Core Insights - Victoria's Secret & Co. reported strong financial results for the fourth quarter and fiscal year ended January 31, 2026, exceeding both top- and bottom-line guidance with significant growth across various brands and channels [2][3][8]. Fourth Quarter 2025 Results - The company achieved net sales of $2.270 billion in the fourth quarter of 2025, marking an 8% increase from $2.106 billion in the same quarter of 2024, surpassing previous guidance [3][22]. - Comparable sales for the fourth quarter increased by 8% [3][24]. - Operating income for the fourth quarter was reported at $229 million, down from $268 million in the fourth quarter of 2024, while net income was $184 million, or $2.14 per diluted share, compared to $193 million, or $2.33 per diluted share, in the prior year [4][29]. Adjusted Financial Performance - Adjusted operating income for the fourth quarter was $316 million, exceeding the guidance range of $265 million to $290 million, and compared to $299 million in the previous year [5][11]. - Adjusted net income for the fourth quarter was $238 million, or $2.77 per diluted share, also above the guidance range of $2.20 to $2.45, and up from $216 million, or $2.60 per diluted share, in the prior year [5][11]. Full Year 2025 Results - For fiscal year 2025, net sales reached $6.553 billion, a 5% increase from $6.230 billion in fiscal year 2024, exceeding the guidance range of $6.450 billion to $6.480 billion [9][12]. - Comparable sales for the full year increased by 5% [9][12]. - Operating income for the full year was $271 million, down from $310 million in fiscal year 2024, while net income was $161 million, or $1.93 per diluted share, compared to $165 million, or $2.05 per diluted share, in the previous year [10][31]. Strategic Outlook - The company forecasts first quarter 2026 net sales between $1.490 billion and $1.525 billion, compared to $1.353 billion in the first quarter of 2025 [13]. - For fiscal year 2026, net sales are projected to be in the range of $6.850 billion to $6.950 billion, with expected operating income between $430 million and $460 million [14]. - The company is conducting a strategic review of DailyLook, a non-core asset, to focus on its primary brands, Victoria's Secret and PINK, as part of its Path to Potential strategy [15].

Core Insights - Carter's reported fourth-quarter net sales of $925 million, an 8% increase year over year, with a 3% increase on a comparable 13-week basis [2][5] - The company faced a gross margin decline of 460 basis points to 43.2%, primarily due to tariffs and higher product costs [2][5] - Adjusted EPS for the quarter was $1.90, down from $2.39 in the prior year [5][6] Financial Performance - The fourth-quarter results exceeded internal forecasts, marking the first year-over-year revenue increase since 2021 [2] - Adjusted SG&A expenses rose 5% to $315 million, influenced by costs associated with the 53rd week, demand-creation spending, and increased wage and rent expenses [6] - The company ended the fiscal year with over $1 billion in liquidity, including approximately $500 million in cash [3][14] Fiscal 2026 Outlook - For fiscal 2026, Carter's expects net sales and adjusted operating income to grow low- to mid-single digits, while adjusted EPS is projected to decline low double digits to mid-teens [4][17] - The company anticipates a gross tariff impact exceeding $200 million in 2026, with pricing expected to offset some of this impact [4][17] - First-quarter 2026 guidance includes mid-single-digit net sales growth and adjusted operating income of $12 million to $15 million [19] Retail and Consumer Trends - U.S. retail net sales increased 9% in the quarter, with comparable sales up 4.7%, marking the third consecutive quarter of positive retail comps [7] - The company is focusing on a growth strategy centered on "quality growth," reducing promotions, and enhancing brand storytelling [8] - Carter's active consumer count is growing, particularly among Gen Z and millennial families, with a higher mix of "better and best" products [10] Wholesale and International Performance - U.S. wholesale net sales increased 3%, but profitability was pressured by tariffs, with approximately $20 million of the quarter's tariff impact affecting this segment [11][12] - International net sales grew 10%, driven by strong performance in Canada and Mexico, with operating profit increasing slightly year over year [13] Inventory and Capital Allocation - Year-end inventory was $545 million, up 8% in dollars but down 4% in units, with tariffs increasing inventory value by $50 million [15] - The company refinanced its debt, issuing $575 million in new 5-year senior notes at a 7.375% coupon [14]

Core Viewpoint - Victoria's Secret & Co. is set to release its fourth quarter 2025 earnings on March 5, 2026, with a live conference call scheduled for 8:30 a.m. ET, providing insights into the company's financial performance and strategic direction [1][2]. Company Overview - Victoria's Secret & Co. (NYSE: VSCO) is a specialty retailer offering a range of fashion-inspired collections, including bras, lingerie, apparel, and fragrances, with a commitment to empowering women [3]. - The company operates over 1,400 retail stores across approximately 70 countries and employs more than 30,000 associates [3]. Earnings Call Details - The earnings release will be available on the company's investor relations website approximately one hour before the conference call [1]. - Participants can join the call via a dedicated link or dial-in numbers provided for both domestic and international audiences [2].

