Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to Mex$1,310, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 9x in the Specialty Retail industry in South America. Total returns to shareholders of 196% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,913 per share. New Risk • Jun 06
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: Mex$1.6b This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks High level of debt (93% net debt to equity). Large one-off items impacting financial results. Significant insider selling over the past 3 months (Mex$1.6b sold). Reported Earnings • Jun 03
First quarter 2027 earnings released: EPS: US$0.56 (vs US$0.025 loss in 1Q 2026) First quarter 2027 results: EPS: US$0.56 (up from US$0.025 loss in 1Q 2026). Revenue: US$1.56b (up 15% from 1Q 2026). Net income: US$47.7m (up US$49.7m from 1Q 2026). Profit margin: 3.1% (up from net loss in 1Q 2026). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • Jun 03
Victoria's Secret & Co. Provides Earnings Guidance for the Second Quarter and Revises Earnings Guidance for the Full Year Ending January 30, 2027 Victoria's Secret & Co. provided earnings guidance for the second quarter and revised earnings guidance for the full year ending January 30, 2027. The Company is forecasting net sales for the second quarter of 2026 to be in the range of $1.590 billion to $1.615 billion compared to net sales of $1.459 billion for the second quarter of 2025. At this forecasted level of net sales, operating income for the second quarter of 2026 is expected to be in the range of $90 million to $100 million.
For the year, the Company is now forecasting net sales to be in the range of $7.030 billion to $7.130 billion, an increase compared to the previously communicated guidance range of $6.850 billion to $6.950 billion, and compared to net sales of $6.553 billion in fiscal year 2025. The company expects operating income - GAAP to be in the range of $546 million to $576 million, net income attributable to the company - GAAP to be in the range of $362 million to $382 million and net income per diluted share attributable to the company - GAAP to be in the range of $4.31 to $4.56. Announcement • May 24
BBRC International PTE Limited Issues a Press Release to Shareholders of Victoria’s Secret On May 22, 2026, BBRC International PTE Limited announced that it issued a press release urging Victoria’s Secret & Co. shareholders to vote against Chair Donna James at the June 11, 2026, annual meeting, citing poor oversight, value destruction, and demanding Board Chair succession. Announcement • May 20
BBRC International Releases Presentation to Shareholders of Victoria’s Secret On May 19, 2026, BBRC International PTE Limited released an investor presentation entitled, ‘A Targeted Accountability Campaign to Preserve Victoria’s Secret’s Turnaround’ for shareholders of Victoria’s Secret & Co. BRC International has also filed a definitive proxy statement with the U.S. Securities and Exchange Commission urging the Company shareholders to vote against Chair Donna James and other board nominees at the June 11, 2026, annual meeting of shareholders, citing value-destructive decisions and underperformance. BBRC International expresses its view that a new Chair will better protect and accelerate the Company's turnaround. BBRC International expressed its view that a Board without Donna James will be better positioned to protect and accelerate the Company’s turnaround and drive long-term stockholder value creation. BBRC International also expressed that the withdrawal of Mariam Naficy’s nomination validates its case for change; reminds stockholders to drive long-term value creation by voting against Donna James at the June 11, 2026, annual shareholders meeting. Announcement • May 19
BBRC International Releases an Investor Presentation to Shareholders of Victoria's Secret On May 18, 2026, BBRC International PTE Limited released an investor presentation entitled ‘A Targeted Accountability Campaign to Preserve Victoria’s Secret’s Turnaround’ in connection with Victoria's Secret & Co.’s annual shareholders meeting. Announcement • May 15
BBRC International PTE Limited Urges Victoria’s Secret & Co Shareholders to Vote against Company Directors Re-election On May 13, 2026, BBRC International PTE Limited announced that it urged Victoria’s Secret & Co. stockholders to vote against the re-election of Chair Donna James at the Company’s 2026 annual meeting. BBRC highlights James’ involvement in a $90 million derivative lawsuit related to oversight failures during her time as Audit Committee Chair at L Brands, as well as her role in costly stock repurchases and acquisitions. BBRC stated that the Board’s continued support for James is unjustified given her track record and declining shareholder support in recent elections. The group advocates for the appointment of a new, independent Chair to ensure accountable governance and sustain the company’s operational turnaround. Announcement • May 13
