforces the Comeback Narrative
For the fourth quarter ending January 31, Victoria’s Secret delivered results that exceeded market expectations.
Key highlights include:
Net sales: $2.27 billion, up 8% year over year, beating estimates of $2.23 billion
Comparable sales: Increased 8%, marking the third consecutive quarter of growth
Adjusted net income: $238 million, or $2.77 per share, surpassing analyst expectations of $2.52 per share
Reported net income totaled $183.6 million, slightly lower than the previous year due to impairment charges and restructuring costs related to its Adore Me assets.
Still, the overall performance points to improving consumer demand and stronger brand engagement.
CEO Hillary Super described the quarter as “exceptional,” noting that customer response to the company’s refreshed product lineup and marketing campaigns has been particularly strong.
According to Super, the brand is seeing increased customer acquisition and higher average unit retail prices, indicating both stronger demand and improved pricing power.
Rebuilding the Core: Bras, Pink, and Beauty
Central to Victoria’s Secret’s strategy has been a renewed focus on the categories that historically drove the brand’s success.
These include:
•Core bra collections
•The Pink brand, targeting younger consumers
•Beauty and fragrance products
The Pink brand, in particular, delivered its strongest growth in a decade during fiscal 2025, according to company leadership.
To capitalize on this momentum, Victoria’s Secret plans to open a standalone Pink pop-up store in New York City’s SoHo district later this year. The move reflects the brand’s efforts to reconnect with younger shoppers and strengthen its cultural relevance.
Portfolio Adjustments: Rethinking Adore Me and DailyLook
While Victoria’s Secret is doubling down on its flagship brands, it is also reassessing newer acquisitions.
The company announced it has launched a strategic review of DailyLook, a subscription personal styling service that entered the portfolio through Victoria’s Secret’s 2023 acquisition of Adore Me.
Meanwhile, the Adore Me business itself is undergoing operational changes:
•The intimates subscription program has been discontinued, replaced with a loyalty program
•The company has closed Adore Me’s distribution center in Mexico
•Leadership continues to explore ways to optimize Adore Me within the broader portfolio
These moves suggest Victoria’s Secret is streamlining operations to concentrate resources on its most profitable and strategically important brands.
A Global Retail Network Still at Scale
Despite recent restructuring, Victoria’s Secret remains one of the largest specialty apparel retailers in the world.
The company operates approximately 1,420 retail stores across about 70 countries, giving it a significant global footprint and strong brand recognition.
Maintaining this scale while modernizing its product strategy and brand identity has been a delicate balancing act.
Signs of a Broader Retail Strategy Shift
Victoria’s Secret’s progress reflects a broader trend in the fashion industry: legacy brands are increasingly returning to category leadership and product authenticity rather than chasing overly broad lifestyle positioning.
By strengthening its core categories and refining its brand messaging, Victoria’s Secret is following a strategy that has helped other apparel companies regain momentum.
In many ways, the company is rediscovering the fundamentals that originally built the brand.
Outlook for 2026: Growth With Discipline
Looking ahead, Victoria’s Secret expects continued growth.
The company forecasts fiscal 2026 net sales between $6.85 billion and $6.95 billion, compared with $6.553 billion in 2025. Operating income is projected to reach $430 million to $460 million, up from $403 million in adjusted operating income last year.
CEO Hillary Super said the company is entering the new fiscal year from a “position of strength,” citing improved brand clarity, faster operations, and a strong pipeline of upcoming product launches and marketing initiatives.
If current momentum continues, Victoria’s Secret could be entering the most stable period it has experienced in years—transforming its turnaround story into a long-term growth strategy.
Source: Based on reporting from Chain Store Age