Financial Performance (Q2 2025) - Net sales increased by 3% to $14591 million compared to $14172 million in 2024[7] - Comparable store sales increased by 4% compared to a decrease of 5% in 2024[7] - Gross profit increased by 4% to $5194 million from $5014 million in 2024[7] - Operating income decreased by 12% to $551 million from $623 million in 2024[7] - Net income attributable to Victoria's Secret & Co decreased by 15% to $269 million from $315 million in 2024[7] - Net income per diluted share attributable to Victoria's Secret & Co decreased by 18% to $033 from $040 in 2024[7] Financial Performance (First Half 2025) - Net sales increased by 1% to $28121 million compared to $27766 million in 2024[9] - Comparable store sales increased by 2% compared to a decrease of 6% in 2024[9] - Operating income decreased by 15% to $868 million from $1019 million in 2024[9] - Net income attributable to Victoria's Secret & Co decreased by 16% to $341 million from $406 million in 2024[9] 2025 Outlook - The company projects net sales of approximately $633 billion to $641 billion for the full year[13]

[Executive Summary](index=1&type=section&id=Executive%20Summary) This section highlights Victoria's Secret & Co.'s strong Q2 2025 performance, exceeding expectations in sales, operating income, and EPS, driven by comparable sales growth [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) Victoria's Secret & Co. reported strong second-quarter 2025 results, exceeding sales, operating income, and EPS expectations. The company achieved a 4% increase in comparable sales across Victoria's Secret and PINK brands, both in North America and globally, and across store and online channels - Second quarter sales, operating income, and EPS exceeded expectations[1](index=1&type=chunk) - Second quarter comparable sales increased by **4%**[1](index=1&type=chunk)[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Hillary Super highlighted continued momentum, disciplined execution, and the strength of evolving brands, attributing success to product innovation and evolved storytelling. CFO Scott Sekella noted gross margin rate expansion despite tariff headwinds, driven by inventory management and promotional strategy. The refreshed leadership team's impact was evident in sharper execution and reenergized culture - Momentum continued with results beating sales and operating income guidance, driven by disciplined execution and the power of evolving Victoria's Secret and PINK brands[3](index=3&type=chunk) - Gross margin rate expanded in the quarter despite tariff headwinds, supported by disciplined inventory management and an evolving promotional approach[4](index=4&type=chunk) - The first full quarter under the refreshed leadership team showed sharper execution, reenergized culture, and high-emotion storytelling, delivering significant momentum[4](index=4&type=chunk) [Second Quarter 2025 Financial Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results) This section details Victoria's Secret & Co.'s financial performance for Q2 2025, covering both GAAP and adjusted metrics [GAAP Financial Performance](index=1&type=section&id=GAAP%20Financial%20Performance) For the second quarter of 2025, Victoria's Secret & Co. reported a 3% increase in net sales to $1.459 billion. However, operating income decreased to $41 million from $62 million in Q2 2024, and net income attributable to Victoria's Secret & Co. fell to $16 million, or $0.20 per diluted share, from $32 million, or $0.40 per diluted share, in the prior year Second Quarter GAAP Financial Performance (2025 vs. 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (%) | | :----------------------------------- | :----------------- | :----------------- | :--------- | | Net Sales | $1,459.1 | $1,417.2 | 3.0% | | Operating Income | $41.0 | $62.3 | (34.3%) | | Net Income Attributable to VS&Co | $16.2 | $31.8 | (49.0%) | | Net Income Per Diluted Share | $0.20 | $0.40 | (50.0%) | [Adjusted Financial Performance](index=2&type=section&id=Adjusted%20Financial%20Performance) Adjusted operating income for Q2 2025 was $55 million, exceeding the guidance range of $15 million to $35 million, though it was lower than $62 million in Q2 2024. Adjusted net income per diluted share was $0.33, also above the guidance range of $0.00 to $0.15, compared to $0.40 in Q2 2024 Second Quarter Adjusted Financial Performance (2025 vs. 2024) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Guidance Range (Q2 2025) | | :----------------------------------- | :----------------- | :----------------- | :----------------------- | | Adjusted