New York, December 06, 2025
Victoria’s Secret has increased its full-year 2025 financial guidance following a stronger-than-anticipated third-quarter performance driven by improved sales and cost management.
Victoria’s Secret reported a third-quarter net loss narrowed to $37 million, a significant improvement from the $56 million loss in the same quarter last year. The company also achieved an adjusted operating break-even result, surpassing initial expectations of a $35–55 million loss. Comparable sales rose by 8%, more than doubling last year’s 3% increase.
Revised Full-Year Projections
Reflecting its solid quarterly results, Victoria’s Secret has updated its full-year 2025 outlook. Net sales are now forecasted between $6.45 billion and $6.48 billion, up from previous guidance of $6.33 billion to $6.41 billion. Operating income projections have increased to a range of $350 million to $375 million, compared with $270 million to $320 million earlier. The company also raised its net income per share estimate to $2.40–2.65 from $1.80–2.20.
Drivers of Strong Performance
The company attributed these results to improved profit margins supported by reduced promotional activity and a higher proportion of full-price sales. Continued emphasis on cost controls further bolstered operating results. These factors combined to enhance overall sales efficiency and profitability during the quarter.
Strategic Expansion and Optimization
Victoria’s Secret continues to expand its international footprint, with growth reported in partner-operated stores and joint ventures, particularly across Asian markets. Simultaneously, the brand is optimizing its North American retail presence by closing select underperforming stores while opening new locations in strategically favorable areas.
This portfolio approach aligns with the company’s focus on balancing market expansion with operational efficiency.
The upward revision in guidance and momentum achieved in Q3 underscore Victoria’s Secret’s strengthened market position and operational discipline. This improved trajectory situates the company well ahead of the critical holiday season, reflecting confidence in sustained sales execution and cost management going forward.