Victoria's Secret Mgmt Meeting Takes = Raise #’s & PT; Remain Overweight 

Research evidence excerpt

Victoria's Secret Mgmt Meeting Takes = Raise #’s & PT; Remain Overweight

J P M O R G A N North America Equity Research

08 June 2026

Victoria's Secret Overweight

VSXY, VSXY US

Mgmt Meeting Takes = Raise #’s & PT; Remain Price (05 Jun 26):$74.60

Overweight ▲Price Target (Dec-26):$88.00 Prior (Dec-26):$77.00

Retailing – Department Stores &

Specialty Softlines

Matthew R. Boss, CPA AC

(1-212) 622-2630

matthew.boss@jpmorgan.com

We hosted a fireside chat with Victoria's Secret CFO & COO Scott Sekella and SVP

Amanda K. Douglas

Global Controller Kevin Wynk and thought value-add to share our key takeaways (1-212) 622 0316

and model implications. amanda.douglas@jpmorgan.com

Lucas Hudson

Key Management Meeting Takeaways: (1-212) 622-0273

lucas.hudson@jpmchase.com

#1: 1Q26 Performance = Only First Season Under CEO Super’s Leadership Taya Lindner

Team: Breaking down the +500bps sequential acceleration to +13% same-store- (1-212) 622-9424

sales growth in 1Q26 (vs. +8% growth in 2H25), CFO Sekella cited core taya.lindner@jpmorgan.com

Intimates as the primary driver of sequential improvement, with Bras improving Brady T Arnette, CFA

to low-double-digit growth in the quarter (vs. +MSD% in 2H25) and Panties +Mid- (1-212) 622-0046

Teens. To that point, mgmt cited a halo to the entire assortment (notably Sleep brady.arnette@jpmorgan.com

bolstered vs. historically a sole gifting/holiday category) with VS, PINK, and J.P. Morgan Securities LLC

Beauty segments ultimately achieving double-digit growth in the quarter.

Further by KPI, store traffic accelerated to mid-single-digit growth in 1Q (vs. 2H25 Key Changes (FYE Jan)

up low-singles) - outpacing the mall now by ~800bps (vs. a ~500bps spread in Prev Cur Δ

2H25), with digital traffic remaining +double-digits, conversion rates +double- Adj.