Driven by a renewed focus on legacy scents and a content-forward marketing approach, the lingerie retailer delivered a notable rebound in both sales and profitability during Q2.
By leaning into both its storied past and trending entertainment models, Victoria’s Secret & Co. is reigniting excitement among consumers, which translated into substantial gains in revenues and earnings for the second quarter. The company is modernizing its fragrance collection and leveraging major events along with fresh content to boost engagement with loyal and prospective shoppers alike.
Brand Revival Through Archive Scents and Limited Editions
For the summer season, Victoria’s Secret refreshed favorite fragrances such as Bombshell and Tease, rolling out new versions including the Tease Strawberry Bisou fragrance. Additionally, the brand unveiled special-edition classics like the Pink’s square bottle scents in its archive “Bringback” collection. CEO Hillary Super revealed that the limited-edition fragrance sold out online in under 24 hours, highlighting strong consumer demand for historic favorites.
“It reinforced the deep emotional connection our customers have with our fragrance heritage. We have decades of iconic scents and formats across Victoria’s Secret and Pink, and we are bringing them back in ways that feel relevant today,” Super told analysts.
Victoria’s Secret’s strategy aligns with a larger movement among retailers: for instance, Gap has similarly brought back well-loved 1990s scents as part of a growing nostalgia-driven trend.
Entertainment-Led Approach and Campaign Innovation
Victoria’s Secret is sharpening its edge as a hybrid between retailer and entertainment company, albeit not on the same level as Gap Inc., which operates its own Hollywood-style production platform. According to Hillary Super, Victoria’s Secret is evolving into “an entertainment brand,” pointing to the renewed enthusiasm around its global fashion show.
Amplifying this strategy, the brand has created a YouTube docuseries called “Angels Among Us”, debuting this month and chronicling their talent search for new models. Upcoming plans for fall and the holidays include fresh product releases, partnership launches, and campaigns intended to deepen the engagement between Victoria’s Secret, Pink, and their audiences.
Financials Signal Turnaround
Victoria’s Secret’s recent moves are already paying off financially. In the second quarter, net sales climbed 10% to $1.6 billion year over year, while comparable sales advanced 9% and in-store comparables rose 7% (source). This upward trend spanned across Victoria’s Secret, Pink, the beauty segment, and multiple sales platforms.
Hillary Super reported that key drivers included bras and Pink, noting that both brands’ core bra offerings achieved growth in the mid-teens percentage range thanks to staple products and new collections. Gains are coming from both dedicated shoppers and first-time buyers, marking an end to previous declines in customer acquisition. Neil Saunders at GlobalData emphasized the fact that the company’s results are widespread across regions and channels, confirming the momentum is substantial.
Profitability also improved: gross margin for Victoria’s Secret grew by 320 basis points to 38.8%, largely because of stronger margins at regular prices and reduced discounting. Net income almost tripled in Q2, topping $85 million.
In addition, Victoria’s Secret has recouped over 95% of the $140 million it had paid in IEEPA tariffs, though these refunds are not reflected in the adjusted financial metrics.
Raised Outlook for the Full Year
Given these positive trends, the company has boosted its full-year forecast, now anticipating net sales between $7.1 billion and $7.18 billion—an increase from the earlier projection of $7.03 billion to $7.13 billion, and notably higher than last year’s $6.6 billion. Adjusted operating income is expected to reach as much as $590 million, above the previous prediction of $550 million to $580 million; the 2023 figure was $403 million (link).
Victoria’s Secret anticipates this positive momentum will continue through the year’s end, underpinned by a strategic focus on compelling campaigns and product innovations that resonate with customers emotionally.