Victoria's Secret & Co. to Report Q1, 2027 Results on Jun 02, 2026 Victoria's Secret & Co. announced that they will report Q1, 2027 results Pre-Market on Jun 02, 2026 Announcement • May 06
Victoria's Secret & Co., Annual General Meeting, Jun 11, 2026 Victoria's Secret & Co., Annual General Meeting, Jun 11, 2026. Recent Insider Transactions • Apr 08
Independent Chairman recently bought Mex$1.8m worth of stock On the 2nd of April, Donna James bought around 2k shares on-market at roughly Mex$825 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Donna's only on-market trade for the last 12 months. New Risk • Mar 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 06
Full year 2026 earnings released: EPS: US$1.93 (vs US$2.09 in FY 2025) Full year 2026 results: EPS: US$1.93 (down from US$2.09 in FY 2025). Revenue: US$6.55b (up 5.2% from FY 2025). Net income: US$160.9m (down 2.5% from FY 2025). Profit margin: 2.5% (in line with FY 2025). Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Mar 05
Victoria's Secret & Co. Provides Earnings Guidance for the First Quarter and Full Year 2026 Victoria's Secret & Co. provided earnings guidance for the first quarter and Full Year 2026. For the quarter, the Company is forecasting net sales to be in the range of $1.490 billion to $1.525 billion compared to net sales of $1.353 billion for the first quarter of 2025. At this forecasted level of net sales, operating income for the first quarter of 2026 is expected to be in the range of $32 million to $42 million.
For the year, company expected net sales to be in the range of $6.850 billion to $6.950 billion compared to net sales of $6.553 billion in fiscal year 2025. At this forecasted level of net sales, operating income for fiscal year 2026 is expected to be in the range of $430 million to $460 million. Announcement • Feb 12
Victoria's Secret & Co. to Report Q4, 2026 Results on Mar 05, 2026 Victoria's Secret & Co. announced that they will report Q4, 2026 results Pre-Market on Mar 05, 2026 Buy Or Sell Opportunity • Jan 15
Now 22% undervalued Over the last 90 days, the stock has risen 91% to Mex$1,085. The fair value is estimated to be Mex$1,394, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 31%. Revenue is forecast to grow by 4.5% in a year. Earnings are forecast to grow by 35% in the next year. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Mex$1,130, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 9x in the Specialty Retail industry in South America. Total returns to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,160 per share. Reported Earnings • Dec 08
Third quarter 2026 earnings released: US$0.46 loss per share (vs US$0.71 loss in 3Q 2025) Third quarter 2026 results: US$0.46 loss per share (improved from US$0.71 loss in 3Q 2025). Revenue: US$1.47b (up 9.3% from 3Q 2025). Net loss: US$37.0m (loss narrowed 34% from 3Q 2025). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Specialty Retail industry in South America. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Mex$755, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 10x in the Specialty Retail industry in South America. Total loss to shareholders of 13% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Mex$646 per share. Announcement • Nov 14
Victoria's Secret & Co. to Report Q3, 2026 Results on Dec 05, 2025 Victoria's Secret & Co. announced that they will report Q3, 2026 results Pre-Market on Dec 05, 2025 Announcement • Nov 05
BBRC International Issues Letter to the Victoria’s Secret Board On November 4, 2025, BBRC International PTE Limited announced that it has sent a letter to Victoria’s Secret & Co’s board, following months of attempts to engage in good faith with the Board regarding changes that are needed to improve the Board’s composition and governance. BBRC International stated that it has repeatedly tried to engage with the Board to suggest changes but claims the Board has taken an adversarial stance. In addition, BBRC International stated that it is advocating for removal of the current Board Chair, Donna James, citing her over-tenure, appointment of a stockholder representative to the Board to improve alignment and oversight. Further, BBRC International stated that if the Board does not engage constructively, it plans to nominate directors at the 2026 annual meeting. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$687, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 10x in the Specialty Retail industry in South America. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$707 per share. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$540, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Specialty Retail industry in South America. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$508 per share. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Mex$495, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Specialty Retail industry in South America. Simply Wall St's valuation model estimates the intrinsic value at Mex$618 per share. New Risk • Aug 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. Reported Earnings • Aug 28