Core Insights - Lane Bryant has partnered with Rithum to launch a dropshipping program for its US e-commerce operations, enhancing its online retail capabilities [1][2] Group 1: Partnership Details - The partnership allows Lane Bryant to join Rithum's Commerce Solutions network, enabling direct product listing, selling, and fulfillment through Lane Bryant's website [1] - The initiative aims to broaden Lane Bryant's online assortment and strengthen its third-party marketplace capabilities [2] Group 2: Operational Support - Rithum's full-stack commerce infrastructure will support the program, covering product onboarding, operational compliance, and performance visibility for retailers and suppliers [3] - The platform facilitates connections with Lane Bryant's e-commerce systems without requiring individual technical integrations or manual processes [3] Group 3: Strategic Goals - The partnership is designed to provide retailers like Lane Bryant with the agility to expand product assortments without inventory risk, ultimately enhancing customer experience [2][4] - Lane Bryant focuses on women's apparel and operates around 400 stores across the US, indicating a significant retail presence [4] Group 4: Rithum Overview - Rithum, previously known as CommerceHub and ChannelAdvisor, offers commerce software that supports product listing, order fulfillment, and performance optimization [5] - The company serves a diverse client base, including global retailers such as Adidas and Best Buy, with teams located in multiple countries [5]

Core Insights - American Eagle Outfitters, Inc. (AEO) is anticipated to show revenue growth in its third-quarter fiscal 2025 results, with a consensus estimate of $1.32 billion, reflecting a 2.3% increase year-over-year [1] - The earnings consensus estimate stands at 43 cents per share, indicating a 10.4% decline from the previous year, although it has seen a slight increase in the last 30 days [2] Sales Performance - AEO's sales performance is expected to benefit from brand strength, particularly at Aerie, and positive demand in categories such as intimates, soft dressing, sleepwear, and activewear [3] - The company has made significant investments in digital channels, store optimization, and marketing campaigns, which are likely to support top-line growth [4] Cost and Profitability Challenges - AEO faces challenges from a tough operating environment, including weak consumer sentiment and inflation, which may impact profitability [5] - Increased costs related to selling, general and administrative (SG&A) expenses, advertising, and tariffs are expected to weigh on the company's profitability for the quarter [6] Earnings Prediction - The Zacks model indicates a strong likelihood of an earnings beat for AEO, supported by a positive Earnings ESP of +1.55% and a Zacks Rank of 2 (Buy) [7] Valuation and Stock Performance - AEO's forward 12-month price-to-earnings ratio is 15.27X, which is below the industry average of 16.62X, suggesting it offers compelling value for investors [10] - The stock has experienced a significant increase of 82.6% over the past six months, outperforming the industry, which saw a decline of 0.7% [10]

Core Viewpoint - Victoria's Secret & Co. will participate in a fireside chat at the Goldman Sachs 32nd Annual Global Retailing conference on September 4, 2025, featuring CEO Hillary Super and CFO Scott Sekella [1]. Company Overview - Victoria's Secret & Co. is a specialty retailer offering modern, fashion-inspired collections, including bras, panties, lingerie, apparel, casual sleepwear, swimwear, lounge, and sport items, as well as prestige fragrances and body care [3]. - The company operates leading brands, Victoria's Secret and PINK, and also includes Adore Me, a technology-driven, digital-first intimates brand catering to women of all sizes and budgets [3]. - Victoria's Secret & Co. employs over 30,000 associates and has approximately 1,380 retail stores across nearly 70 countries [3]. Event Details - A live audio webcast of the fireside chat will be available on the company's investor relations website, with a replay accessible afterward [2].

As filed with the U.S. Securities and Exchange Commission pursuant to Section 106(a) of the Jumpstart Our Business Startups Act of 2012 on August 14, 2025 Registration No. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Address, including zip code, and telephone number, including area code, of Registrant's principal executive office) Cogency Global Inc. 122 East 42 Street, 18 Floor New York, New York 10168 800-221-0102 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ...

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].

