Filing Flows › Victoria's Secret (VSXY) › Q1 FY27 › vs Q4 FY26
Victoria's Secret (VSXY) Q1 FY27 vs Q4 FY26 (quarter over quarter)
Victoria's Secret's revenue fell $709M (-31%) from $2.3B in Q4 FY26 to $1.6B in Q1 FY27. Gross margin 37.5% against 37.7% (-0.2 pts).
Victoria's Secret, Q1 FY27: revenue $1.6B (+15% year over year), operating margin 4.9%, net earnings $48.0M, operating cash flow −$137M. The chart draws each line against Q4 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q4 FY26 | Change | |
|---|---|---|---|
| Gross margin | 37.5% | 37.7% | -0.2 pts |
| Operating margin | 4.9% | 10.1% | -5.2 pts |
| Net margin | 3.1% | 8.1% | -5.0 pts |
Every line
| Line | Q1 FY27 | Q4 FY26 | Change | % |
|---|---|---|---|---|
| Revenue | $1.6B | $2.3B | −$709M | -31% |
| Gross profit | $585M | $855M | −$270M | -32% |
| Cost of revenue | $975M | $1.4B | −$439M | -31% |
| Operating profit | $76.0M | $229M | −$153M | -67% |
| Operating expenses | $509M | $626M | −$117M | -19% |
| Pre-tax earnings | $64.0M | $215M | −$151M | -70% |
| Other expense, net | $12.0M | $14.0M | −$2.0M | -14% |
| Net earnings | $48.0M | $184M | −$136M | -74% |
| Minority interests | $9.0M | $16.0M | −$7.0M | -44% |
| Income tax | $7.0M | $15.0M | −$8.0M | -53% |
| Operating cash sources | $252M | −$422M | $674M | — |
| Depreciation & amortization | $54.0M | $53.0M | $1.0M | +2% |
| Share-based compensation | $13.0M | $14.0M | −$1.0M | -7% |
| Cash used in operations | $137M | −$673M | $810M | — |
| Working capital & other | $252M | −$422M | $674M | — |
Questions
How much did Victoria's Secret's revenue grow quarter over quarter in Q1 FY27?
Victoria's Secret's revenue fell $709M (-31%) from $2.3B in Q4 FY26 to $1.6B in Q1 FY27. Gross margin 37.5% against 37.7% (-0.2 pts).