Operating Income | $55 | $62 | $15 - $35 | | Adjusted Net Income Per Diluted Share | $0.33 | $0.40 | $0.00 - $0.15 | [Full Year and Third Quarter 2025 Outlook](index=2&type=section&id=Full%20Year%20and%20Third%20Quarter%202025%20Outlook) This section provides Victoria's Secret & Co.'s financial guidance for the full year and the upcoming third quarter of 2025 [Full Year 2025 Guidance](index=2&type=section&id=Full%20Year%202025%20Guidance) The company raised its full-year net sales outlook to a range of $6.330 billion to $6.410 billion, up from the prior guidance of $6.2 billion to $6.3 billion. The full-year adjusted operating income outlook was reiterated at $270 million to $320 million, which now includes an updated estimated net tariff impact of approximately $100 million, $50 million higher than previous estimates Full Year 2025 Guidance Update | Metric | New Guidance | Prior Guidance | | :-------------------------- | :--------------------- | :--------------------- | | Net Sales | $6.330B - $6.410B | $6.2B - $6.3B | | Adjusted Operating Income | $270M - $320M | $270M - $320M | - The full-year outlook includes an updated estimated net tariff impact of approximately **$100 million**, which is **$50 million higher** than the previous estimate[8](index=8&type=chunk) [Third Quarter 2025 Guidance](index=2&type=section&id=Third%20Quarter%202025%20Guidance) For the third quarter of 2025, Victoria's Secret & Co. forecasts net sales in the range of $1.390 billion to $1.420 billion, compared to $1.347 billion in the prior year's third quarter. The company expects an adjusted operating loss of $35 million to $55 million and an adjusted net loss per share of $0.55 to $0.75 for the quarter Third Quarter 2025 Guidance | Metric | Q3 2025 Forecast | Q3 2024 Actual | | :-------------------------- | :--------------------- | :--------------------- | | Net Sales | $1.390B - $1.420B | $1.347B | | Adjusted Operating Loss | $35M - $55M | N/A | | Adjusted Net Loss Per Share | $0.55 - $0.75 | N/A | [Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Victoria's Secret & Co., its brands, product offerings, and global operational footprint [About Victoria's Secret & Co.](index=3&type=section&id=About%20Victoria's%20Secret%20%26%20Co.) Victoria's Secret & Co. is a specialty retailer offering fashion-inspired collections including lingerie, apparel, fragrances, and body care. It comprises market-leading brands Victoria's Secret and PINK, and the technology-led intimates brand Adore Me. The company operates approximately 1,380 retail stores in nearly 70 countries with over 30,000 associates - Victoria's Secret & Co. is a specialty retailer of modern, fashion-inspired collections including bras, panties, lingerie, apparel, sleepwear, swim, lounge, sport, fragrances, and body care[12](index=12&type=chunk) - The company is comprised of market-leading brands Victoria's Secret and PINK, and Adore Me, a technology-led, digital-first innovative intimates brand[12](index=12&type=chunk) - Global footprint includes approximately **1,380 retail stores** in nearly **70 countries** and over **30,000 associates**[12](index=12&type=chunk) [Supplemental Financial Data and Reconciliations](index=5&type=section&id=Supplemental%20Financial%20Data%20and%20Reconciliations) This section provides detailed breakdowns of net sales by channel, comparable sales performance, store count, and GAAP/non-GAAP financial reconciliations [Net Sales Breakdown by Channel](index=5&type=section&id=Total%20Net%20Sales%20%28Millions%29) For Q2 2025, North America Stores sales increased by 3.1% to $824.8 million, while Direct sales decreased by 5.5% to $406.5 million. International sales saw significant growth of 21.8% to $227.8 million. Year-to-date, total net sales increased by 1.3% to $2,812.1 million Total Net Sales by Channel (Millions) | Channel | Q2 2025 | Q2 2024 | % Inc/(Dec) | YTD 2025 | YTD 2024 | % Inc/(Dec) | | :------------------- | :-------- | :-------- | :---------- | :--------- | :--------- | :---------- | | Stores - North America | $824.8 | $800.0 | 3.1% | $1,546.1 | $1,529.1 | 1.1% | | Direct | $406.5 | $430.2 | (5.5%) | $839.7 | $879.0 | (4.5%) | | International | $227.8 | $187.0 | 21.8% | $426.3 | $368.5 | 15.7% | | **Total** | **$1,459.1** | **$1,417.2** | **3.0%** | **$2,812.1** | **$2,776.6** | **1.3%** | [Comparable Sales Performance](index=5&type=section&id=Comparable%20Sales%20Increase%20%28Decrease%29) Total comparable sales (Stores and Direct) increased by 4% in Q2 2025, a significant improvement from a 3% decrease in Q2 2024. Stores Only comparable sales