Filing Flows › Victoria's Secret (VSXY) › Q1 FY27
Victoria's Secret (VSXY) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed Jun 5, 2026
Victoria's Secret (VSXY) reported revenue of $1.6B for the first quarter fiscal 2027 (Q1 FY27), +15% from a year earlier and -31% from the quarter before. Operating margin was 4.9%, net earnings $48.0M (3.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | -31% | +15% |
| Gross profit | $585M | -32% | +23% |
| Operating profit | $76.0M | -67% | +280% |
| Net earnings | $48.0M | -74% | — |
| Operating cash flow | −$137M | -120% | — |
What changed
Revenue was $1.6B in Q1 FY27, up 15% year over year and down 31% from the previous quarter.
Gross margin was 37.5%, up 2.5 points from Q1 FY26. Operating profit was $0.08B, a 4.9% margin (up 3.4 points year over year). Of the extra revenue versus Q1 FY26, 27% reached operating profit, above the 1% margin then. Operating expenses grew 12% against revenue growth of 15%. The fastest-growing cost line was General & admin (+13%). Net earnings were $0.05B. The effective tax rate was 10.9%.
Operating cash flow was −$0.14B. Non-cash charges added back $0.05B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.26B. Capital expenditures of $0.05B exceeded it, leaving free cash flow of −$0.19B.
Questions
What was Victoria's Secret's revenue in the first quarter fiscal 2027?
Victoria's Secret (VSXY) reported revenue of $1.6B for the first quarter fiscal 2027 (Q1 FY27), +15% from a year earlier and -31% from the quarter before.
Was Victoria's Secret profitable in the first quarter fiscal 2027?
Operating profit was $76.0M (4.9% of revenue) and net earnings $48.0M.
Source: Victoria's Secret 10-Q on SEC EDGAR.