VSCO: 8-K · leadership change
Victoria's Secret & Co. announced on October 9, 2026 that Chief Legal and Compliance Officer Melinda McAfee will leave the company, effective March 31, 2027, and a search for her successor has begun. Under a Transition and Separation Agreement dated October 7, 2026, McAfee retains her current role and compensation until a successor Chief Legal Officer is appointed, then stays on in a non-executive capacity through March 31, 2027 to ensure a smooth handoff. She will receive severance benefits under her June 29, 2021 Executive Severance Agreement, contingent on a full release of claims and continued compliance with confidentiality, non-solicitation and non-competition covenants. The departure is an orderly, planned transition with no disclosed financial impact.
VSCO: 10-Q · periodic report
Victoria's Secret & Co. reported second quarter fiscal 2026 net sales of $1.611 billion, up 10% year over year, with operating income surging to $257 million (a 15.9% operating margin versus 2.8% a year ago) and diluted EPS of $2.18 versus $0.20. Comparable sales rose 9% with growth across the stores, direct and international channels. The GAAP surge was flattered by a one-time IEEPA tariff refund: the company received $148 million in cash and recorded $140 million of pre-tax income, including $135 million as a reduction of cost of goods sold. Even excluding that and other items, adjusted diluted EPS nearly tripled to $0.95 from $0.33, so the underlying improvement is real — but the refund represents over 95% of tariffs paid and will not repeat, and new Section 301 tariffs of 10% to 12.5% took effect July 24, 2026. The balance sheet strengthened markedly: cash rose to $522 million from $188 million a year earlier, year-to-date operating cash flow reached $265 million, and the company repurchased $100 million of stock in the first half, leaving $150 million authorized under the March 2024 program. Management guided fiscal 2026 capital expenditures to $220-240 million. The filing also confirms the common stock has traded under the new NYSE ticker VSXY since June 2, 2026, and notes the May 2025 security incident cut the prior-year quarter by roughly $20 million in sales, which inflates the year-over-year comparison.
VSCO: 8-K · earnings release
Victoria's Secret & Co. reported second quarter 2026 net sales of $1.611 billion, up 10% from $1.459 billion a year earlier and near the high end of guidance, with comparable sales up 9%. GAAP net income was $183 million, or $2.18 per diluted share, versus $16 million, or $0.20, last year, while adjusted EPS of $0.95 beat the guided range of $0.65 to $0.75. GAAP results were boosted by more than $140 million of one-time IEEPA tariff refunds, which the company excluded from adjusted results. Management raised full-year 2026 guidance to net sales of $7.100-$7.180 billion and adjusted operating income of $560-$590 million, and forecast third-quarter net sales of $1.570-$1.600 billion with operating income of $10-$20 million. CEO Hillary Super credited the Path to Potential strategy, a growing customer file and market-share gains for the momentum.
Victoria's Secret & Co. (NYSE: VSXY) announced on August 20, 2026 the appointment of Gerri Martin-Flickinger to its Board of Directors, effective September 14, 2026, expanding the board from nine to ten members. She will also serve on the Audit Committee and was determined independent under NYSE listing standards. Martin-Flickinger previously served as Executive Vice President and Chief Technology Officer of Starbucks and earlier held CIO roles at Adobe, VeriSign, and Network Associates, with board experience at Ellucian, Renaissance Learning, Charles Schwab, and Tableau Software. Board Chair Donna James said the new director's expertise in technology, artificial intelligence, digital commerce, and consumer retail aligns with the company's Path to Potential strategy, complementing the recent appointment of Chief Technology Officer Adrian Butler. Following the change, the ten-member board will include nine independent directors and eight women, and the filing contained no financial results or guidance.
VSCO: 8-K · proxy statement
Victoria's Secret & Co. held its 2026 annual meeting of stockholders on June 11, 2026, by means of remote communication. Stockholders elected nine directors to serve until the 2027 annual meeting, including all nominees listed in the proxy statement. The company also announced that stockholders approved, on an advisory basis, the compensation of named executive officers and ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026.
Victoria’s Secret & Co. reported a robust first quarter of fiscal 2026, with net sales rising 15% year-over-year to $1.56 billion, driven by 11% growth in North American stores and a 45% surge in international sales. Operating income more than tripled to $76 million from $20 million in the prior year, reflecting improved merchandise margins and traffic, while diluted EPS turned positive at $0.56 compared to a loss of $0.02 in Q1 2025. The company continued its capital return program, repurchasing $100 million of common stock during the quarter at an average price of $45.27, leaving $150 million of authorization remaining under its March 2024 program. Management highlighted strong comparable sales growth of 13% and noted that while tariffs negatively impacted operating income by an incremental $14 million, mitigation strategies and potential refunds for previously paid IEEPA tariffs remain in progress. Despite the strong operational performance, the filing disclosed a subsequent event involving a proxy contest initiated by BBRC and its Chairman Brett Blundy. BBRC is seeking to withhold votes against directors nominated for re-election at the upcoming 2026 Annual Meeting, signaling potential governance friction and expected additional legal fees in the second quarter.
Victoria’s Secret & Co. Reports First Quarter 2026 Results
Victoria’s Secret & Co. reported Q1 2026 net sales of $1.56 billion, up 15% year-over-year and exceeding the top end of its guidance range. Adjusted operating income surged to $80 million, significantly beating the $32-42 million guidance range, driven by gross margin expansion and disciplined SG&A leverage. The company raised full-year 2026 net sales guidance to $7.03-7.13 billion and adjusted operating income guidance to $550-580 million, citing strong momentum across all brands and channels. Management also repurchased $100 million of shares in Q1, with $150 million remaining under the current authorization.
