Victoria Secret’s glow-up

Victoria’s Secret is taking a page from Justin Timberlake’s playbook and bringing sexy back.

The lingerie retailer reported adjusted earnings per share of $0.60 in the first quarter, double Wall Street’s expectations, while revenue climbed 15% from a year ago. Management also raised its full-year adjusted operating income forecast by more than $100 million and pumped its revenue expectations as well—a one-two punch that pushed shares up 47%.

A new era

The results are especially notable given the challenges Victoria’s Secret has faced in recent years. The company has battled rising competition from newer brands, shifting consumer attitudes around beauty standards, and criticism that its marketing had become out of touch with modern shoppers.

But under CEO Hillary Super, the turnaround appears to be gaining traction. Since taking the helm in 2024, Super has focused on reconnecting the brand with what made it successful in the first place: products that feel both sexy and comfortable, while adapting that identity for a generation with a broader definition of beauty. Even the company’s ticker is getting a makeover: Victoria’s Secret officially began trading under the symbol VSXY today, replacing the less glamorous VSCO.

The strategy extends far beyond a marketing refresh. Victoria’s Secret has invested heavily in its beauty and PINK businesses, upgraded stores, and worked to bring shoppers back into malls. It also brought back its iconic annual fashion show last year after a six-year hiatus.

Customers appear to be responding. The company saw its strongest growth from two kinds of shoppers: those earning less than $50,000 annually, and those making more than $200,000 per year, suggesting that the momentum isn’t being driven solely by discounts or value-conscious spending. Bras have been a standout sales category, driving repeat purchases and customer loyalty.

Wall Street’s new crush

Following the results, Bank of America reiterated its Buy rating, pointing to 13% comparable sales growth and stronger-than-expected margins as evidence that the company’s strategy is gaining traction. Jefferies also maintained its bullish stance, while Goldman Sachs raised its price target to $56 after the earnings beat, though it kept a Neutral rating.

For now, the turnaround is still a work in progress. But after years spent chasing trends, rethinking its image, and searching for a new identity, Victoria finally seems comfortable being Victoria again.—SY