also rose by 4% in Q2 2025, compared to a 5% decrease in the prior year. Year-to-date, comparable sales for Stores and Direct increased by 1%, and Stores Only by 2% Comparable Sales Increase (Decrease) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------ | :------ | :------ | :------- | :------- | | Stores and Direct | 4% | (3%) | 1% | (4%) | | Stores Only | 4% | (5%) | 2% | (6%) | [Total Store Count](index=5&type=section&id=Total%20Stores) As of August 2, 2025, the total number of stores was 1,376, a slight decrease from 1,387 at February 1, 2025. During the quarter, 41 stores were opened and 52 were closed. Company-operated stores decreased from 806 to 787, while partner-operated stores increased from 505 to 521 Total Store Count (as of August 2, 2025) | Category | Stores at 2/1/25 | Opened | Closed | Stores at 8/2/25 | | :---------------------- | :--------------- | :----- | :----- | :--------------- | | Company-Operated | 806 | 6 | (25) | 787 | | China Joint Venture | 70 | — | (7) | 63 | | Partner-Operated | 505 | 35 | (19) | 521 | | Adore Me | 6 | — | (1) | 5 | | **Total** | **1,387** | **41** | **(52)** | **1,376** | [Consolidated Statements of Income (GAAP)](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) The consolidated statements of income provide detailed GAAP financial results for the thirteen and twenty-six weeks ended August 2, 2025, and August 3, 2024, showing net sales, gross profit, operating income, and net income Consolidated Statements of Income (GAAP) - Thirteen Weeks Ended (in thousands) | Metric | 2025 | 2024 | | :------------------------------------------ | :--------- | :--------- | | Net Sales | $1,459,137 | $1,417,193 | | Costs of Goods Sold, Buying and Occupancy | (940,121) | (915,827) | | Gross Profit | 519,016 | 501,366 | | General, Administrative and Store Operating Expenses | (478,057) | (439,042) | | Operating Income | 40,959 | 62,324 | | Interest Expense | (17,804) | (21,363) | | Other Income | 1,121 | 465 | | Income Before Income Taxes | 24,276 | 41,426 | | Provision for Income Taxes | 6,249 | 9,285 | | Net Income | 18,027 | 32,141 | | Less: Net Income Attributable to Noncontrolling Interest | 1,799 | 340 | | Net Income Attributable to Victoria's Secret & Co. | $16,228 | $31,801 | | Net Income Per Diluted Share Attributable to Victoria's Secret & Co. | $0.20 | $0.40 | | Weighted Average Shares Outstanding | 82,205 | 79,595 | Consolidated Statements of Income (GAAP) - Twenty-Six Weeks Ended (in thousands) | Metric | 2025 | 2024 | | :------------------------------------------ | :--------- | :--------- | | Net Sales | $2,812,086 | $2,776,635 | | Costs of Goods Sold, Buying and Occupancy | (1,818,844) | (1,773,954) | | Gross Profit | 993,242 | 1,002,681 | | General, Administrative and Store Operating Expenses | (932,497) | (914,089) | | Operating Income | 60,745 | 88,592 | | Interest Expense | (34,893) | (43,099) | | Other Income | 4,078 | 794 | | Income Before Income Taxes | 29,930 | 46,287 | | Provision for Income Taxes | 9,128 | 16,630 | | Net Income | 20,802 | 29,657 | | Less: Net Income Attributable to Noncontrolling Interest | 6,230 | 1,498 | | Net Income Attributable to Victoria's Secret & Co. | $14,572 | $28,159 | | Net Income Per Diluted Share Attributable to Victoria's Secret & Co. | $0.18 | $0.35 | | Weighted Average Shares Outstanding | 82,085 | 79,330 | [Non-GAAP Financial Information and Reconciliation](index=8&type=section&id=NON-GAAP%20FINANCIAL%20INFORMATION) The company provides non-GAAP financial measures to present adjusted operating income, net income, and diluted EPS, excluding certain non-recurring or unusual items like intangible asset amortization, restructuring charges, and Adore Me acquisition-related items, to offer a clearer view of ongoing operations - Non-GAAP financial measures are used to present adjusted operating income, net income, and diluted EPS, excluding non-recurring, infrequent, or unusual items not indicative of ongoing operations[24](index=24&type=chunk) Reconciliation of Reported to Adjusted Financial Measures (Q2 & YTD, in thousands) | Metric | Q2 2025 (GAAP) | Q2 2025 (Adj.) | Q2 2024 (GAAP) | Q2 2024 (Adj.) | YTD 2025 (GAAP) | YTD 2025 (Adj.) | YTD 2024 (GAAP) | YTD 2024 (Adj.) | | :---------------------------------------------------------------- | :------------- | :------------- | :------------- | :------------- | :-------------- | :-------------- | :-------------- | :-------------- | | Reported Operating Income | $40,959 | $55,124 | $62,324 | $62,265 | $60,745 | $86,791 | $88,592 | $101,870 | | Reported Net Income Attributable to