0001856437-24-000033 | 10-Q | XBRL Viewer

Long-term Debt and Borrowing Facilities (Tables)

9 Months Ended

Nov. 02, 2024

The following table provides the Company’s outstanding Long-term Debt balance, net of unamortized debt issuance costs and discounts and any current portion, as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$388 million Term Loan due August 2028 (“Term Loan Facility”)	$	383	$	385	$	385
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”)	440		145		555
Total Senior Secured Debt with Subsidiary Guarantee	823		530		940
Senior Debt with Subsidiary Guarantee
$600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)	595		594		594
Total Senior Debt with Subsidiary Guarantee	595		594		594

Total	1,418		1,124		1,534
Current Debt	(4)		(4)		(4)
Total Long-term Debt, Net of Current Portion	$	1,414	$	1,120	$	1,530

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Nov. 02, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments

The following table provides a summary of the principal value and estimated fair value of the Company's outstanding debt as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Principal Value	$	988	$	991	$	992
Fair Value, Estimated (a)	916		897		830

________________

(a)The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Fair Value, Liabilities Measured on Recurring Basis

The following tables provide a summary of the Company's contingent consideration recognized at fair value related to the Adore Me acquisition as of November 2, 2024, February 3, 2024, October 28, 2023 and January 28, 2023 (in millions):


Balance Sheet Location	Measurement Level	November 2, 2024		February 3, 2024		October 28, 2023		January 28, 2023
Accrued Expenses and Other	Level 3	$	64	$	74	$	16	$	30
Other Long-term Liabilities	Level 3	—		18		71		70

The estimated fair value of the contingent consideration is valued using a Scenario-Based method and a Monte Carlo simulation which utilize inputs including discount rates, estimated probability of achievement of certain milestones, forecasted revenues, forecasted EBITDA and volatility rates. These are considered Level 3 inputs in accordance with ASC 820, Fair Value Measurement. Changes in the fair value of the contingent consideration are recorded within General, Administrative and Store Operating Expenses on the Consolidated Statements of Loss. For additional information regarding the contingent consideration, see Note 2, “Acquisition.”

Fair Value of Financial Instruments - Fair Value of Contingent Consideration (Details) - Adore Me - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023	Jan. 28, 2023
Accrued Liability, Current
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration related to Adore Me acquisition	$ 64	$ 74	$ 16
Accrued Liability, Current \| Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration related to Adore Me acquisition	64	74	16	$ 30
Other Long-term Liabilities \| Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration related to Adore Me acquisition	$ 0	$ 18	$ 71	$ 70

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisition - Summary of Financial Impact (Details) - Adore Me - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Costs Of Good Sold, Buying And Occupancy
Business Acquisition [Line Items]
Additional acquisition related costs	$ 0	$ 7	$ 0	$ 22
General, Administrative and Store Operating Expenses
Business Acquisition [Line Items]
Additional acquisition related costs	6	0	19	24
Interest Expense
Business Acquisition [Line Items]
Additional acquisition related costs	$ 2	$ 1	$ 4	$ 3

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Nov. 02, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	21.30%	24.10%	(7.80%)	20.60%
Income taxes paid	$ 8	$ 6	$ 45	$ 65

Earnings (Loss) Per Share and Shareholders' Equity - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Oct. 28, 2023	Mar. 06, 2024	Jan. 11, 2023
Equity, Class of Treasury Stock [Line Items]
Average stock price (in dollars per share)	$ 34.22
Share repurchase program, amount authorized			$ 250
Shares repurchased during the period (in shares)	3,652
Amount repurchased during the period	$ 125
January 2023 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, amount authorized			$ 250
March 2024 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, amount authorized		$ 250

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Revenue Recognition

9 Months Ended

Nov. 02, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $122 million as of November 2, 2024, $103 million as of February 3, 2024 and $102 million as of October 28, 2023. Accounts receivable primarily relate to amounts due from the Company's franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 days.

The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty and credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $288 million as of November 2, 2024, $310 million as of February 3, 2024 and $283 million as of October 28, 2023. The Company recognized $113 million as revenue year-to-date 2024 from amounts recorded as deferred revenue at the beginning of the year. As of November 2, 2024, the Company recorded deferred revenue of $276 million within Accrued Expenses and Other, and $12 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for the third quarter and year-to-date 2024 and 2023:


	Third Quarter				Year-to-Date
	2024		2023		2024		2023
	(in millions)
Stores – North America	$	738	$	723	$	2,267	$	2,326
Direct	411		382		1,290		1,281
International (a)	198		160		567		492
Total Net Sales	$	1,347	$	1,265	$	4,124	$	4,099

_______________

(a)Results include consolidated joint venture sales in China, royalties associated with franchised stores and wholesale sales.

The Company has a Victoria's Secret and PINK multi-tender loyalty program along with a co-branded credit card and U.S. private label credit card through which customers can earn points on purchases of Victoria's Secret and PINK product and through the co-branded credit card can earn points on purchases outside of the Company. A third-party financing company is the sole owner of the credit card accounts and underwrites the credit issued under the credit card programs. Revenue earned in connection with the Company's credit card arrangements with the third-party is primarily recognized based on credit card sales and usage.

The Company recognized Net Sales of $17 million and $20 million in the third quarter of 2024 and 2023, respectively, related to revenue earned in connection with its credit card arrangements. The Company recognized Net Sales of $52 million and $66 million year-to-date 2024 and 2023, respectively, related to revenue earned in connection with its credit card arrangements.