Second quarter 2026 earnings released: EPS: US$0.20 (vs US$0.41 in 2Q 2025) Second quarter 2026 results: EPS: US$0.20 (down from US$0.41 in 2Q 2025). Revenue: US$1.46b (up 3.0% from 2Q 2025). Net income: US$16.2m (down 49% from 2Q 2025). Profit margin: 1.1% (down from 2.3% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Specialty Retail industry in South America. Announcement • Aug 21
Victoria's Secret & Co. Announces Executive Changes Victoria’s Secret & Co. eliminated the role of Chief Operating Officer to streamline the executive leadership team. As a result, Dein Boyle departed his position as Chief Operating Officer of the Company effective as of August 19, 2025. In order to provide for a smooth transition, Mr. Boyle is expected to remain employed by the Company in a non-executive capacity through December 31, 2025. Mr. Boyle’s termination constitutes a termination by the Company without Cause under the Executive Severance Agreement, dated June 28, 2021, between Mr. Boyle and the Company. In connection with his termination, Mr. Boyle will be entitled to receive the severance benefits provided under his severance agreement, subject to his execution of a full release of claims. In addition, Mr. Boyle will remain subject to certain post-termination restrictive covenants related to confidentiality, non-solicitation and non-competition. Buy Or Sell Opportunity • Aug 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.9% to Mex$388. The fair value is estimated to be Mex$488, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 49%. Revenue is forecast to grow by 0.6% in a year. Earnings are forecast to decline by 3.1% in the next year. Announcement • Aug 07
Victoria's Secret & Co. to Report Q2, 2026 Results on Aug 28, 2025 Victoria's Secret & Co. announced that they will report Q2, 2026 results Pre-Market on Aug 28, 2025 Announcement • Jul 23
Victoria's Secret Launches New Addition to Body by Victoria Collection, Featuring Body by Victoria FlexFactor Lightly Lined Plunge Demi Bra Victoria's Secret announced the launch of its latest addition to the Body by Victoria collection, featuring the Body by Victoria FlexFactor Lightly Lined Plunge Demi Bra. Body by Victoria is the brand's # 1 collection, debuting its newest silhouette designed with precise bra technology to create a barely there, wireless feel for everyday movement and absolute support. With one Body by Victoria bra sold every 5 seconds and garnering thousands of five-star customer reviews, the collection continues to enhance its selection of seamless styles, now featuring the FlexFactor Bra with unmatched support that feels better than being braless. Reflective of the collection's innovative ease, movement, and comfortability, the campaign was lensed by Charlotte Wales in New York City in partnership with Victoria's Secret Executive Creative Director, Adam Selman and creative agency Chandelier, with styling by Malina Joseph Gilchrist. Made with ultra-light construction, including a flexible titanium underwire and memory foam that adapts to unique shape, the Body by Victoria FlexFactor Bra is designed to move with you, wherever the day takes you. The full Body by Victoria collection includes Bras, Panties, Casual Sleep and Apparel, with prices starting at $16.95 and up, as well as sizes ranging from XS-XXL, and bra sizes in bands 30-44 and cups A-G. The new Victoria's Secret Body by Victoria collection will be available in retail locations nationwide and internationally, as well as online at VictoriasSecret.com beginning July 23rd. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Mex$352, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Specialty Retail industry in South America. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$374 per share. Announcement • Jun 17
Barington Capital Group Discloses its Views on Victoria's Secret On June 15, 2025, Barington Capital Group announced that it has built a stake in Victoria's Secret & Co. and believes the Company hasn't lived up to its full potential. Barington Capital plans to push the Company to refresh its board and refocus on its core bra business to turn around its share performance. Barington Capital expressed its view that the Company, including Chief Executive Hillary Super, lacks the experience and strategic clarity needed to drive a turnaround. It plans to ask the Company to consider replacing a majority, if not all of, the board with new independent directors. Barington Capital also sees opportunities to unlock value in the retailer's beauty business, which the firm estimates could alone be worth about as much as the Company's current market value. Reported Earnings • Jun 13
First quarter 2026 earnings released: EPS: US$0 (vs US$0.051 loss in 1Q 2025) First quarter 2026 results: EPS: US$0 (improved from US$0.051 loss in 1Q 2025). Revenue: US$1.35m (down 100% from 1Q 2025). Net loss: US$1.7k (loss narrowed 100% from 1Q 2025). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Announcement • Jun 05