BBRC Corrects the Record on Victoria’s Secret’s Investor Presentation
Activist investor BBRC, owning 13% of Victoria’s Secret, issued a public statement urging shareholders to vote against Chair Donna James at the June 11 annual meeting. BBRC argues that James’ 25-year tenure is defined by poor oversight, including the failed $591 million Adore Me acquisition and a $90 million regulatory settlement at L Brands. The activist highlights that the Board cut its FY2026 operating margin guidance from 10-12% to 6.2-6.7% and failed to deploy $375 million in authorized capital for buybacks during periods of significant stock decline.
Victoria’s Secret & Co. to Change Ticker Symbol to VSXY, Marking the Next Chapter in the Company’s Evolution
Victoria’s Secret & Co. will change its NYSE ticker symbol from VSCO to VSXY on June 2, 2026. The change is framed as a milestone in the company’s brand evolution, reflecting its strategy to celebrate 'sexy in all its forms' and align with its modern identity. No action is required by shareholders, and the CUSIP number remains unchanged. The company will also release Q1 2026 results on the same day.
Victoria’s Secret & Co. Issues Investor Presentation Highlighting Significant Transformation, Operational Momentum and Shareholder Value Creation
Victoria’s Secret & Co. released an investor presentation urging shareholders to vote for its incumbent board nominees at the upcoming Annual Meeting on June 11, 2026. The company highlighted operational momentum under CEO Hillary Super, including refreshed leadership, comparable sales growth, and margin expansion since the 2021 separation. VS&Co criticized activist investor BBRC International for relying on misleading claims and lacking a credible alternative strategy, noting that BBRC Chairman Brett Blundy’s board appointment was rejected due to reputational and governance risks.
Victoria’s Secret & Co. Issues Letter to Shareholders Highlighting Strong Performance, Significant Shareholder Value Creation and Continued Momentum Under Current Leadership
Victoria’s Secret & Co. issued a letter to shareholders urging support for the current board and CEO Hillary Super at the upcoming June 11 annual meeting. The company highlighted a 141% total shareholder return since Super’s appointment in August 2024, alongside 5% comparable sales growth and 15% adjusted net income growth in fiscal 2025. The release serves as a counter-narrative to a proxy contest launched by activist investor BBRC International and its chairman Brett Blundy, who are challenging the current leadership.
BBRC Addresses Victoria’s Secret’s Latest Attempt to Divert Attention Away from Chair Donna James’ 25-Year Tenure and Record of Underperformance
Activist shareholder BBRC International, which owns approximately 13% of Victoria’s Secret & Co., urged stockholders to vote against Chair Donna James at the upcoming annual meeting. The campaign cites a 25-year record of underperformance, including the misallocation of $625 million to poorly executed stock repurchases and the failed $591 million acquisition of Adore Me. BBRC also highlighted governance lapses during James’ tenure as Audit Chair at L Brands, noting she was named as a defendant in the $90 million Rudi v. Wexner lawsuit related to the Jeffrey Epstein relationship. The investor group argues that a new independent Chair is required to sustain the operational turnaround and prevent further value destruction.
Victoria's Secret & Co. Invites You to Listen to the First Quarter 2026 Earnings Call
Victoria’s Secret & Co. Files Supplement to Definitive Proxy Statement and Sends Letter to Shareholders Highlighting Outperformance
Victoria’s Secret & Co. filed a supplement to its definitive proxy statement and issued a letter to shareholders, highlighting the company's strong outperformance and strategic progress. The company has delivered a 152% total shareholder return (TSR) since the appointment of CEO Hillary Super, significantly outperforming its peer group and the S&P 600. However, BBRC International Pte Limited and its Chairman Brett Blundy have launched a proxy contest opposing the re-election of two Board members, which the company believes could disrupt its momentum. Director Mariam Naficy has decided not to stand for re-election due to her near-term professional commitments and the time required to engage with BBRC’s proxy contest.
Victoria’s Secret & Co. Board Comments on BBRC’s Distracting Proxy Contest; Underscores Significant Outperformance and Board’s Commitment to Acting in the Best Interest of Shareholders
The Victoria's Secret Board defended against a proxy contest launched by BBRC and Brett Blundy, citing a 164% total shareholder return since CEO Hillary Super's appointment in late 2024. The Board stated it rejected Blundy's director candidacy due to significant reputational, legal, and governance risks, after he refused a compromise that did not include his own appointment. The Company confirmed it does not intend to extend the short-term shareholder rights plan, which is currently set to expire on May 18, 2026.
BBRC Calls on Victoria’s Secret Stockholders to Support Turnaround by Voting Against the Directors That Necessitated It
BBRC, a 13% shareholder in Victoria's Secret, has filed a preliminary proxy statement to solicit votes against the re-election of Chair Donna James and Director Mariam Naficy at the 2026 annual meeting. The activist firm attributes a 92% stock underperformance versus peers to governance failures, citing a 75% drop in net income since 2021 and the failed $591 million Adore Me acquisition which resulted in $155 million in impairments without synergies. BBRC also criticized the Board for executing $625 million in buybacks at a 47% premium to the volume-weighted average price and for adopting a poison pill without shareholder approval, arguing these actions demonstrate a misalignment of interests.