The Company’s international net sales include sales from Company-operated stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s net sales outside of the U.S. totaled $245 million and $205 million for the third quarter of 2024 and 2023, respectively. The Company’s net sales outside of the U.S. totaled $700 million and $637 million year-to-date 2024 and 2023, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Disaggregation of Revenue [Line Items]
Net Sales	$ 1,347	$ 1,265	$ 4,124	$ 4,099
Stores – North America
Disaggregation of Revenue [Line Items]
Net Sales	738	723	2,267	2,326
Direct
Disaggregation of Revenue [Line Items]
Net Sales	411	382	1,290	1,281
International
Disaggregation of Revenue [Line Items]
Net Sales	$ 198	$ 160	$ 567	$ 492

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Earnings (Loss) Per Share and Shareholders' Equity

9 Months Ended

Nov. 02, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share and Shareholders' Equity

Earnings (Loss) Per Share

Earnings (loss) per basic share is computed based on the weighted-average number of common shares outstanding during the period. Earnings (loss) per diluted share include the weighted-average effect of dilutive restricted stock units, performance share units and options (collectively, “Dilutive Awards”) on the weighted-average shares outstanding.

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for the third quarter and year-to-date 2024 and 2023:


	Third Quarter		Year-to-Date
	2024	2023	2024	2023
	(in millions)
Common Shares	79	77	78	78
Treasury Shares	—	—	—	—
Basic Shares	79	77	78	78
Effect of Dilutive Awards (a)(b)	—	—	—	—
Diluted Shares	79	77	78	78
Anti-dilutive Awards (a)	6	5	6	5

_______________

(a)Shares underlying certain restricted stock units, performance share units and options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

(b)For the third quarter and year-to-date 2024 and 2023, shares underlying outstanding restricted stock units, performance share units and options were excluded from dilutive shares as a result of the Company's net loss for those periods.

Shareholders' Equity

Common Stock Share Repurchases & Treasury Stock Retirements

March 2024 Share Repurchase Program

In March 2024, the Company's Board of Directors approved a share repurchase program (“March 2024 Share Repurchase Program”), authorizing the repurchase of up to $250 million of the Company's common stock, subject to market conditions and other factors, through open market, accelerated share repurchase or privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans. The March 2024 Share Repurchase Program is open-ended in term and will continue until exhausted.

The Company did not repurchase any shares of its common stock under the March 2024 Share Repurchase Program during the third quarter or year-to-date 2024. As of November 2, 2024, the Company was authorized to repurchase up to $250 million of the Company's common stock under the March 2024 Share Repurchase Program.

January 2023 Share Repurchase Program

In January 2023, the Company's Board of Directors approved a share repurchase program (“January 2023 Share Repurchase Program”), authorizing the repurchase of up to $250 million of the Company's common stock. The authorization, which expired at the end of fiscal year 2023, was utilized in fiscal year 2023 to repurchase shares in the open market and under the accelerated share repurchase agreement described below.

In February 2023, as part of the January 2023 Share Repurchase Program, the Company entered into an accelerated share repurchase agreement (“ASR Agreement”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) to repurchase $125 million of the Company's common stock. In February 2023, the Company made an initial payment of $125 million to Goldman Sachs and received an initial delivery of 2.4 million shares of the Company's common stock. As a result of the initial share delivery, there was an additional $1 million increase in Treasury Stock, which reflected the excise tax liability recorded related to the share repurchase in accordance with the Inflation Reduction Act of 2022.

In May 2023, upon final settlement of the ASR Agreement, the Company received an additional 1.3 million shares of the Company's common stock from Goldman Sachs. The final number of shares received was based on the volume-weighted average price of the Company’s common stock during the term of the ASR Agreement, less a discount and subject to adjustments pursuant to the terms of the ASR Agreement.

The Company repurchased the following shares of its common stock under the January 2023 Share Repurchase Program during year-to-date 2023:


	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
January 2023 Share Repurchase Program	$	250	3,652	$	125	$	34.22

Shares repurchased under the January 2023 Share Repurchase Program were retired upon repurchase. As a result, the Company retired the 3.7 million shares repurchased in connection with the settlement of the ASR Agreement year-to-date 2023. The retirement resulted in a reduction of $126 million in Treasury Stock, less than $1 million in the par value of Common Stock, $9 million in Paid-in Capital and $117 million in Retained Earnings year-to-date 2023.

- Definition

The entire disclosure for equity.

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+ Details

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Restructuring Activities (Details) - USD ($) $ in Millions	Apr. 29, 2023	Nov. 02, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 11
Accrued termination payable		$ 1
Executive Leadership Changes 2024
Restructuring Cost and Reserve [Line Items]
Accrued termination payable		13
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 13
Buying and Occupancy
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings (Loss) Per Share and Shareholders' Equity - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Earnings Per Share [Abstract]
Common Shares (in shares)	79	77	78	78
Treasury Shares (in shares)	0	0	0	0
Basic shares (in shares)	79	77	78	78
Effect of Dilutive Awards (in shares)	0	0	0	0
Diluted Shares (in shares)	79	77	78	78
Antidilutive Awards (in shares)	6	5	6	5

Restructuring Activities	9 Months Ended
Restructuring Activities	Nov. 02, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities In the third quarter of 2024, the Company made certain executive leadership appointments and changes to streamline its executive leadership team. On August 12, 2024, the Board of Directors of the Company (the “Board”) appointed Hillary Super as Chief Executive Officer (“CEO”) of the Company and as a member of the Board, effective as of September 9, 2024, and terminated Martin Waters as CEO, effective as of August 13, 2024. Mr. Waters’ exit from the Company constituted a termination without cause under his employment agreement, entitling him to receive certain severance benefits provided under his employment agreement, subject to the terms and conditions of that agreement. Effective as of September 3, 2024, the Company eliminated the executive officer roles of Brand President, which was held by Greg Unis, and Chief Customer Officer, which was held by Christine Rupp. Mr. Unis’s and Ms. Rupp’s departures from the Company both constituted a termination without cause under their respective employment agreements, entitling them to each receive the severance benefits provided under their respective severance agreements, subject to the terms and conditions of those agreements. As a result of these executive leadership changes, pre-tax severance and related costs of $13 million were recorded in the third quarter of 2024 and are included in General, Administrative and Store Operating Expenses in the 2024 Consolidated Statements of Loss. As of November 2, 2024, there were $13 million of liabilities related to these executive leadership changes included in the Consolidated Balance Sheet. In the first quarter of 2023, the Company implemented restructuring actions to reorganize and improve its organizational structure. As a result, pre-tax severance and related costs of $11 million, of which $8 million are included in General, Administrative and Store Operating Expenses and $3 million are included in Costs of Goods Sold, Buying and Occupancy, are included in the Year-to-Date 2023 Consolidated Statement of Loss. As of November 2, 2024, there were less than $1 million of liabilities related to the restructuring actions implemented in the first quarter of 2023 included in the Consolidated Balance Sheet