Victoria's Secret & Co. to Report Q1, 2026 Final Results on Jun 11, 2025 Victoria's Secret & Co. announced that they will report Q1, 2026 final results Pre-Market on Jun 11, 2025 Announcement • Jun 03
Victoria's Secret & Co. Provides Earnings Guidance for the First Quarter of Fiscal 2025 Victoria's Secret & Co. provided earnings guidance for the first quarter of fiscal 2025. For the quarter, the company expected net sales of $1.35 billion as compared to prior guidance of $1.30 billion to $1.33 billion. Announcement • May 20
Victoria's Secret & Co. has filed a Follow-on Equity Offering. Victoria's Secret & Co. has filed a Follow-on Equity Offering.
Security Name: Series A Preferred Stock
Security Type: Preferred Stock
Transaction Features: Rights Offering Announcement • May 16
Victoria's Secret & Co. to Report Q1, 2026 Results on Jun 05, 2025 Victoria's Secret & Co. announced that they will report Q1, 2026 results Pre-Market on Jun 05, 2025 Buy Or Sell Opportunity • May 14
Now 22% overvalued Over the last 90 days, the stock has fallen 39% to Mex$430. The fair value is estimated to be Mex$353, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 56%. Revenue is forecast to decline by 0.3% in a year. Earnings are forecast to grow by 13% in the next year. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to Mex$390, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Specialty Retail industry in South America. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$373 per share. Announcement • Apr 09
Victoria’s Secret & Co. Announces Executive Appointments Victoria's Secret & Co. announced a series of strategic leadership appointments designed to accelerate growth across its portfolio of distinguished brands. The appointments reflect the company's commitment to placing customer focus and brand expertise at the center of its operations as it charts a new era for the business, operating from a position of strength. The appointments include: Anne Stephenson has been named President of Victoria’s Secret, a role she will assume on May 12, 2025 . A seasoned merchandising executive with more than 25 years of experience, Anne has extensive expertise in product strategy, brand development, and merchandising execution across top retail and apparel brands. Anne currently serves as Chief Merchandising Officer for Victoria’s Secret & Co. Ali Dillion will join the company on May 12 as President of PINK. Ali is an accomplished merchandising and brand executive with more than two decades of experience leading product strategy, merchandising, and brand development for prominent fashion retailers. Ali was most recently President of Alex Mill. Amy Kocourek was appointed President of Beauty in March. A career merchant with extensive experience in strategy, product innovation, and business transformation, Amy brings an impressive track record of driving revenue growth and expanding categories. Amy was most recently Chief Merchandising Officer at Kendra Scott. All three Brand Presidents will report directly to CEO, Hillary Super. Additionally, Adam Selman will join the company as SVP, Executive Creative Director. A visionary creative leader known for combining bold fashion design with powerful brand storytelling, Adam has shaped some of the most iconic and culturally resonant moments in fashion through a distinctive, aesthetic, inclusive approach, and deep understanding of how style intersects with pop culture. Adam will join the business on April 14, reporting directly to CEO, Hillary Super, until a new CMO is announced. This leadership team brings together strong industry experience, creative vision, and operational expertise. Their diverse perspectives and proven track records will be instrumental in executing VS&Co’s Path to Potential strategy, evolving brand projection, and creating meaningful connections with consumers. These appointments reaffirm the company's enduring mission as a company for women, bringing fresh expertise to advance its commitment to excellence, innovation, and business growth. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to Mex$300, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Specialty Retail industry in South America. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$333 per share. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Mex$430, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Specialty Retail industry in South America. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$388 per share. Announcement • Mar 08
Victoria's Secret & Co. Provides Earnings Guidance for the First Quarter and Full Year 2025 Victoria's Secret & Co. provided earnings guidance for the first quarter and Full Year 2025 . For the quarter, the Company is forecasting net sales to be in the range of $1.30 billion to $1.33 billion compared to last year’s first quarter net sales of $1.359 billion.
