By Jennifer Williams
A year after falling short on Valentine's Day with muted marketing and not enough lingerie and sleepwear on hand, Victoria's Secret is going bold during what is a crucial selling season for the maker of intimate apparel.
Recent sales momentum, helped in part by its relaunched and rebooted fashion show, has spurred the company's new leadership to boost marketing and inventory, as well as scale back on promotional discounts.
"This was a learning from last year where we didn't buy Valentine's Day [inventory] as much as we could have, and sold out too soon," said Chief Financial and Operating Officer Scott Sekella. "We are ready to capture on that moment."
Last year's stumbles came as sales had fallen for six out of eight quarters heading into the period that includes February, which meant inventory purchases were conservative, Sekella said. Now, he and other executives have ushered in a number of changes meant to refocus the brand and capture sales.
Americans were expected to spend $27.5 billion on Valentine's Day in 2025, up nearly 6.6% from a year earlier, according to the National Retail Federation, which hasn't released projections for this year. Victoria's Secret's plan to be on shoppers' radar include launching its February collection on Wednesday of this week, earlier than in previous years, as well as ramping up related marketing and having more Valentine's Day-themed intimates, apparel and beauty products on hand.
"This year, we can buy with more confidence in knowing how good the product is, the momentum in customer engagement we have," according to Sekella. Inventory for the three months ending in February is expected to be up in a mid-teens percentage range, 3 percentage points of which relate to Valentine's Day stock, he said.
Cupid's holiday is the next big test for Victoria's Secret, particularly as it's the first with a new leadership team in place. (Sekella has been at his job roughly a year, while CEO Hillary Super arrived over a year ago.)
"That's probably the next thing to look forward to," commented Jefferies analyst Corey Tarlowe. "Better execution around Valentine's Day."
The Valentine's Day changes are a fragment of broader shifts afoot at the company. So far, the efforts are working.
Victoria's Secret logged its highest quarterly sales growth in more than four years in the three months ended Nov. 1. Net sales jumped 9.2% compared with a year earlier to $1.47 billion, driven by strength across its namesake and Pink brands, as well as its beauty offerings, the company said. Consumers across income levels and age groups shopped the brands, the company said, and the momentum carried through November, prompting the company to raise its sales outlook for the second consecutive quarter.
The company, however, also reported a loss of $37.3 million, or 46 cents a share, for the quarter compared with a loss of $56.2 million, or 71 cents a share, a year earlier. For the current quarter, Victoria's Secret forecast adjusted earnings per share of $2.20 to $2.45.
In addition to the altered approach to Valentine's Day, the company is rolling out new products across its namesake, Pink and beauty lines while working to bolster its bra offerings. Victoria's Secret last year launched the FlexFactor, a bra with underwire encased in fabric to make it more cushioned against the skin, which is bringing in new customers while appealing to existing ones, executives have said.
Victoria's Secret revamped its iconic fashion show in 2024, bringing it back for the first time since 2018, and now featuring models of different ages, ethnicities and body sizes walking the runway alongside the company's traditional "Angel" supermodels with giant wings. (Among those modeling were American gymnast Sunisa Lee and WNBA player Angel Reese.) At the latest show in October, the Pink brand was featured more prominently than in previous years, which spurred a more meaningful post-show lift in the brand's sales than executives anticipated.
In addition, the lingerie maker is offering fewer discounts, with more items going for full price, or even higher. The company has also raised the threshold for when shoppers receive a complimentary item with a purchase -- the biggest promotional shift in recent months, said Sekella.
The lowest purchase amount to snag a free item is now $100, up from $85 around a year ago. Shoppers also still see promotions, such as five pairs of panties for around $20 and certain body lotions and mists for under $7, but the offerings are more strategic and focused on traffic-driving categories, he said.
The company is watching for any shopper resistance to fewer discounts, which so far hasn't occurred, according to Sekella. "We're finding when we can connect that product, marketing, that storytelling, the customer is engaging and they're willing to pay a little bit extra," he said.
Write to Jennifer Williams at jennifer.williams@wsj.com
(END) Dow Jones Newswires
January 06, 2026 06:00 ET (11:00 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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