Revenue Recognition (Tables)

9 Months Ended

Nov. 02, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for the third quarter and year-to-date 2024 and 2023:


	Third Quarter				Year-to-Date
	2024		2023		2024		2023
	(in millions)
Stores – North America	$	738	$	723	$	2,267	$	2,326
Direct	411		382		1,290		1,281
International (a)	198		160		567		492
Total Net Sales	$	1,347	$	1,265	$	4,124	$	4,099

_______________

(a)Results include consolidated joint venture sales in China, royalties associated with franchised stores and wholesale sales.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Current Assets:
Cash and Cash Equivalents	$ 161	$ 270	$ 124
Accounts Receivable, Net	163	152	139
Inventories	1,290	985	1,211
Other	172	126	162
Total Current Assets	1,786	1,533	1,636
Property and Equipment, Net	806	843	871
Operating Lease Assets	1,472	1,351	1,311
Goodwill	367	367	365
Trade Names	281	284	286
Other Intangible Assets, Net	100	116	121
Deferred Income Taxes	19	20	15
Other Assets	90	86	82
Total Assets	4,921	4,600	4,687
Current Liabilities:
Accounts Payable	464	513	449
Accrued Expenses and Other	801	810	625
Current Debt	4	4	4
Current Operating Lease Liabilities	252	267	288
Income Taxes	5	20	2
Total Current Liabilities	1,526	1,614	1,368
Deferred Income Taxes	38	37	60
Long-term Debt	1,414	1,120	1,530
Long-term Operating Lease Liabilities	1,428	1,312	1,279
Other Long-term Liabilities	62	79	212
Total Liabilities	4,468	4,162	4,449
Shareholders' Equity:
Preferred Stock — $0.01 par value; 10 shares authorized; 0 shares issued and outstanding	0	0	0
Common Stock — $0.01 par value; 1,000 shares authorized; 79, 78, and 77 shares issued and outstanding, respectively	1	1	1
Paid-in Capital	278	238	223
Accumulated Other Comprehensive Income (Loss)	0	0	(1)
Retained Earnings (Accumulated Deficit)	150	178	(3)
Total Victoria's Secret & Co. Shareholders' Equity	429	417	220
Noncontrolling Interest	24	21	18
Total Equity	453	438	238
Total Liabilities and Equity	$ 4,921	$ 4,600	$ 4,687

Acquisition

9 Months Ended

Nov. 02, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition

On December 30, 2022, the Company completed its acquisition of 100% of the equity interests of AdoreMe, Inc. (“Adore Me”). Under the terms of the definitive agreement setting forth the terms and conditions of the acquisition (the “Merger Agreement”), the Company made an upfront cash payment of $391 million at closing and agreed to pay further cash consideration in an aggregate amount of at least $80 million, consisting of a fixed payment to be made on or prior to January 15, 2025, and up to $300 million based on the performance of Adore Me and achievement of specified strategic objectives and certain EBITDA and net revenue goals within the two-year period following closing of the transaction. Under the terms of the Merger Agreement, up to $60 million of the further cash consideration is subject to the continued employment of a certain Adore Me employee (“Contingent Compensation Payments”). These Contingent Compensation Payments are not included as consideration when applying the acquisition method of accounting and are recognized as compensation expense within General, Administrative and Store Operating Expenses in the Consolidated Statements of Loss if and when earned in future periods.

During the first quarter of 2024, the Company made payments of $20 million for the achievement of a specified strategic objective under the terms of the Merger Agreement, comprised of $16 million for contingent consideration classified as financing cash outflows and $4 million of Contingent Compensation Payments classified as operating cash outflows in the Consolidated Statement of Cash Flows.

In the third quarter and year-to-date 2024 and 2023, the Company recognized the financial impact of purchase accounting items, including recognition of changes in the estimated fair value of contingent consideration and Contingent Compensation Payments and amortization of acquired intangible assets. In addition, in the third quarter and year-to-date 2023, the Company recognized the financial impact of additional acquisition-related costs and recognition in gross profit of the fair value adjustment to acquired inventories that were sold in the respective period.

The following table provides a summary by line item in the Consolidated Statements of Loss of the financial impact of purchase accounting items and additional acquisition-related costs for the third quarter and year-to-date 2024 and 2023:


	Third Quarter				Year-to-Date
	2024		2023		2024		2023
Income Statement Line Item	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	—	$	7	$	—	$	22
General, Administrative and Store Operating Expenses	6		—		19		24
Interest Expense	2		1		4		3

The deferred consideration liability for the future fixed payment was $79 million and $76 million as of November 2, 2024 and February 3, 2024, respectively, and is included within Accrued Expenses and Other in the Consolidated Balance Sheets. As of October 28, 2023, the deferred consideration liability for the future fixed payment was $74 million and is included within Other Long-term Liabilities in the Consolidated Balance Sheet. See Note 11, “Fair Value of Financial Instruments” for further information regarding the liability recognized at fair value for the contingent consideration.

Cover - shares	9 Months Ended
Cover - shares	Nov. 02, 2024	Nov. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 02, 2024
Document Transition Report	false
Entity File Number	001-40515
Entity Registrant Name	VICTORIA'S SECRET & CO.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3167653
Entity Address, Address Line One	4 Limited Parkway East
Entity Address, City or Town	Reynoldsburg,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43068
City Area Code	(614)
Local Phone Number	577-7000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	VSCO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		78,621,590
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001856437
Current Fiscal Year End Date	--02-01

Long-term Debt and Borrowing Facilities

9 Months Ended

Nov. 02, 2024

Debt Disclosure [Abstract]

Long-term Debt and Borrowing Facilities


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$388 million Term Loan due August 2028 (“Term Loan Facility”)	$	383	$	385	$	385
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”)	440		145		555
Total Senior Secured Debt with Subsidiary Guarantee	823		530		940
Senior Debt with Subsidiary Guarantee
$600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)	595		594		594
Total Senior Debt with Subsidiary Guarantee	595		594		594

Total	1,418		1,124		1,534
Current Debt	(4)		(4)		(4)
Total Long-term Debt, Net of Current Portion	$	1,414	$	1,120	$	1,530

Cash paid for interest was $49 million and $54 million for year-to-date 2024 and 2023, respectively.

