Victoria’s Secret Posts Massive Q1 Beat, Raises Full-Year Outlook

CNBC reported Tuesday that Victoria’s Secret shares rocketed roughly 40% in premarket trading after the lingerie retailer posted fiscal first-quarter results that sharply outpaced analyst expectations and lifted its guidance for the full year.

Blowout Numbers Drive the Rally

Victoria’s Secret earnings came in at 60 cents per adjusted share for the quarter ended May 2. That was double the 30-cent consensus estimate tracked by LSEG. Revenue reached $1.56 billion, ahead of the $1.52 billion analysts had forecast. Comparable sales climbed 13%, topping the 11.4% projection from StreetAccount. Net income swung to $47.7 million from a loss of roughly $1.7 million in the same period a year ago. Total sales were up approximately 15% year over year.

Guidance Lifted Well Above Prior Range

Management raised its full-year revenue forecast to between $7.03 billion and $7.13 billion. That compares to the prior range of $6.85 billion to $6.95 billion and comfortably clears Wall Street’s $6.99 billion estimate. Adjusted operating income guidance was lifted by more than $100 million, now targeting $550 million to $580 million versus a previous range of $430 million to $460 million. For the current quarter, the company guided revenue of $1.59 billion to $1.62 billion, again ahead of the $1.56 billion consensus.

Chief Financial Officer Scott Sekella attributed the raised outlook to stronger sales leverage on fixed costs. He also flagged relief from lower tariff burdens after courts struck down several of President Donald Trump’s sweeping import duties.

A Turnaround One Year in the Making

CEO Hillary Super has been with Victoria’s Secret for nearly two years, but the executive team she assembled is now hitting its one-year anniversary. Super told CNBC the results reflect that milestone. She noted double-digit comparable sales growth across every major channel, including stores, digital, beauty, and international. Bra sales led the charge, with Super calling the category an anchor for customer loyalty. She added that gains came with significantly fewer promotions, signaling stronger underlying demand rather than discount-driven traffic. The brand made notable inroads with shoppers aged 18 to 24.

Consumer Resilience Amid Macro Uncertainty

Some analysts had flagged concern that fading tax-refund tailwinds could slow discretionary spending in the second half. Sekella acknowledged that some consumers used early-year refunds to shop, but described the effect as within normal seasonal parameters. He said spending trends have held steady even as those refunds dried up, a reassuring signal for a sector watching consumer confidence carefully.

Victoria’s Secret’s print stands in contrast to peers that have issued cautious outlooks amid lingering uncertainty over tariffs and household budgets.

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