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Segment Information
 9 Months Ended
Nov. 01, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s segments are based on the financial information the Company’s Chief Operating Decision Maker (“CODM”), who is the CEO, uses to evaluate performance and allocate resources. The Company has one reportable segment. The CODM assesses performance of the Company’s single reportable segment and decides how to allocate resources based on Net Loss Attributable to Victoria’s Secret & Co. as reported on the Consolidated Statements of Loss.
The following table provides the Company’s segment information for the third quarter and year-to-date 2025 and 2024:
Third QuarterYear-to-Date
2025202420252024
(in millions)
Net Sales$1,472 $1,347 $4,284 $4,124 
Costs of Goods Sold(605)(550)(1,773)(1,673)
Buying and Occupancy Expenses(331)(329)(982)(980)
General, Administrative and Store Operating Expenses (a)(403)(379)(1,154)(1,105)
Advertising and Marketing Expenses(152)(136)(333)(324)
Operating Income (Loss)$(19)$(47)$42 $42 
Interest Expense(18)(22)(53)(66)
(Provision) Benefit for Income Taxes6 15 (4)(2)
Other Items (b)(6)(2)(8)(2)
Net Loss Attributable to Victoria’s Secret & Co.
$(37)$(56)$(23)$(28)
_______________
(a)Excludes Advertising and Marketing Expenses.
(b)Other Items includes net income attributable to noncontrolling interest, interest income and other miscellaneous expense items.
The Company derives revenue primarily from its sale of women’s intimate and other apparel and beauty products. For additional information on other sources of revenue, see Note 3, “Revenue Recognition.”
The following table provides Net Sales by geographic location for the third quarter and year-to-date 2025 and 2024:
Third QuarterYear-to-Date
2025202420252024
(in millions)
U.S. (a)$1,167 $1,102 $3,459 $3,424 
Outside of the U.S. (b)305 245 825 700 
Total Net Sales$1,472 $1,347 $4,284 $4,124 
_______________
(a)Includes U.S. territories.
(b)Includes sales from Company-operated stores outside of the U.S., consolidated joint venture sales in China, royalties associated with franchise partners sales, wholesale sales, and net sales shipped internationally for direct channels operated by the Company. Certain of these sales are subject to the impact of fluctuations in foreign currency.
The following table provides long-lived assets, excluding deferred tax assets, equity method investments, goodwill, trade names, and other intangible assets, by geographic location as of November 1, 2025, February 1, 2025 and November 2, 2024:
November 1,
2025		February 1,
2025		November 2,
2024
(in millions)
U.S. (a)$2,231 $2,136 $2,152 
Outside of the U.S.164 143 155 
Total Long-lived Assets$2,395 $2,279 $2,307 
_______________
(a)Includes U.S. territories.
As the Company is one reportable segment, for additional information on assets, capital expenditures, depreciation and amortization of long-lived assets and other significant non-cash transactions, see Item 1. Financial Statements.