Credit Facilities

The Company has a senior secured term loan B credit facility in an aggregate principal amount of $400 million, which will mature in August 2028. The Company is required to make quarterly principal payments on the Term Loan Facility in an amount equal to 0.25% of the original principal amount of $400 million. The Company made principal payments for the Term Loan Facility of $1 million during both the third quarter of 2024 and 2023 and $3 million during both year-to-date 2024 and 2023.

Interest on the loans under the Term Loan Facility is calculated by reference to the Term Secured Overnight Financing Rate (“Term SOFR”) or an alternative base rate, plus an interest rate margin (i) in the case of Term SOFR loans, ranging from 3.36% to 3.68% and (ii) in the case of alternate base rate loans, equal to 2.25%. The obligation to pay principal and interest on the loans under the Term Loan Facility is jointly and severally guaranteed on a full and unconditional basis by certain of the Company's wholly-owned domestic subsidiaries. The loans under the Term Loan Facility are secured on a first-priority lien basis by certain assets of the Company and its subsidiary guarantors that do not constitute priority collateral under the ABL Facility and on a second-priority lien basis by priority collateral under the ABL Facility, subject to customary exceptions. As of November 2, 2024, the interest rate on the loans under the Term Loan Facility was 8.46%.

The Company also has a senior secured asset-based revolving credit facility. The ABL Facility allows for borrowings and letters of credit in U.S. dollars or Canadian dollars and has aggregate commitments of $750 million and an expiration date of August 2026. The availability under the ABL Facility is equal to the lesser of (i) the borrowing base, determined primarily based on the Company's eligible U.S. and Canadian credit card receivables, eligible accounts receivable, eligible inventory and eligible real property, and (ii) the maximum aggregate commitment amount of $750 million. Interest on the loans under the ABL Facility is calculated by reference to (i) Term SOFR or an alternative base rate and (ii) in the case of loans denominated in Canadian dollars, the Canadian Dollar Offered Rate (“CDOR”) or a Canadian base rate, plus an interest rate margin based on average daily excess availability ranging from (x) in the case of CDOR loans, 1.50% to 2.00%, (y) in the case of alternate base rate loans and Canadian base rate loans, 0.50% to 1.00%, and (z) in the case of Term SOFR loans, 1.60% to 2.10%. Unused commitments under the ABL Facility accrue an unused commitment fee ranging from 0.25% to 0.30%. The obligation to pay principal and interest on the loans under the ABL Facility is jointly and severally guaranteed on a full and unconditional basis by certain of the Company's wholly-owned domestic and Canadian subsidiaries. The loans under the ABL Facility are secured on a first-priority lien basis by the Company's eligible U.S. and Canadian credit card receivables, eligible accounts receivable, eligible inventory and eligible real property and on a second-priority lien basis on substantially all other assets of the Company, subject to customary exceptions.

The Company borrowed $460 million and $405 million from the ABL Facility year-to-date 2024 and 2023, respectively, and made repayments of $165 million and $145 million under the ABL Facility year-to-date 2024 and 2023, respectively. As of November 2, 2024, there were borrowings of $440 million outstanding under the ABL Facility and the interest rate on the borrowings was 6.59%. The Company had $19 million of outstanding letters of credit as of November 2, 2024 that further reduced its availability under the ABL Facility. As of November 2, 2024, the Company's remaining availability under the ABL Facility was $291 million.

The Company's long-term debt and borrowing facilities contain certain financial and other covenants, including, but not limited to, the maintenance of financial ratios. The 2029 Notes and the Term Loan Facility include the maintenance of a consolidated coverage ratio and a consolidated total leverage ratio, and the ABL Facility includes the maintenance of a fixed charge coverage ratio and a debt to earnings before interest, income taxes, depreciation, amortization and rent (“EBITDAR”) ratio. The financial covenants could, within specific predefined circumstances, limit the Company's ability to incur additional indebtedness, make certain investments, pay dividends or repurchase shares. As of November 2, 2024, the Company was in compliance with all covenants under its long-term debt and borrowing facilities.

