Victoria's Secret & Co 2026年季度报告

Item1.Financial Statements* Consolidated Statements of Income(Loss) for the Thirteen-Weeks EndedMay 2, 2026 and May 3, 2025(Unaudited)3Consolidated Statements of Comprehensive Income for the Thirteen-Weeks EndedMay 2, 2026 and May 3,2025(Unaudited)3Consolidated Balance Sheets as ofMay 2, 2026(Unaudited), January 31, 2026 andMay 3, 2025(Unaudited)4Consolidated Statements of Equity for the Thirteen-Weeks EndedMay 2, 2026 andMay 3, 2025(Unaudited)5Consolidated Statements of Cash Flows for the Thirteen-Weeks EndedMay 2, 2026 andMay 3, 2025(Unaudited)6Notes to Consolidated Financial Statements (Unaudited)7Safe Harbor Statement Under the Private Securities Litigation Reform Act of 199517Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations18Item3.Quantitative and Qualitative Disclosures About Market Risk29Item4.Controls and Procedures30Part II. Other Information31Item1.Legal Proceedings31Item1A.Risk Factors31Item2.Unregistered Sales of Equity Securities and Use of Proceeds31Item3.Defaults Upon Senior Securities31Item4.Mine Safety Disclosures31Item5.Other Information31Item6.Exhibits32Signature33 *Victoria’s Secret & Co.’s fiscal year ends on the Saturday nearest to January31. As used herein, “first quarter of 2026” and “firstquarter of 2025” refer to the thirteen-week periods ended May2, 2026 and May3, 2025, respectively, and “fiscal year 2026” and“fiscal year 2025” refer to the fifty-two-week period ending January 30, 2027 and the fifty-two-week period ended January 31, PART I—FINANCIAL INFORMATION VICTORIA’S SECRET & CO.CONSOLIDATED STATEMENTS OF INCOME (LOSS) VICTORIA’S SECRET & CO.CONSOLIDATED STATEMENTS OF EQUITY VICTORIA’S SECRET & CO.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies Description of Business Victoria’s Secret & Co. (together with its subsidiaries unless the context otherwise requires, the “Company”) is a specialty retailer ofwomen’s intimate and other apparel and beauty products marketed under the Victoria’s Secret, PINK and Adore Me brand names. The www.VictoriasSecret.com, www.PINK.com, www.AdoreMe.com and www.DailyLook.com, and other digital channels worldwide.Additionally, the Company has more than 560 stores in approximately 70 countries operating under franchise, license and wholesalearrangements. The Company also includes the merchandise sourcing and production function serving the Company and its In the first quarter of 2026 and in fiscal year 2025, the Company implemented certain restructuring actions to continue to restructureits executive leadership team and organizational structure. For additional information, see Note 3, “Restructuring Activities.” On May 21, 2026, subsequent to the end of the first quarter of 2026, the Company announced that its common stock would begintrading under the new ticker symbol VSXY on the New York Stock Exchange when markets opened on June 2, 2026. Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January31. As used herein, “first quarter of 2026” and “first quarter of2025” refer to the thirteen-week periods ended May2, 2026 and May3, 2025, respectively, and “fiscal year 2026” and “fiscal year2025” refer to the fifty-two-week period ending January 30, 2027 and the fifty-two-week period ended January 31, 2026, respectively. Basis of Consolidation The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the UnitedStates (“GAAP”). All significant intercompany balances and transactions have been eliminated in consolidation. The Company has ajoint venture to operate Victoria’s Secret stores and the related online business in China (“China Joint Venture”). The Company owns Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended May2, 2026 and May3, 2025 are unaudited. TheseConsolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normalrecurring nature, necessary for a fair presentation of the results for the interim periods. Seasonality of Business Due to the seasonal variations in the retail industry, the results of operations for the thirteen-week period ended May2, 2026 are notnecessarily indicative of the results expected for any other interim period or the full fiscal year ending January 30, 2027. Equity Method Investments The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control,using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee’s net income orloss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carryin