For the year, company expected net sales to be in the range of $6.2 billion to $6.3 billion compared to net sales of $6.204 billion in fiscal year 2024, which excludes the gift card breakage benefit of $26 million recognized in the fourth quarter of 2024. Reported Earnings • Mar 07
Full year 2025 earnings released: EPS: US$2.05 (vs US$1.40 in FY 2024) Full year 2025 results: EPS: US$2.05 (up from US$1.40 in FY 2024). Revenue: US$6.23b (flat on FY 2024). Net income: US$165.3m (up 52% from FY 2024). Profit margin: 2.7% (up from 1.8% in FY 2024). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Feb 14
Victoria's Secret Launches Designer Collaboration: Atelier Victoria's Secret X Altuzarra Victoria's Secret announced the launch of Atelier Victoria's Secret x Altuzarra, the first in a series of limited-edition collections created in partnership with celebrated womenswear designer Joseph Altuzarra – Victoria's Secret's first-ever designer in residence. The collaboration champions Altuzarra's masterful craftsmanship and Victoria's Secret's enduring legacy - introducing a collection that embodies strength, sophistication, and effortless allure. With the launch of this collaboration, Victoria's Secret marks the beginning of its expansion into ready-to-wear styles for Victoria's Secret's customers. The Atelier Victoria's Secret x Altuzarra ready-to-wear ready-to-wear collection is complemented by Victoria's Secret new and improved Very Sexy intimates collection with the campaign styled by the esteemed Emmanuelle Alt. Lensed by acclaimed photographer Lachlan Bailey and featuring remarkable talent including Blésnya Minher, Devyn Garcia, Imaan Hammam and Paula Soares, the campaign embodies the effortless sophistication and modern glamour of the collection. The Spring 2025 Atelier Victoria's Secret x Altuzarra collection is composed of eleven meticulously designed styles. For the first iteration of this partnership, Altuzarra concentrated on cornerstone pieces — the blazer, the shirt, the pant, the slip dress — styles that are versatile and elegant. The collection draws heavily from the intimate language of lingerie, blending delicate details with sharp, tailored silhouettes: a satin coat features crystal-encrusted bra straps sewn into the lining, allowing it to be worn off the shoulders, while a knit three-piece set is adorned with hook-and-eye closures that can be unfastened for a deliberately undone look. The slip dress is a deconstructed ode to 1930's lingerie, its bias-cut silhouette adorned with rows of tiny fabric buttons and delicate lingerie straps. Launching in tandem with the collaboration, Victoria's Secret's all new Very Sexy collection features the brand's sexiest demi-bra yet, the Very Sexy Lightly Lined Demi Bra, alongside sleek slips, corsets, skirts and more – designed to complement the ready-to-wear foundational wardrobe of Atelier Victoria's Secret x Altuzarra and embody a woman who is confident, sophisticated, and undeniably modern. The Atelier Victoria's Secret x Altuzarra collection ranges in price from $95.00-$500.00 and is available in sizes XS-XL. The collection will be available online beginning February 20th and in select retail locations nationwide and internationally. Additionally, new seasonal Atelier Victoria's Secret x Altuzarra collections are set to launch throughout the year. Announcement • Feb 13
Victoria's Secret & Co. to Report Q4, 2025 Results on Mar 05, 2025 Victoria's Secret & Co. announced that they will report Q4, 2025 results After-Market on Mar 05, 2025 Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to Mex$703, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Specialty Retail industry in South America. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$337 per share. Announcement • Jan 30
Victoria's Secret & Co. Announces Chief Financial Officer Changes On January 28, 2025, the Board of Directors of Victoria’s Secret & Co. appointed Scott Sekella as Chief Financial Officer of the Company, effective as of January 29, 2025. In connection with the appointment of Mr. Sekella, Timothy Johnson announced his planned retirement and, effective as of January 28, 2025, stepped down from his role as Chief Financial and Administrative Officer of the Company. Mr. Johnson will remain employed by the Company in a non-executive officer capacity. The Company and the Board thank Mr. Johnson for his many contributions to the Company. Mr. Sekella, age 48, previously served as CFO of JOANN Inc. from September 2022 to July 2024 and Vice President of Corporate Financial Planning and Analysis of Under Armour Inc. from December 2019 to September 2022. New Risk • Dec 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.4x net interest cover). Shares are highly illiquid. Reported Earnings • Dec 06