VS&Co | $16,228 | $26,883 | $31,801 | $31,462 | $14,572 | $34,097 | $28,159 | $40,567 | | Reported Net Income Per Diluted Share Attributable to VS&Co | $0.20 | $0.33 | $0.40 | $0.40 | $0.18 | $0.42 | $0.35 | $0.51 | - Adjustments include amortization of intangible assets, restructuring and other one-time charges, and Adore Me acquisition-related items[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Legal and Investor Information](index=2&type=section&id=Legal%20and%20Investor%20Information) This section provides details on the upcoming earnings conference call and important disclosures regarding forward-looking statements and risk factors [Quarterly Earnings Conference Call](index=2&type=section&id=Quarterly%20Earnings%20Conference%20Call) Victoria's Secret & Co. will host its second-quarter earnings call on Thursday, August 28, 2025, at 8:30 a.m. Eastern. Dial-in and replay information, along with website access for materials, are provided - Earnings call scheduled for **Thursday, August 28, 2025, at 8:30 a.m. Eastern**[11](index=11&type=chunk) - Dial-in: **1-800-619-9066** (international: **1-212-519-0836**), passcode **5358727**. Audio replay: **1-800-839-2204** (international: **1-203-369-3032**), passcode **2485654**[11](index=11&type=chunk) - Materials available on the Investors section of www.victoriassecretandco.com[11](index=11&type=chunk) [Safe Harbor Statement and Risk Factors](index=3&type=section&id=Safe%20Harbor%20Statement%20Under%20the%20Private%20Securities%20Litigation%20Reform%20Act%20of%201995) The Safe Harbor Statement cautions that forward-looking statements involve risks and uncertainties, and actual results may differ materially. It lists various factors that could affect operations and financial performance, including general economic conditions, market disruptions, trade environment uncertainty, strategic plan implementation, leadership changes, labor costs, store traffic, international operations, brand reputation, competition, consumer acceptance, acquisitions, AI integration, supply chain issues, geographic concentration, vendor performance, costs, IT security, stock price volatility, shareholder activism, credit rating, and regulatory/legal matters - Forward-looking statements are subject to change based on various factors beyond the company's control, and future performance may differ materially from expectations[13](index=13&type=chunk) - Key risk factors include general economic conditions, market disruptions, global trade environment uncertainty (tariffs), ability to implement strategic plans, leadership changes, labor costs, store traffic, international expansion, brand reputation, competitive landscape, consumer acceptance, successful integration of acquisitions, and the ability to incorporate AI[13](index=13&type=chunk)[15](index=15&type=chunk) - Additional risks relate to supply chain (political instability, natural disasters, shipping disruptions, currency fluctuations, labor disputes), geographic concentration of facilities, vendor performance, freight/product/energy costs, IT systems and cybersecurity, data security, stock price volatility, shareholder activism, credit rating, and regulatory/legal compliance[15](index=15&type=chunk)

Core Insights - The company reported strong second quarter results, with net sales of $1.459 billion, a 3% increase from $1.417 billion in the same quarter of 2024, exceeding previous guidance [5][6] - Comparable sales for the second quarter increased by 4%, indicating growth in both Victoria's Secret and PINK brands across various channels [3][5] - The company raised its full-year 2025 sales guidance to a range of $6.330 billion to $6.410 billion, up from the previous range of $6.2 billion to $6.3 billion [8] Financial Performance - Operating income for the second quarter was reported at $41 million, down from $62 million in the same quarter of 2024 [6][23] - Adjusted operating income for the second quarter was $55 million, surpassing the guidance range of $15 million to $35 million, although it was lower than last year's adjusted operating income of $62 million [7][29] - Net income for the second quarter was $16 million, or $0.20 per diluted share, compared to $32 million, or $0.40 per diluted share, in the same quarter of 2024 [6][23] Sales Breakdown - North American store sales increased by 3.1% to $824.8 million, while direct sales decreased by 5.5% to $406.5 million [16] - International sales saw a significant increase of 21.8%, reaching $227.8 million [16] - Year-to-date total net sales reached $2.812 billion, a 1.3% increase from $2.776 billion in the previous year [16] Future Outlook - The company expects third quarter net sales to be in the range of $1.390 billion to $1.420 billion, compared to $1.347 billion in the same quarter of 2024 [9] - Adjusted operating loss for the third quarter is anticipated to be between $35 million and $55 million, with an estimated adjusted net loss per share ranging from $0.55 to $0.75 [9] - The company has updated its estimated net tariff impact for fiscal year 2025 to approximately $100 million, which is $50 million higher than previously estimated [8]

