NANTUCKET TAKES: Newness and Bras Continue To Drive Strength From Here

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NANTUCKET TAKES: Newness and Bras Continue To Drive Strength From Here

USA | Dept. Stores & Specialty Softlines

Victoria's Secret EquityJuneResearch17, 2026

FLASH NOTENANTUCKET TAKES: Newness and Bras

RATING HOLDContinue To Drive Strength From Here

PRICE $78.71^

We hosted VSXY mgmt, Hillary Super, CEO, Scott Sekella, CFO/COO, and

Kevin Wynk, SVP & Global Controller, at our Nantucket conference. During the PRICE TARGET | % TO PT $73.00 | -7%

meetings, mgmt noted that product innovation, as well as new and younger 52W HIGH-LOW $82.96 - $17.53

customers, are supporting growth. Additionally, mgmt still sees potential to FLOAT (%) | ADV MM (USD) 82.3% | 219.66

continue a multi-year promo reset and for stores to maintain a competitive MARKET CAP $6.7B

advantage ahead in providing a differentiated experience. TICKER VSXY ^Prior trading day's closing price unless otherwise

noted.

MET WITH MGMT. We met with Hillary Super (CEO), Scott Sekella (CFO/COO), and Kevin Wynk

(SVP & Global Controller) to discuss 2H setup, category priorities, pricing strategy, and margin

drivers. The tone was confident around accelerating brand momentum and disciplined execution

of the “Path to Potential,” with particular emphasis on product cadence, customer acquisition, and

progress on reducing promos.

2H Outlook and Newness. Mgmt highlighted 2H opportunity, driven by product newness across

both VS and PINK, alongside a new PINK franchise launch, incremental collaborations, and ongoing

activation of key brand moments, including the Fashion Show. The “Angels Among Us” initiative

has already generated ~1.7B impressions and is expected to continue driving engagement.

Our Take: Mgmt shifting from event-driven demand to consistent product releases, which is supporting