Third quarter 2025 earnings released: US$0.71 loss per share (vs US$0.92 loss in 3Q 2024) Third quarter 2025 results: US$0.71 loss per share (improved from US$0.92 loss in 3Q 2024). Revenue: US$1.35b (up 6.5% from 3Q 2024). Net loss: US$56.2m (loss narrowed 21% from 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$789, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 8x in the Specialty Retail industry in South America. Total loss to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$489 per share. Announcement • Nov 14
Victoria's Secret & Co. to Report Q3, 2025 Results on Dec 05, 2024 Victoria's Secret & Co. announced that they will report Q3, 2025 results After-Market on Dec 05, 2024 Reported Earnings • Aug 30
Second quarter 2025 earnings released: EPS: US$0.40 (vs US$0.013 loss in 2Q 2024) Second quarter 2025 results: EPS: US$0.40 (up from US$0.013 loss in 2Q 2024). Revenue: US$1.42b (flat on 2Q 2024). Net income: US$31.8m (up US$32.8m from 2Q 2024). Profit margin: 2.2% (up from net loss in 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 2.6% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
Victoria's Secret & Co. Announces CEO Changes Victoria’s Secret & Co. announced that its Board of Directors (the "Board") has appointed Hillary Super as Chief Executive Officer, effective September 9, 2024. Super succeeds Martin Waters in role. Timothy (TJ) Johnson, VS&Co’s Chief Financial and Administrative Officer, will serve as interim CEO effective August 14, 2024 through September 8, 2024. Waters will remain employed as an advisor to the Company through August 31, 2024 to support a smooth transition. Super brings nearly three decades of retail merchant expertise and a successful track record leading brands at the highest level. Her leadership experience with omnichannel brands spans intimates, apparel, accessories, beauty and home, where she demonstrated an ability to anticipate consumer needs and deliver high-emotion brands, products and customer experiences focused on driving profitable growth. Super most recently served as CEO of intimates and accessories brand Savage X Fenty. Previously, she was Global CEO of Anthropologie Group, an Urban Outfitters Company. Hillary Super most recently served as CEO and a board member of Savage X Fenty, a role which she entered in June 2023. Previously, Super was Global CEO of Anthropologie Group, an Urban Outfitters Company, where she led the turnaround of the Women's Apparel and Accessories business when she first joined the organization. Before joining Anthropologie Group in 2018, she held a variety of merchandising and operator roles at retailers including Guess?, American Eagle Outfitters, Gap Inc., and Ann Taylor Inc. She holds a Bachelor of Arts from the University of Southern California. Announcement • Aug 08
Victoria's Secret & Co. to Report Q2, 2025 Results on Aug 29, 2024 Victoria's Secret & Co. announced that they will report Q2, 2025 results After-Market on Aug 29, 2024 Announcement • Jul 26
Victoria's Secret Dream Collection Launches with Mega-Watt Cast, Behati Prinsloo, Candice Swanepoel, Devyn Garcia & More Victoria's Secret announced the launch of Victoria's Secret Dream, a collection that combines the ultimate experience in beauty and everyday comfort – a match made in heaven. Lensed by acclaimed photographer Angelo Pennetta and styled by the talented Emmanuelle Alt at Longleat House in England, the campaign captures the romantic essence of the collection alongside the timeless glamour of each woman in the cast. Talent featured in the campaign includes Candice Swanepoel, Devyn Garcia, Mayowa Nicholas, Taylor Hill, and the return of Behati Prinsloo to the brand. Select talent featured in the campaign will also be featured in the 2024 Victoria's Secret Fashion Show this fall. The new collection introduces Dream Angels with Love Cloud™ Innovation – intimates the customer knows and loves, now with an even dreamier fit the brand's softest lace yet, ForeverStretch Lace™, and an all-new Marshmallow Memory Foam bra padding. The full Victoria's Secret Dream collection includes Bras, Panties, and Sexy Sleep inclusive of corsets, slips, babydolls, bodysuits, cami- sets and more with prices starting at $44.95 for Bras, $16.95 for Panties and $69.95 for Sexy Sleep and sizes ranging from XS-XXL and bra sizes in bands 32-40 and cups A-G. The Victoria's Secret Dream collection will be available in retail locations nationwide and online at VictoriasSecret.com on July 25th. The collection will also be available in international retail locations and online, launch dates per region to be announced. Announcement • May 17
