Victorias Secret

Q2 FY2027 EarningsQ2 FY27 delivered a significant beat across all key financial metrics, primarily driven by a $140M one-time IEEPA tariff refund. Net sales reached $1.61B, slightly missing the $1.62B consensus, but adjusted metrics showed robust underlying health with North American store sales up 9% YoY. Normalized EPS of $2.18 (adjusted to ~$0.95 excluding one-time gains) substantially outperformed the $0.77 consensus, while gross margin expanded to 47.1% vs. the 38.7% expected, reflecting both the tariff benefit and improved merchandise margins.