Victoria's Secret Q2 sales rise 10% as guidance increases

On Thursday, Victoria's Secret (NYSE: VSXY ) discussed second-quarter financial results during its earnings call.

The full transcript is provided below.

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Access the full call at Summary Victoria's Secret reported a 10% increase in net sales for Q2 2026, with operating income and earnings per share exceeding guidance.

The Path to Potential strategy continues to show positive results, with growth across Victoria's Secret, Pink, and Beauty segments, and an increase in regular-price selling.

The company raised its fiscal 2026 guidance for net sales to $7.10 billion to $7.18 billion and adjusted net income per diluted share to $4.45 to $4.70.

Victoria's Secret experienced broad-based growth, including a mid-teens increase in the bra business and high single-digit growth in Pink.

International sales grew 20% year-over-year, driven by strong performance in China and European digital sales.

Q3 2026 outlook includes net sales of $1.57 billion to $1.60 billion, with a continued focus on marketing investments like the Angels Among Us docuseries.

The company highlights customer file growth and strong new customer acquisition, particularly among younger demographics.

Victoria's Secret is investing in store experiences and sees opportunities for selective global and North American store expansion.

Management expresses confidence in the brand's transformation and believes in the potential for sustained growth and market share gains.

Full Transcript Amanda, 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 Victoria's Secret second quarter 2026 earnings conference call.

Please be advised that today's conference is being recorded.

All parties will remain in a listen-only mode until the question-and-answer session of today's call.

I would now like to turn the call over to Kevin Wink, Global Controller at Victoria's Secret.

Kevin, you may begin.

Kevin Wink, Global Controller Thanks, Amanda.

Good morning and welcome to Victoria's Secret second quarter earnings conference call for the period ended August 1, 2026.

Joining me on the call today are Chief Executive Officer Hillary Super, Chief Financial and Operating Officer Scott Sikella, and Chief Marketing and Customer Officer Elizabeth Preis.

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 statement 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.

Reconciliations 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 Hilary.

Hillary Super — CEO Good morning and thank you for joining us.

Q2 was another strong quarter for Victoria's Secret.

Net sales increased 10% year over year near the high end of our guidance and operating income and earnings per share exceeded the high end of our guidance.

This marked our fifth consecutive quarter of positive comps, giving us further confidence in the progress we are making.

The bigger story is what sits underneath those results.

When I joined Victoria's Secret two years ago, I saw iconic brands with deep emotional connection but significant untapped potential.

Today we are attracting more customers, winning market share and strengthening the value proposition for both brands.

Product, brand identity, storytelling and execution are all working together.