Victoria's Secret & Co. to Report Q1, 2025 Results on Jun 05, 2024 Victoria's Secret & Co. announced that they will report Q1, 2025 results After-Market on Jun 05, 2024 Announcement • May 11
Victoria's Secret & Co. Reaffirms the Sales Guidance for the Fiscal Year 2024 Victoria's Secret & Co. reaffirmed the sales guidance for the fiscal year 2024. For the period, the company expects net sales to be in the range of 4% to 6%. Announcement • May 05
Victoria's Secret & Co., Annual General Meeting, Jun 13, 2024 Victoria's Secret & Co., Annual General Meeting, Jun 13, 2024, at 08:30 US Eastern Standard Time. Agenda: To elect nine directors to serve until the 2025 annual meeting of stockholders; to approve an amendment to the Amended and Restated Certificate of Incorporation to permit the exculpation of the officers as permitted by Delaware law; to approve, on an advisory basis, the compensation of the named executive officers; and to consider other matters. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to Mex$315, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Specialty Retail industry in South America. Total loss to shareholders of 45% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Mex$215 per share. New Risk • Mar 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.8% net profit margin). Announcement • Mar 07
Victoria's Secret & Co. (NYSE:VSCO) announces an Equity Buyback for $250 million worth of its shares. Victoria's Secret & Co. (NYSE:VSCO) announces a share repurchase program. Under the program, the company will repurchase up to $250 million worth of its common stock. The purpose of the program is to offset dilution under the company's equity compensation plans and for general corporate purposes. The program will continue until exhausted. Announcement • Feb 16
Victoria's Secret & Co. to Report Q4, 2024 Results on Mar 06, 2024 Victoria's Secret & Co. announced that they will report Q4, 2024 results After-Market on Mar 06, 2024 Announcement • Feb 02
Brett Blundy Engages in Discussions with members of Victoria's Secret On February 1, 2024, Brett Blundy announced that he has engaged, and intends to continue to engage, in communications with members of Victoria's Secret & Co.’s board of directors and management team regarding opportunities to enhance stockholder value, including potential improvements to the composition of the Board. Board Change • Jan 16
High number of new directors Independent Director Rod Little was the last director to join the board, commencing their role in 2023. Board Change • Dec 30
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Jacqueline Hernandez is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Mex$461, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Specialty Retail industry in South America. Simply Wall St's valuation model estimates the intrinsic value at Mex$377 per share. Board Change • Dec 14
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Jacqueline Hernandez is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Dec 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Announcement • Nov 30
Victoria's Secret & Co Provides Earnings Guidance for the Fourth Quarter and Full Year 2023 Victoria's Secret & Co. provided earnings guidance for the fourth quarter and full year 2023. For the quarter, the company's net sales to increase in the range of 2% to 4% compared to last year’s fourth quarter net sales of $2.021 billion. For the year, the company's net sales to decrease in the range of 2% to 3% compared to last year. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 46% After last week's 46% share price gain to Mex$400, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Specialty Retail industry in South America. Simply Wall St's valuation model estimates the intrinsic value at Mex$551 per share. Board Change • Nov 29
