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Robin Driver Published
November 19, 2025
Intimates company Victoria’s Secret & Co. has announced a 7% increase in its third-quarter net sales, but also revealed that 45% of the inventory it ordered for fall has been held up due to the supply chain disruptions that continue to plague the global fashion industry.
The Reynoldsburg, Ohio-based company, which span off from L Brands earlier this year, achieved net sales of $1.44 billion in the second quarter ended October 30,2025, the first financial results that Victoria’s Secret has published since separating from its parent company. This compared to sales of $1.35 billion in the same period in the previous year.
The company’s quarterly net income totaled $75.2 million, or $0.81 per diluted share, declining from $143.4 million, or $1.62 per share, in the prior-year period, but topping the retailer’s own financial guidance for the quarter. Previously, Victoria’s Secret had announced that it expected to achieve diluted earnings per share of between $0.60 and $0.70.
“I am very pleased with our solid third quarter performance which reflects growth in all core categories,” said Victoria’s Secret CEO Martin Waters in a release. “Our work to transform our brand, deepen our customer connections and improve our operational fundamentals is gaining positive traction.”
However, in the Victoria’s Secret earnings call, Waters was keen not to understate the potential impact of the supply chain problems currently being experienced by the company. With close to half of the company’s ordered fall inventory delayed, the executive said that the situation is “clearly bad for business.” In particular, Walter cited the problem that 25% of the retailer’s pajama sets are currently late, at a time of year when they are popular as gifts.
The retailer has taken measures to lessen the negative effects of the hold-ups, canceling some orders and attempting to avoid shipping issues by pivoting towards air freight, which, according to Waters, will be used to import some 90% of Victoria’s Secret holiday inventory.
Nonetheless, the company estimates that freight issues will cost it a total of $150 million in the third and fourth quarters.
Currently, Victoria’s Secret expects its fourth-quarter sales to be in the range of flat to up 3% compared to Q4 2025, when the company achieved sales of $2.10 billion. Quarterly diluted earnings per share are predicted to be in the range of $2.35 to $2.65.