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Total Victoria's Secret & Co. Equity	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings	Treasury Stock	Noncontrolling Interest
Beginning Balance (in shares) at Jan. 28, 2023			80,000
Beginning Balance at Jan. 28, 2023	$ 401	$ 383	$ 1	$ 195	$ 1	$ 186	$ 0	$ 18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(68)	(72)				(72)		4
Other Comprehensive Income	(4)	(2)			(2)			(2)
Total Comprehensive Loss	(72)	(74)			(2)	(72)		2
Repurchases of Common Stock (in shares)			(3,000)
Repurchases of Common Stock	(126)	(126)		0			(126)
Treasury Share Retirements	0			(9)		(117)	126
Share-based Compensation Expense	41	41		41
Tax Payments related to Share-based Awards			1,000
Tax Payments related to Share-based Awards	(10)	(10)		(10)
Distribution to Noncontrolling Interest	(2)							(2)
Other (in shares)			1,000
Other	$ 6	6		6
Ending Balance (in shares) at Oct. 28, 2023	78,000		77,000
Ending Balance at Oct. 28, 2023	$ 238	220	$ 1	223	(1)	(3)	0	18
Beginning Balance (in shares) at Jul. 29, 2023			77,000
Beginning Balance at Jul. 29, 2023	300	279	$ 1	210	0	68	0	21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(71)	(71)				(71)		0
Other Comprehensive Income	(2)	(1)			(1)			(1)
Total Comprehensive Loss	(73)	(72)			(1)	(71)		(1)
Share-based Compensation Expense	14	14		14
Tax Payments related to Share-based Awards			0
Tax Payments related to Share-based Awards	(1)	(1)		(1)
Distribution to Noncontrolling Interest	$ (2)							(2)
Ending Balance (in shares) at Oct. 28, 2023	78,000		77,000
Ending Balance at Oct. 28, 2023	$ 238	220	$ 1	223	(1)	(3)	0	18
Beginning Balance (in shares) at Feb. 03, 2024	77,000		78,000
Beginning Balance at Feb. 03, 2024	$ 438	417	$ 1	238	0	178	0	21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(25)	(28)				(28)		3
Other Comprehensive Income	0	0			0			0
Total Comprehensive Loss	(25)	(28)			0	(28)		3
Share-based Compensation Expense	45	45		45
Tax Payments related to Share-based Awards			1,000
Tax Payments related to Share-based Awards	(9)	(9)		(9)
Other (in shares)			2,000
Other	$ 4	4		4
Ending Balance (in shares) at Nov. 02, 2024	79,000		79,000
Ending Balance at Nov. 02, 2024	$ 453	429	$ 1	278	0	150	0	24
Beginning Balance (in shares) at Aug. 03, 2024			78,000
Beginning Balance at Aug. 03, 2024	494	472	$ 1	265	0	206	0	22
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(55)	(56)				(56)		1
Other Comprehensive Income	1	0			0			1
Total Comprehensive Loss	(54)	(56)			0	(56)		2
Share-based Compensation Expense	13	13		13
Tax Payments related to Share-based Awards			0
Tax Payments related to Share-based Awards	(1)	(1)		(1)
Other (in shares)			1,000
Other	$ 1	1		1
Ending Balance (in shares) at Nov. 02, 2024	79,000		79,000
Ending Balance at Nov. 02, 2024	$ 453	$ 429	$ 1	$ 278	$ 0	$ 150	$ 0	$ 24

Acquisition (Tables)

9 Months Ended

Nov. 02, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Summary of Financial Impact Of Purchase Accounting Items and Additional Acquisition Related Costs


	Third Quarter				Year-to-Date
	2024		2023		2024		2023
Income Statement Line Item	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	—	$	7	$	—	$	22
General, Administrative and Store Operating Expenses	6		—		19		24
Interest Expense	2		1		4		3

Comprehensive Income (Loss) (Tables)

9 Months Ended

Nov. 02, 2024

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The following table provides the rollforward of accumulated other comprehensive income attributable to Victoria's Secret & Co. for year-to-date 2024:

Foreign Currency Translation

Accumulated Other Comprehensive Income

(in millions)

Balance as of February 3, 2024

—

Other Comprehensive Income Before Reclassifications

—

Tax Effect

—

Current-period Other Comprehensive Income

—

Balance as of November 2, 2024

—

The following table provides the rollforward of accumulated other comprehensive income (loss) attributable to Victoria's Secret & Co. for year-to-date 2023:


	Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of January 28, 2023	$	1	$	1
Other Comprehensive Loss Before Reclassifications	(2)		(2)

Tax Effect	—		—
Current-period Other Comprehensive Loss	(2)		(2)
Balance as of October 28, 2023	$	(1)	$	(1)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Operating Activities:
Net Loss	$ (25)	$ (68)
Adjustments to Reconcile Net Loss to Net Cash Used for Operating Activities:
Depreciation and Amortization of Long-lived Assets	192	216
Share-based Compensation Expense	45	41
Gain on Sale of Assets	(6)	0
Deferred Income Taxes	1	7
Amortization of Fair Value Adjustment to Acquired Inventories	0	22
Changes in Assets and Liabilities:
Accounts Receivable	(11)	0
Inventories	(305)	(184)
Accounts Payable, Accrued Expenses and Other	(55)	(122)
Income Taxes	(45)	(83)
Other Assets and Liabilities	(40)	(29)
Net Cash Used for Operating Activities	(249)	(200)
Investing Activities:
Capital Expenditures	(150)	(224)
Proceeds from Sale of Assets	16	0
Acquisition, Net of Cash Acquired	0	1
Other Investing Activities	(1)	0
Net Cash Used for Investing Activities	(133)	(223)
Financing Activities:
Borrowings from Asset-based Revolving Credit Facility	460	405
Repayments of Borrowings from Asset-based Revolving Credit Facility	165	145
Payments for Contingent Consideration related to Adore Me Acquisition	(16)	0
Tax Payments related to Share-based Awards	(9)	(10)
Payments of Long-term Debt	(3)	(3)
Repurchases of Common Stock	0	(125)
Proceeds from Stock Option Exercises	0	3
Other Financing Activities	5	(3)
Net Cash Provided by Financing Activities	272	122
Effects of Exchange Rate Changes on Cash and Cash Equivalents	1	(2)
Net Decrease in Cash and Cash Equivalents	(109)	(303)
Cash and Cash Equivalents, Beginning of Period	270	427
Cash and Cash Equivalents, End of Period	$ 161	$ 124