Wall Street analysts expect Victoria's Secret (VSCO) to post quarterly earnings of $0.13 per share in its upcoming report, which indicates a year-over-year decline of 67.5%. Revenues are expected to be $1.41 billion, down 0.8% from the year-ago quarter.The consensus EPS estimate for the quarter has been revised 1.8% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Ahead of a company ...

Group 1 - Victoria's Secret & Co. is set to report its fiscal Q2 results for the May-July period on August 28 [1] - The company specializes in women's intimate apparel and beauty products [1] Group 2 - The investment philosophy focuses on identifying mispriced securities by understanding the drivers behind a company's financials [1] - A DCF model valuation is often used to reveal the company's prospects and determine the risk-to-reward ratio [1]

Company Overview - Victoria's Secret & Co. is a specialty retailer offering modern, fashion-inspired collections including bras, panties, lingerie, apparel, and fragrances [2] - The company operates under market-leading brands Victoria's Secret and PINK, and also includes Adore Me, a technology-led intimates brand [2] - Victoria's Secret & Co. employs over 30,000 associates and has approximately 1,380 retail stores in nearly 70 countries [2] Upcoming Earnings Release - The second quarter 2025 earnings release is scheduled for August 28, 2025, before market open [1] - A live webcast of the earnings conference call will take place at 8:30 a.m. ET on the same day [1] - Financial information related to the earnings release will be available on the company's investor relations website [1]

Core Insights - Victoria's Secret has launched the new Body by Victoria FlexFactor Lightly Lined Plunge Demi Bra, which features an innovative flexible titanium underwire for enhanced comfort and movement [1][4] - The Body by Victoria collection is the brand's top-selling line, with a bra sold every 5 seconds and thousands of five-star reviews, indicating strong customer satisfaction [1][3] - The new bra is designed with ultra-light construction and memory foam that adapts to individual shapes, promoting a barely-there feel while providing support [3] Product Details - The Body by Victoria collection includes a variety of products such as bras, panties, casual sleepwear, and apparel, with prices starting at $16.95 and sizes ranging from XS-XXL and bra sizes from bands 30-44 and cups A-G [3] - The new collection will be available in retail locations and online starting July 23, 2025 [5] Marketing and Campaign - The campaign for the new collection was shot in New York City, emphasizing movement and freedom, and was led by Executive Creative Director Adam Selman in collaboration with creative agency Chandelier [2][4] - The innovative design of the new bra is highlighted as a significant advancement in the collection, aiming to enhance the overall customer experience [4] Company Overview - Victoria's Secret is a leading global retailer in intimate apparel, known for its fashion-inspired collections, including bras, panties, lingerie, and casual sleepwear, as well as fragrances and body care products [6][7] - The company operates over 1,380 retail stores in nearly 70 countries, employing more than 30,000 associates [6]

Company Overview - Victoria's Secret & Co. is a specialty retailer offering women's apparel and beauty products under the Victoria's Secret, Pink, and Adore Me brands, including intimate apparel, casual sleepwear, swimwear, and fragrances [1] - The company began trading on the New York Stock Exchange in summer 2021 after spinning off from L Brands, which is now Bath & Body Works [4] Current Challenges - Victoria's Secret shares have fallen over 75% from an all-time high of approximately $76 per share to around $18 per share since its IPO [4] - The company has faced significant underperformance, trailing its peers by 47.4 percentage points since its IPO, with issues such as declining revenue, shrinking gross margins, and high senior management turnover [6][9] Activist Involvement - Barington Capital, an activist investor, holds over 1% of Victoria's Secret and is advocating for substantial changes to the board, including replacing a majority of directors with those experienced in brand revitalization and operational execution [2][3] - Barington has a history of successful activism, having generated a 221.5% return during its advisory role with L Brands, the former parent company of Victoria's Secret [6][8] Recommendations from Activists - Barington Capital has recommended that Victoria's Secret focus on several key areas: 1. Replace at least a majority of the board with experienced directors [3][7] 2. Evaluate the CEO's capability to lead a turnaround [3][7] 3. Increase focus on the core brand [3][7] 4. Accelerate growth in digital and international markets [3][7] 5. Streamline operations by eliminating underperforming initiatives [3][7]

Core Viewpoint - Activist investor Barington Capital Group is urging Victoria's Secret to restructure its board and eliminate its recently adopted shareholder rights plan, citing a significant decline in shareholder value since its separation from L Brands in 2021 [1][2]. Company Performance - Since the separation from L Brands, Victoria's Secret has overseen a loss of $2.4 billion in shareholder value, indicating a failure to realize its potential [2]. - The current leadership, including CEO Hillary Super, is criticized for lacking the necessary experience and strategic clarity for a successful turnaround [2]. Leadership Concerns - Barington Capital highlights that six of the nine current board members were part of the board during the company's decline, and the remaining independent directors have limited experience in scaling global consumer businesses [6]. - The investor calls for a reconstituted board with directors experienced in brand revitalization, operational execution, international expansion, and shareholder value creation [7]. Strategic Focus - Concerns are raised regarding CEO Hillary Super's lack of employee confidence and her focus on relaunching secondary brands and expanding into athleticwear, which detracts from prioritizing the core business and international growth [4]. - Barington Capital emphasizes the need for Victoria's Secret to concentrate on core product categories, such as bras, and to reinvest in digital and international markets while streamlining its operating model [10]. Governance Issues - The activist investor expresses disappointment with the company's recently adopted "poison pill" plan, viewing it as counterproductive and potentially entrenching management and the board at a time when significant changes are needed [9]. - Barington Capital argues that companies with weak governance structures and strong anti-takeover provisions tend to trade at lower valuations [9]. Historical Context - Barington Capital previously worked with L Brands to implement key initiatives, resulting in a 221.5% increase in share price during its advisory tenure [12].

Core Viewpoint - Activist investor Barington Capital Group has acquired over 1% of Victoria's Secret stock and aims to increase its stake amid significant stock decline and shareholder dissatisfaction [1][4] Group 1: Shareholder Actions - Barington Capital is advocating for a board refresh, potentially replacing a majority or all members with independent directors [2] - The firm is urging Victoria's Secret to refocus on its core bras business to improve stock performance, believing the brand has untapped value, especially in its beauty segment [3] Group 2: Financial Performance - Victoria's Secret's market value has dropped to approximately $1.5 billion from $6.5 billion post-2021 split from Bath & Body Works [1] - The company reported first-quarter adjusted earnings per share of 9 cents and quarterly sales of $1.35 billion, which were in line with analyst expectations [5] - Fiscal year 2025 adjusted operating income guidance has been lowered to $270 million to $320 million from a previous forecast of $300 million to $350 million [6] Group 3: External Pressures - Australian billionaire Brett Blundy, holding nearly 13% of Victoria's Secret shares, has criticized board decisions and called for a board overhaul [4] - In response to shareholder pressure, the company implemented a "poison pill" shareholder rights plan to prevent further share accumulation, which Barington has deemed counterproductive [5] Group 4: Operational Challenges - Victoria's Secret faced a cybersecurity breach in June, which resulted in its website being offline for three days in late May [6]