entary was backed up by the company’s Q2 report, which revealed Victoria’s Secret net sales reached $1.459 billion for the second quarter of 2025, an increase of 3 per cent compared to net sales of $1.417 billion for the second quarter of 2024. The report also showed that total comparable sales for the second quarter of 2025 increased by 4 per cent and that North American store sales increased by 3.1 per cent since the previous quarter.  “The second quarter numbers from Victoria’s Secret were solid, especially as the company produced growth at a time when there was ongoing disruption from the digital outage. This provides some confidence that management’s vision and plan are starting to deliver and should provide some breathing space from activist investors,” said Global Data’s managing director Neil Saunders. Christine Russo, the principal of Retail Creative and Consulting Agency (RCCA) and the host of the retail podcast “What Just Happened”, remarked on the progress the brand has made since it released its Q1 results.  “In June, it was reported Victoria’s Secret shares had dropped about 56 per cent year-over-year, sparking intense pressure from [shareholders] BBRC Int’l and Barrington Capital to press for significant board changes, including questioning CEO Hillary Super’s ability to successfully lead,” noted Russo.  Saunders added that while there is certainly “a lot more to do to reinvigorate the brand, a good start has been made.” Is Victoria’s Secret the next millennial comeback story? Over the past few years, many brands that were once beloved by millennials, such as Gap, J.Crew and Abercrombie & Fitch, have been making a comeback, and it looks like Victoria’s Secret may be the next addition to the list.   As CI&T’s global director of retail strategy, Melissa Minkow, told Inside Retail, “Victoria’s Secret now has all the makings of a proper turnaround success story a la Gap. I’ve been very optimistic about Super’s track record and her ability to bring a fresh, innovation-driven perspective to Victoria’s Secret.” Minkow said Super’s focus on “disciplined inventory management” is particularly noteworthy. While it’s not necessarily the most glamorous part of a turnaround, it is one of the most important priorities retailers must focus on. “Victoria’s Secret has had a strong assortment mix and compelling channel strategy for a while, so there was great potential here that just needed to be realized through operational improvements. Between that and the edited ‘promotional approach,’ Victoria’s Secret nailed what it needed to in order to bounce back. I do believe this is just the beginning,” Minkow said. Retail Strategy Group’s Liza Amlani noted that Victoria’s Secret’s strong Q2 was fueled by international growth and product innovation, like the FlexFactor bra, which boosted customer engagement and market share. “Tighter inventory management and fewer promotions drove higher profits, stronger margins, and reduced excess inventory, which is exactly the momentum needed for the back half of the year,” Amlani added. However, Saunders noted that the brand still has a long way to go. “Reinvigorating Victoria’s Secret is like remodeling a house after many years of neglect and bad workmanship: it takes time to bring it back to its former glory, and the work has to be done step by step.” What to expect from Victoria’s Secret in Q3 and Q4 As positive as Victoria’s Secret’s Q2 results were, both Saunders and Russo flagged a few low points that the corporation needs to keep an eye on.  “The downsides this quarter came from pressure on profit from one-off charges and a view that tariffs will cost more than anticipated,” said Saunders. Additionally, Russo pointed out that operating margins were down 2.8 per cent in Q2, from 4.4 per cent in the same quarter the year before. Yet, Saunders told Inside Retail that as long as Victoria’s Secret focuses on rebuilding its sales, these challenges should be surmountable.  Russo predicted that while Victoria’s Secret may be looking at a potentially weak Q3, she expects the lingerie giant to have a standout Q4. “With the efforts in sourcing, product innovation, newness and global expansion, Q4 could be a winner,” she concluded.  Amlani said “the brand must sharpen operational efficiency and speed to market” in order to sustain its growth over the coming quarters. “The success of the LoveShackFancy collection’s 26-week cycle should be applied across all the Victoria’s Secret assortments, aligning product flow with demand. In a crowded market where price often outweighs innovation, faster, more disciplined product development will be key to maintaining relevance,” said Amlani.