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Nov. 02, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Victoria’s Secret & Co. (together with its subsidiaries unless the context otherwise requires, the “Company”) is a specialty retailer of women's intimate and other apparel and beauty products marketed under the Victoria’s Secret, PINK and Adore Me brand names. The Company has approximately 890 stores in the United States (“U.S.”), Canada and China as well as its own websites, www.VictoriasSecret.com, www.PINK.com and www.AdoreMe.com, and other digital channels worldwide. Additionally, the Company has more than 490 stores in nearly 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the merchandise sourcing and production function serving the Company and its international partners. The Company operates as a single segment designed to serve customers worldwide seamlessly through stores and digital channels. In the third quarter of 2024, the Company made certain executive leadership changes, including the appointment of a new Chief Executive Officer and the elimination of two executive officer roles to streamline its executive leadership team. In the first quarter of 2023, the Company implemented restructuring actions to reorganize and improve its organizational structure. For additional information, see Note 4, “Restructuring Activities.”
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2024” and “third quarter of 2023” refer to the thirteen-week periods ended November 2, 2024 and October 28, 2023, respectively. “Year-to-date 2024” and “year-to-date 2023” refer to the thirty-nine-week periods ended November 2, 2024 and October 28, 2023, respectively, and “fiscal year 2024” and “fiscal year 2023” refer to the fifty-two-week period ending February 1, 2025 and the fifty-three-week period ended February 3, 2024, respectively.
Basis of Presentation	Basis of Presentation The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”).
Interim Financial Statements	Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended November 2, 2024 and October 28, 2023 are unaudited. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 22, 2024. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods.
Seasonality of Business	Seasonality of Business Due to the seasonal variations in the retail industry, the results of operations for the thirteen-week and thirty-nine-week periods ended November 2, 2024 are not necessarily indicative of the results expected for any other interim period or the full fiscal year ending February 1, 2025.
Equity Method Investments	Equity Method Investments The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Loss, and the Company's share of net income or loss from all other unconsolidated entities is included in General, Administrative and Store Operating Expenses in the Consolidated Statements of Loss. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value.
Noncontrolling Interest	Noncontrolling Interest The Company accounts for investments in entities where it has control over the entity by consolidating the entities' assets, liabilities and results of operations and including them in the Company's Consolidated Financial Statements. The share of the investment not owned by the Company is reflected in Noncontrolling Interest in the Consolidated Balance Sheets. The Company recognizes the share of net income or loss not attributable to the Company in Net Income Attributable to Noncontrolling Interest in the Consolidated Statements of Loss. Noncontrolling interest represents the portion of equity interests in a joint venture in China that is not owned by the Company.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash and cash equivalents with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts with and limits the amount of credit exposure with any one entity. As of November 2, 2024, the Company's investment portfolio was primarily comprised of money market funds and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.
Supplier Finance Programs	Supplier Finance Programs The Company has agreements with designated third-party financial institutions to provide supplier finance programs which facilitate participating suppliers’ ability to finance payment obligations of the Company. Participating suppliers may finance one or more payment obligations of the Company prior to their scheduled due dates and receive a discounted payment from participating financial institutions. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards during the third quarter of 2024 that had a material impact on the Company’s results of operations, financial position or cash flows. Disaggregation of Income Statement Expenses In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis. This standard will be effective for annual reporting periods beginning in fiscal year 2027 and for interim periods beginning in fiscal year 2028, with early adoption permitted. The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this standard on its disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision-usefulness of income tax disclosures, primarily by requiring enhanced disclosure for income taxes paid and the effective tax rate reconciliation. This standard will be effective for annual reporting periods beginning in fiscal year 2025, with early adoption permitted. The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company does not expect this standard to have a material impact on its results of operations, financial position or cash flows. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting, including the significant segment expense disclosures. This standard will be effective for annual reporting periods beginning in fiscal year 2024 and interim periods beginning in fiscal year 2025. The updates required by this standard should be applied retrospectively to all periods presented in the financial statements. The Company does not expect this standard to have a material impact on its results of operations, financial position or cash flows.
Earnings Per Share	Earnings (Loss) Per Share Earnings (loss) per basic share is computed based on the weighted-average number of common shares outstanding during the period. Earnings (loss) per diluted share include the weighted-average effect of dilutive restricted stock units, performance share units and options (collectively, “Dilutive Awards”) on the weighted-average shares outstanding.
Inventory	Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis. The above amounts are net of valuation adjustments for inventory where the cost exceeds the amount the Company expects to realize from the ultimate sale or disposal of the inventory and net of loss adjustments for estimated physical inventory losses that have occurred since the date of the last physical inventory.
Fair Value	Cash and Cash Equivalents include cash on hand, deposits with financial institutions and highly liquid investments with original maturities of 90 days or less. The Company's Cash and Cash Equivalents are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets.

Accrued Expenses and Other

9 Months Ended

Nov. 02, 2024

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other

The following table provides additional information about the composition of Accrued Expenses and Other as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Deferred Revenue on Gift Cards and Merchandise Credits	$	216	$	239	$	213
Compensation, Payroll Taxes and Benefits	115		135		103
Future Fixed Payment Related to Adore Me Acquisition	79		76		—
Contingent Consideration Related to Adore Me Acquisition	64		74		16
Accrued Marketing	38		39		37
Taxes, Other than Income	37		43		39
Deferred Revenue on Loyalty and Credit Card Programs	34		45		43
Accrued Freight and Other Logistics	29		12		11
Deferred Revenue on Direct Shipments not yet Delivered	26		11		11
Returns Reserve	21		16		14
Accrued Interest	17		9		19
Accrued Claims on Self-insured Activities	14		11		10
Rent	6		6		5
Other	105		94		104
Total Accrued Expenses and Other	$	801	$	810	$	625

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	Nov. 02, 2024 USD ($) store country	Feb. 03, 2024 USD ($)	Oct. 28, 2023 USD ($)
Spinoff Transactions [Line Items]
Number of countries in which stores operating \| country	70
Amounts payable to financial institutions participating in supplier finance programs \| $	$ 176	$ 183	$ 154
Victoria's Secret U.K. and Other
Spinoff Transactions [Line Items]
Equity method investments \| $	$ 61	$ 60	$ 56
Stores in the U.S., Canada and Greater China and Stores Online
Spinoff Transactions [Line Items]
Number of stores (more than) \| store	890
Stores Operating under Franchise, License and Wholesale Arrangements
Spinoff Transactions [Line Items]
Number of stores (more than) \| store	490

