Victoria's Secret & Co. reported a modest increase in net sales for the fiscal year ending February 1, 2025, reaching $6.230 billion, up 1% from $6.182 billion in the previous year. This growth occurred despite the previous fiscal year benefiting from an extra week of sales, which contributed approximately $80 million to net sales. The company's gross profit also saw an increase, rising by $42 million to $2.284 billion, with a gross profit margin improving to 36.7% from 36.3%. Operating income increased by $64 million to $310 million, reflecting a rise in the operating income rate to 5.0% from 4.0%. Net income attributable to the company rose to $165 million, or $2.05 per diluted share, compared to $109 million, or $1.39 per diluted share, in the prior year.
The company experienced a 2% decline in net sales from its North American stores, totaling $3.428 billion, while the direct channel saw a 1% increase to $2.042 billion. International sales, however, grew by 11% to $760 million, driven by increased sourcing sales and royalties from franchise and license arrangements. The total number of company-operated stores decreased from 808 to 782 in the U.S., while the international store count remained stable at 70 in China. The overall employee headcount stood at approximately 31,000 as of February 1, 2025.
Strategically, Victoria's Secret completed the acquisition of Adore Me in December 2022, which has been integrated into its financials. The company has focused on enhancing its product offerings and customer engagement, particularly through its loyalty program and the return of the Victoria's Secret Fashion Show. The leadership team underwent restructuring in 2024, with Hillary Super appointed as CEO, aiming to drive growth and innovation across its brands.
Looking ahead, Victoria's Secret plans to continue its growth trajectory by focusing on its core brands, expanding into lifestyle categories, and enhancing its digital presence. The company is also navigating challenges posed by macroeconomic conditions, including inflation and tariffs on imports from China and other countries. Management remains optimistic about leveraging its market position and customer loyalty to achieve long-term sustainable growth.
About Victoria's Secret & Co.
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