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 Viewpoint - Victoria's Secret & Co. reported first quarter financial results that exceeded expectations, reaffirming its full year 2025 sales guidance [1][2]. Financial Performance - The company reported net sales of $1.353 billion for the first quarter of 2025, surpassing the guidance range of $1.30 billion to $1.33 billion, and remaining flat compared to $1.359 billion in the first quarter of 2024 [5]. - Operating income for the first quarter of 2025 was $20 million, down from $26 million in the first quarter of 2024, with a net loss of $2 million, or $0.02 per diluted share, compared to a net loss of $4 million, or $0.05 per diluted share, in the prior year [6]. - Adjusted operating income for the first quarter of 2025 was $32 million, exceeding the guidance range of $10 million to $30 million, but down from $40 million in the first quarter of 2024. Adjusted net income was $7 million, or $0.09 per diluted share, near the high end of the guidance range [7]. Sales Outlook - For the second quarter of 2025, the company forecasts net sales between $1.380 billion and $1.410 billion, compared to $1.417 billion in the same quarter last year. Adjusted operating income is expected to range from $15 million to $35 million [8]. - The full year sales guidance remains at $6.2 billion to $6.3 billion, with adjusted operating income now expected to be between $270 million and $320 million, revised down from the previous range of $300 million to $350 million due to an estimated net tariff impact of approximately $50 million [9]. Business Strategy - The CEO emphasized the company's focus on customer experience, brand health, and product innovation, highlighting the strength in the Beauty business and PINK apparel [3]. - The CFO noted a disciplined approach to cost control and agility in responding to customer needs, aiming to build on the company's solid foundation [4]. Store Performance - Total net sales for the first quarter included $721.3 million from North American stores, $433.2 million from direct sales, and $198.4 million from international sales, with a total comparable sales decrease of 1% [17]. - The company operated 1,378 stores as of May 3, 2025, after opening 15 and closing 24 stores during the quarter [22].

Core Viewpoint - The Board of Directors of Victoria's Secret & Co. has adopted a limited-duration shareholder rights plan to protect the interests of all shareholders in response to significant stock accumulation by BBRC International Pte Limited [2][3][4] Group 1: Rights Plan Details - The Rights Plan is effective immediately and will expire in one year, specifically on May 18, 2026 [2][8] - Each shareholder will receive one right for each share of common stock as of May 29, 2025, which will initially trade with the common stock [5][8] - The rights become exercisable if any person acquires 15% or more of the outstanding common stock, or 20% for certain passive investors [5][6] Group 2: Rationale for the Rights Plan - The Board adopted the Rights Plan due to the substantial accumulation of shares by BBRC, which began increasing its position to approximately 13% starting in March 2025 [3][6] - The Board expressed concerns about the current market dislocation in the retail sector and its impact on the trading value of the Company's shares, which they believe does not reflect the inherent value of VS&Co [3][4] - The Rights Plan aims to ensure fair treatment of all shareholders in the event of a takeover and to prevent control from being gained without appropriate compensation [4][6] Group 3: Engagement with BBRC - The Company has maintained open dialogue with BBRC and values their investment, indicating a willingness to continue discussions [4] - BBRC has a history of acquiring controlling interests in retail companies and has recently launched a new global lingerie and beauty brand [6][4] Group 4: Company Overview - Victoria's Secret & Co. is a specialty retailer known for its fashion-inspired collections, including lingerie, sleepwear, and beauty products, with a global presence of approximately 1,380 retail stores in nearly 70 countries [9]

Core Viewpoint - Victoria's Secret & Co. is set to release its first quarter 2025 earnings on June 5, 2025, with a live conference call scheduled for 8:30 a.m. ET, providing an opportunity for stakeholders to gain insights into the company's financial performance and strategic direction [1][2]. Company Overview - Victoria's Secret & Co. (NYSE: VSCO) is a specialty retailer known for its modern, fashion-inspired collections, including bras, lingerie, apparel, and fragrances, with a commitment to empowering women and a workforce of over 30,000 associates across approximately 1,380 retail stores in nearly 70 countries [3]. - The company operates leading brands, Victoria's Secret and PINK, alongside Adore Me, a technology-driven intimates brand catering to women of all sizes and budgets [3]. Earnings Call Details - The earnings release and related financial information will be available on the company's investor relations website approximately one hour before the live webcast [1]. - For those unable to attend the live call, an archived version will be accessible on the company's website [2]. Contact Information - For further inquiries, the company provides contact details for investor relations and media relations, ensuring stakeholders can obtain additional information as needed [6].