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 494	$ 300	$ 438	$ 401
Total Other Comprehensive Income (Loss), Net of Tax	1	(2)	0	(4)
Ending Balance	453	238	453	238
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0	0	0	1
Other Comprehensive Income Before Reclassifications			0	(2)
Tax Effect			0	0
Total Other Comprehensive Income (Loss), Net of Tax	0	(1)	0	(2)
Ending Balance	0	(1)	0	(1)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			0	1
Other Comprehensive Income Before Reclassifications			0	(2)
Tax Effect			0	0
Total Other Comprehensive Income (Loss), Net of Tax			0	(2)
Ending Balance	$ 0	$ (1)	$ 0	$ (1)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Statement of Comprehensive Income [Abstract]
Net Loss	$ (55)	$ (71)	$ (25)	$ (68)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	1	(2)	0	(4)
Total Other Comprehensive Income (Loss), Net of Tax	1	(2)	0	(4)
Total Comprehensive Income (Loss)	(54)	(73)	(25)	(72)
Less: Net Income Attributable to Noncontrolling Interest	1	0	3	4
Less: Foreign Currency Translation Attributable to Noncontrolling Interest	1	(1)	0	(2)
Comprehensive Loss Attributable to Victoria's Secret & Co.	$ (56)	$ (72)	$ (28)	$ (74)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Income Statement [Abstract]
Net Sales	$ 1,347	$ 1,265	$ 4,124	$ 4,099
Costs of Goods Sold, Buying and Occupancy	(879)	(838)	(2,653)	(2,683)
Gross Profit	468	427	1,471	1,416
General, Administrative and Store Operating Expenses	(515)	(494)	(1,429)	(1,429)
Operating Income (Loss)	(47)	(67)	42	(13)
Interest Expense	(22)	(26)	(66)	(72)
Other Income (Loss)	(1)	0	1	0
Loss Before Income Taxes	(70)	(93)	(23)	(85)
Provision (Benefit) for Income Taxes	(15)	(22)	2	(17)
Net Loss	(55)	(71)	(25)	(68)
Less: Net Income Attributable to Noncontrolling Interest	1	0	3	4
Net Loss Attributable to Victoria's Secret & Co.	$ (56)	$ (71)	$ (28)	$ (72)
Net Loss Per Basic Share Attributable to Victoria's Secret & Co. (in dollars per share)	$ (0.71)	$ (0.92)	$ (0.36)	$ (0.93)
Net Loss Per Diluted Share Attributable to Victoria's Secret & Co. (in dollars per share)	$ (0.71)	$ (0.92)	$ (0.36)	$ (0.93)

Fair Value of Financial Instruments

9 Months Ended

Nov. 02, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Cash and Cash Equivalents include cash on hand, deposits with financial institutions and highly liquid investments with original maturities of 90 days or less. The Company's Cash and Cash Equivalents are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets.

The following table provides a summary of the principal value and estimated fair value of the Company's outstanding debt as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Principal Value	$	988	$	991	$	992
Fair Value, Estimated (a)	916		897		830

________________

Management believes that the carrying values of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short maturity. Management further believes the principal value of the outstanding debt under the ABL Facility approximates its fair value as of November 2, 2024 based on the terms of the borrowings under the ABL Facility.

Recurring Fair Value Measurements


Balance Sheet Location	Measurement Level	November 2, 2024		February 3, 2024		October 28, 2023		January 28, 2023
Accrued Expenses and Other	Level 3	$	64	$	74	$	16	$	30
Other Long-term Liabilities	Level 3	—		18		71		70

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Accrued Expenses and Other (Tables)

9 Months Ended

Nov. 02, 2024

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

The following table provides additional information about the composition of Accrued Expenses and Other as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Deferred Revenue on Gift Cards and Merchandise Credits	$	216	$	239	$	213
Compensation, Payroll Taxes and Benefits	115		135		103
Future Fixed Payment Related to Adore Me Acquisition	79		76		—
Contingent Consideration Related to Adore Me Acquisition	64		74		16
Accrued Marketing	38		39		37
Taxes, Other than Income	37		43		39
Deferred Revenue on Loyalty and Credit Card Programs	34		45		43
Accrued Freight and Other Logistics	29		12		11
Deferred Revenue on Direct Shipments not yet Delivered	26		11		11
Returns Reserve	21		16		14
Accrued Interest	17		9		19
Accrued Claims on Self-insured Activities	14		11		10
Rent	6		6		5
Other	105		94		104
Total Accrued Expenses and Other	$	801	$	810	$	625

Long-Lived Assets - Summary of Property And Equipment, Net (Details) - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, at Cost	$ 3,564	$ 3,616	$ 3,654
Accumulated Depreciation and Amortization	(2,758)	(2,773)	(2,783)
Property and Equipment, Net	$ 806	$ 843	$ 871

Inventories (Tables)

9 Months Ended

Nov. 02, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

The following table provides details of Inventories as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Finished Goods Merchandise	$	1,242	$	929	$	1,159
Raw Materials and Merchandise Components	48		56		52
Total Inventories	$	1,290	$	985	$	1,211

Comprehensive Income (Loss)

9 Months Ended

Nov. 02, 2024

Equity [Abstract]

Comprehensive Income (Loss)

The following table provides the rollforward of accumulated other comprehensive income attributable to Victoria's Secret & Co. for year-to-date 2024:

Foreign Currency Translation

Accumulated Other Comprehensive Income

(in millions)

Balance as of February 3, 2024

—

Other Comprehensive Income Before Reclassifications

—

Tax Effect

—

Current-period Other Comprehensive Income

—

Balance as of November 2, 2024

—

The following table provides the rollforward of accumulated other comprehensive income (loss) attributable to Victoria's Secret & Co. for year-to-date 2023:


	Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of January 28, 2023	$	1	$	1
Other Comprehensive Loss Before Reclassifications	(2)		(2)

Tax Effect	—		—
Current-period Other Comprehensive Loss	(2)		(2)
Balance as of October 28, 2023	$	(1)	$	(1)

