Victoria's Secret has posted second quarter net sales of US$1.611 billion, up 10 per cent, with the international channel that carries its Australian business the fastest growing part of the group.
International sales rose 20 per cent to US$273.4 million for the quarter and 31.6 per cent to US$560.8 million across the first half. The channel captures royalties from franchise partner sales, wholesale, consolidated joint venture sales in China and, since the third quarter of 2025, direct sales in the European Union. The company reports by channel and does not disclose Australian figures.
Australia reaches customers through distribution partner Valiram, which operates seven Victoria's Secret stores across Victoria, New South Wales and Queensland. The brand added a localised Australian e-commerce platform last year, close to seven years after opening its first local flagship.
In North America the lift came from price and footfall rather than units sold. Store sales rose 9 per cent to US$897.9 million as higher average unit retail and traffic more than offset a decline in units. Direct sales lifted 8 per cent to US$439.4 million and total comparable sales increased 9 per cent.
The company puts the broad-based result down to its Path to Potential strategy, a growing customer file and sharper brand positioning, and says it is taking share from competitors as a result.
Chief executive Hillary Super said the company is "gaining market share as product, brand identity, storytelling and execution are all working together".
“We see significant opportunity ahead and are doubling down on what is working. We are increasing our strategic marketing investment to expand our reach, deepen customer connection, and build on the brand heat we are creating.
“With more product innovation, partnerships and emotionally connected campaigns ahead – including the Angels Among Us docuseries, an even bigger and better Victoria’s Secret Fashion Show and holiday activations – we are incredibly excited about the back half of the year and the opportunity to continue building both of these iconic brands.”
Tariffs did the heavy lifting on the reported profit line.
Operating income jumped to US$256.6 million from US$41 million a year earlier, taking the operating income rate to 15.9 per cent from 2.8 per cent, on the back of more than US$140 million in IEEPA refunds representing over 95 per cent of the tariffs the company had paid. Stripping that out, adjusted operating income still more than doubled to US$124 million and beat guidance.
Net income reached US$183 million, or $2.18 per diluted share, against US$16.2 million and 20 cents in the prior year.
Victoria's Secret has raised full year net sales and adjusted operating income guidance and is putting more money into marketing to widen reach and deepen customer connection. Third quarter net sales are forecast at US$1.570 billion to US$1.600 billion against US$1.472 billion last year, with operating income of US$10 million to US$20 million, reflecting that investment.
The company's fashion show is scheduled for 18 October in Los Angeles.