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Jacqueline Hernandez is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Nov 10
Victoria's Secret & Co. to Report Q3, 2024 Results on Nov 29, 2023 Victoria's Secret & Co. announced that they will report Q3, 2024 results After-Market on Nov 29, 2023 Announcement • Oct 18
Victoria's Secret & Co. Launches First-Ever Vs & Pink Adaptive Collections Victoria's Secret & Co. and PINK announced the launch of VS & PINK Adaptive, their first-ever collections of intimates for women with disabilities. With the support of GAMUT Management (GAMUT). VS & PINK Adaptive was developed by incorporating direct feedback from people with disabilities throughout every step, including wear testing, focus groups, feedback panels and more. The collections are reflective of the company's mission to celebrate women of all body types, sizes and abilities, and it is proud to be the first major fashion brand to offer adaptive intimate products both online and in select stores. VS & PINK Adaptive is available in Victoria's Secret and PINK's most popular intimate lines, including Victoria's Secret's Body by Victoria and PINK's Wear Everywhere. Also available in a variety of colors and prints, the collections feature magnetic closures for ease, sensory-friendly fabric, fully adjustable and convertible front straps, period panties and more. VS Adaptive bras are available in cups B-G and bands 32-44, and VS Adaptive panties are available in XS-XXL. PINK's Adaptive bras are available in cup A-DDD and bands 32-42, and PINK's Adaptive panties are available in sizes XS-XXL. Victoria's Secret and PINK Adaptive intimates start at $16.50 for panties, and $36.95 for bras. Announcement • Oct 13
Victoria's Secret & Co. Provides Earnings Guidance for the Full Year 2023 Victoria's Secret & Co. provided earnings guidance for the full year 2023. For the year, the company expected revenue to be a little over $6 billion. Board Change • Oct 04
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Jacqueline Hernandez is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Sep 16
Key Executive recently bought Mex$5.9m worth of stock On the 13th of September, Timothy Johnson bought around 20k shares on-market at roughly Mex$294 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Timothy's only on-market trade for the last 12 months. Board Change • Sep 09
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Jacqueline Hernandez is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Sep 01
Victoria's Secret & Co. Provides Earnings Guidance for the Third Quarter and Full Year 2023 Victoria's Secret & Co. provided earnings guidance for the third quarter and full year 2023. For the quarter, the company expected net sales to decrease in the low- to mid-single digit range compared to last year’s third quarter net sales of $1.318 billion.For the year, the company expected net sales to decrease in the low-single digit range compared to last year. Announcement • Aug 30
Rod Little Joins Victoria’s Secret & Co.'s Board of Directors Victoria’s Secret & Co. announced that Rod Little has been appointed to its Board. Mr. Little is a transformational leader in the consumer products industry. He currently serves as Chief Executive Officer of Edgewell Personal Care where he is leading the business to become a more agile and modern consumer products company with a focus on technology and innovation. The Victoria’s Secret Board now comprises nine directors, eight of whom are independent and seven of whom are women. About Rod Little: Mr. Little is Chief Executive Officer of Edgewell Personal Care, a multinational consumer products company. Prior to serving as CEO of Edgewell, Mr. Little was the company’s CFO and before that was with HSN Inc. where he accelerated growth and margin expansion of a highly profitable business. Earlier in his career, Mr. Little was Executive Vice President and CFO of Elizabeth Arden and spent 16 years at Procter & Gamble. Mr. Little served in the United States Air Force for five years and serves on the Air Force Academy Foundation’s Board of Directors. He earned a Master of Business Administration in Finance from the University of Pittsburgh, and a Bachelor of Science in Management from the United States Air Force Academy. 