Financial Data and Key Metrics Changes - For the full year 2024, total sales were approximately $611 million, with comparable sales growth of 1.5% and gross margin of 70.4% [18][26] - Adjusted EBITDA for the year was $107 million, while adjusted net income per diluted share was $3.47, reflecting a 4% increase [26][27] - Free cash flow for the year was $47 million, with cash from operations generating $65 million [27][28] Business Line Data and Key Metrics Changes - In Q4, total company sales were $143 million, down approximately 5% compared to the previous year [21] - Direct sales accounted for 50.5% of total sales in Q4, down 6.8% year-over-year due to a shift into markdown selling [24] - The strongest categories in Q4 included bottoms, outerwear, knit tops, and sleepwear, supported by marketing campaigns [9][80] Market Data and Key Metrics Changes - The retail channel saw a 1.9% increase in comparable sales for Q4, driven by strong conversion and average unit retail (AUR) [22] - Store sales for Q4 were down 3% due to calendar impacts, but new stores contributed approximately $1.1 million in revenue [22][23] - The company ended the year with a total of 252 stores, reflecting a net increase of eight stores [30] Company Strategy and Development Direction - The company plans to continue investing in new store growth, with expectations to open 20 to 25 net new stores by the end of 2026 [34] - The implementation of a new order management system (OMS) is expected to enhance omni-channel capabilities and improve customer experience [31][32] - Marketing strategies are being diversified, including geo-targeted efforts to drive customer engagement and store traffic [12][56] Management's Comments on Operating Environment and Future Outlook - The management noted that fiscal 2025 has started slowly, with consumer sentiment and adverse weather impacting performance [14][15] - The company is taking a prudent approach to its outlook for Q1 and the remainder of the year, considering macroeconomic uncertainties [15][19] - Management expressed confidence in the brand's potential for growth, emphasizing the importance of disciplined operating principles [16][36] Other Important Information - The company initiated a quarterly dividend and share buyback program, marking the first such actions since its IPO in 2017 [10][18] - Total reported inventories were up about 15% compared to the previous year, but normalized inventories were only up about 3% [29][84] - The company expects to spend approximately $25 million in capital expenditures for fiscal 2025, focusing on new stores and OMS rollout [35] Q&A Session Summary Question: Can you elaborate on the Q1 headwinds? - Management identified three main headwinds: adverse weather, consumer sentiment concerns, and the OMS implementation [40][41] Question: What benefits do you expect from the OMS? - The OMS is expected to provide operational efficiencies and enhance omni-channel capabilities, starting to yield benefits in the back half of the year [43][45] Question: How do you view gross margin trends for the year? - Management indicated that Q1 will be the most challenging comparison, with expectations for flat gross margins overall [50][52] Question: What are the traffic trends and how are you driving digital customers to stores? - Traffic has been challenged, but the company is testing geo-targeted marketing to drive store traffic [54][56] Question: How are promotions being managed in the current environment? - The company aims to maintain a disciplined promotional approach while responding to consumer price sensitivity [66][70] Question: What differences are observed between stores and digital channels? - Stores are more full-price oriented, while digital channels have shifted more towards markdowns [74]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per diluted share of $0.28, down from $0.34 in the same quarter last year [21] - Total sales were $545 million, a decrease of 2.4% year-over-year, with a 3% decline on a comparable sales basis [22] - Gross margin was 39.8%, down from 41.4% last year, indicating a normalized margin due to steady inventory flow [23] Business Line Data and Key Metrics Changes - Soma experienced a 2.1% net sales increase, with comparable sales down 0.5%, marking a sequential improvement over the last four quarters [22][5] - Chico's saw a 2.5% decline in comparable sales, while White House Black Market's comparable sales fell 5.7%, both on top of nearly 30% increases on a two-year stack basis [22] - Average dollar sale and units per transaction increased across all brands, offset by a decrease in transaction count [22] Market Data and Key Metrics Changes - The company gained market share among customers aged 45 and older with household incomes over $100,000, with Soma significantly outperforming the market in the same demographic [8] - Total inventory was down 11%, with on-hand inventory down 0.3%, indicating a healthy inventory position entering the second half of the year [9][26] Company Strategy and Development Direction - The company focuses on being customer-led, utilizing stores, digital platforms, and social media to enhance customer experiences and drive long-term growth [10] - The strategic pillars include being product-obsessed, digital-first, and operationally excellent, with ongoing investments in technology and marketing to support growth [20] - The company plans to manage expenses while investing in areas that drive customer growth and store productivity [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the back half of the year, citing positive customer responses to new fall assortments and a healthy inventory position [29] - The company expects total sales for fiscal 2023 to be flat to low single-digit growth compared to last year, with improving trends anticipated in Q3 and Q4 [28][29] - Management highlighted the importance of maintaining a balanced assortment and strategic promotions to navigate the current market environment [73] Other Important Information - The company ended the quarter with $151 million in cash and total liquidity of $386 million, with only $24 million in debt [24][25] - The redesigned loyalty programs have seen nearly 90% enrollment among apparel customers, driving higher units per transaction and average dollar sales [19] Q&A Session Summary Question: Can you expand on inventory and trend changes for Q4 by brand? - Management noted that total inventory was down 11%, with fresh fall inventories up 12%, indicating a healthy position for Q3 [34] Question: What are the factors affecting gross margin? - Management highlighted corporate savings and occupancy costs as key factors, with a moderate gross margin contraction expected for the year [38][39] Question: How are outlet trends progressing? - Management reported a rebound in outlet stores, with positive foot traffic and conversion rates, although digital outlet sales remained soft [42][43] Question: What is the status of customer reactivation? - Management indicated strong reactivation of lapsed customers, with new customer growth up across all brands [44] Question: How is the dress business performing at White House Black Market? - Management acknowledged a sequential improvement in sales, with inventory levels now balanced between fashion and basics [71] Question: Is there a trend back towards casual wear? - Management clarified that the trend is more about proportion changes rather than a strict shift towards casual or dressy styles [75]