Victoria's Secret is selling more at full price again, lifting sales and underlying profit in the quarter to August 1, 2026. The open question is whether that holds through promotions, tariffs and tougher comparisons.
A bra picked up at a mall, or a body mist ordered online, may well come from Victoria's Secret & Co. The company designs intimates, clothing and beauty products sold under the Victoria's Secret, Pink and Adore Me names. It runs about 860 of its own stores in the United States, Canada and China, plus its own websites. Partners in other countries run hundreds more stores, paying for the space themselves. It makes money by selling those products at prices it sets.
Shoppers pay for the product, and the brand and design bring them back. The main engine is the company's own stores and websites, and most of the $6.6 billion of revenue in (the year to January 2026) came from the United States. Two kinds of cost decide what remains. One is the cost of the goods, including buying, store occupancy costs such as rent, and tariffs (import taxes). The other is overhead, such as marketing and staff pay. In fiscal 2025 the gap was thin: about $4 remained as operating profit from every $100 of revenue. So a small change in how often the company discounts moves profit sharply.
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