Victoria’s Secret Q1 Comes With Extra Lift

Victoria’s Secret changed its ticker and then gave Wall Street a runway show worth watching. The lingerie retailer reported first-quarter net sales of $1.56 billion, up 15% from a year earlier, while adjusted earnings rose to $0.60 per share and came in well ahead of expectations. Shares jumped 47% Tuesday to a record closing high of $80.06 after the company raised its full-year outlook, turning a brand reset into one of the market’s most stunning turnaround rallies.

The headline was not just that Victoria’s Secret sold more. It was that the company sold more at better prices, across more of the business, with fewer signs that the comeback is limited to one lucky product rack. Total comparable sales rose 13%, and the company said Victoria’s Secret, PINK, and Beauty all delivered double-digit sales growth. Management also pointed to stronger regular-price selling, reduced promotions, and better customer acquisition, which is exactly the kind of mix investors want from a retailer trying to prove it has pricing power again.

The real test has never been whether people still know the brand — it has been whether they still want to buy what it is selling. Victoria’s Secret once leaned heavily on fantasy and spectacle, then spent the post-spinoff years trying to modernize without losing the customer recognition that made it famous. Under CEO Hillary Super, the company has been leaning back into a clearer version of itself — more confident, more product-focused, and less apologetic about the category it dominates. The new VSXY ticker may be cosmetic, but Tuesday’s numbers gave the rebrand something even better than attitude — evidence.

Victoria’s Secret did not just give Q1 some extra lift — it gave the rest of the year a more flattering forecast, too. The company now expects fiscal 2026 net sales of $7.03 billion to $7.13 billion, up from its prior forecast of $6.85 billion to $6.95 billion, and adjusted operating income of $550 million to $580 million, well above its previous range. With short interest elevated heading into the report, the rally may have had some squeeze fuel behind it. But investors were not just buying a ticker change or a better slogan. They were buying a cleaner, sharper version of Victoria’s Secret — one that can sell the fantasy and make the math work.

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