Long-term Debt and Borrowing Facilities - Narrative (Details) $ in Millions			3 Months Ended		9 Months Ended
	May 08, 2023	Aug. 02, 2021 USD ($)	Nov. 02, 2024 USD ($)	Oct. 28, 2023 USD ($)	Nov. 02, 2024 USD ($)	Oct. 28, 2023 USD ($)
Debt Instrument [Line Items]
Cash paid for interest					$ 49	$ 54
Borrowings from asset-based revolving credit facility					$ 460	405
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Revolving Credit Facility
Debt Instrument [Line Items]
Fixed interest rate			6.59%		6.59%
Maximum borrowing capacity		$ 750
Borrowings from asset-based revolving credit facility					$ 460	405
Payments under the ABL Facility					165	145
Line of credit			$ 440		440
Line of credit facility, remaining borrowing capacity			291		291
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Percentage spread over variable base rate	1.60%
Commitment fee percentage, unused capacity		0.25%
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage, unused capacity		0.30%
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Percentage spread over variable base rate	2.10%
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Average Daily Excess Availability \| LIBOR and CDOR Loans \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Percentage spread over variable base rate		1.50%
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Average Daily Excess Availability \| LIBOR and CDOR Loans \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Percentage spread over variable base rate		2.00%
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Average Daily Excess Availability \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Percentage spread over variable base rate		0.50%
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Average Daily Excess Availability \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Percentage spread over variable base rate		1.00%
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Letter of Credit
Debt Instrument [Line Items]
Line of credit			19		19
Term Loan due August 2028 \| Term Loan
Debt Instrument [Line Items]
Term loan B credit facility		$ 400
Periodic principal payment, percent		0.0025
Debt instrument, principal payment			$ 1	$ 1	$ 3	$ 3
Fixed interest rate			8.46%		8.46%
Term Loan due August 2028 \| Base Rate \| Term Loan
Debt Instrument [Line Items]
Percentage spread over variable base rate		2.25%
Term Loan due August 2028 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum \| Term Loan
Debt Instrument [Line Items]
Percentage spread over variable base rate	3.36%
Term Loan due August 2028 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum \| Term Loan
Debt Instrument [Line Items]
Percentage spread over variable base rate	3.68%
With Subsidiary Guarantee \| 4.625% Fixed Interest Rate Secured Notes due July 2029
Debt Instrument [Line Items]
Debt instrument, face amount			$ 600		$ 600
Fixed interest rate			4.625%		4.625%
With Subsidiary Guarantee \| Term Loan due August 2028
Debt Instrument [Line Items]
Debt instrument, face amount			$ 388		$ 388

Long-Lived Assets (Tables)

9 Months Ended

Nov. 02, 2024

Property, Plant and Equipment [Abstract]

Summary of Property And Equipment, Net

The following table provides details of Property and Equipment, Net as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Property and Equipment, at Cost	$	3,564	$	3,616	$	3,654
Accumulated Depreciation and Amortization	(2,758)		(2,773)		(2,783)
Property and Equipment, Net	$	806	$	843	$	871

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt, Disclosure (Details) - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Principal Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, fair value	$ 988	$ 991	$ 992
Fair Value, Estimated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, fair value	$ 916	$ 897	$ 830

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Acquisition - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
Acquisition - Narrative (Details) - USD ($) $ in Millions	Dec. 30, 2022	May 04, 2024	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Business Combination, Separately Recognized Transactions [Line Items]
Payments to acquire businesses, gross	$ 391
Payment for contingent consideration classified as financing activities			$ 16	$ 0
Adore Me
Business Combination, Separately Recognized Transactions [Line Items]
Business acquisition, percentage of interest acquired	100.00%
Business combination, additional cash consideration, evaluation period	2 years
Payment for contingent consideration		$ 20
Payment for contingent consideration classified as financing activities		16
Payment for contingent compensation payment liability		$ 4
Business combination, consideration transferred, fair value of future fixed payment			$ 79	$ 74	$ 76
Adore Me \| Minimum
Business Combination, Separately Recognized Transactions [Line Items]
Business combination, additional cash consideration	$ 80
Adore Me \| Maximum
Business Combination, Separately Recognized Transactions [Line Items]
Business combination, additional cash consideration	300
Business combination, contingent compensation payments	$ 60

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000	10,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Common stock, shares issued (in shares)	79,000	77,000	78,000
Common stock, shares outstanding (in shares)	79,000	77,000	78,000

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Long-Lived Assets Held-for-Sale [Line Items]
Depreciation	$ 55	$ 65	$ 167	$ 197
Accumulated amortization of definite- lived intangible assets	6	$ 6	19	19
Carrying value of assets held-for-sale	8		8
Proceeds from Sale of Assets			16	0
Gain on Sale of Assets			6	$ 0
Non-Store Corporate Related Assets
Long-Lived Assets Held-for-Sale [Line Items]
Proceeds from Sale of Assets	16
Gain on Sale of Assets	6
Sold assets previously held-for-sale	$ 10		$ 10

Inventories (Details) - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Inventory Disclosure [Abstract]
Finished Goods Merchandise	$ 1,242	$ 929	$ 1,159
Raw Materials and Merchandise Components	48	56	52
Total Inventories	$ 1,290	$ 985	$ 1,211

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Disaggregation of Revenue [Line Items]
Accounts receivable, net from revenue-generating activities	$ 122	$ 102	$ 122	$ 102	$ 103
Deferred revenue	288	283	288	283	$ 310
Contract with customer, revenue recognized			113
Net sale	1,347	1,265	$ 4,124	4,099
Minimum
Disaggregation of Revenue [Line Items]
Payment term			60 days
Maximum
Disaggregation of Revenue [Line Items]
Payment term			90 days
U.S. Private Label Credit Card Arrangement
Disaggregation of Revenue [Line Items]
Net sale	17	20	$ 52	66
Net Sale Outside of the U.S.
Disaggregation of Revenue [Line Items]
Net sale	245	$ 205	700	$ 637
Accrued Liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue	276		276
Other Long-term Liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 12		$ 12

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Total debt	$ 1,418	$ 1,124	$ 1,534
Current Debt	(4)	(4)	(4)
Total Long-term Debt, Net of Current Portion	1,414	1,120	1,530
With Subsidiary Guarantee \| Senior Secured Debt with Subsidiary Guarantee
Total debt	823	530	940
With Subsidiary Guarantee \| Senior Debt
Total debt	595	594	594
With Subsidiary Guarantee \| Term Loan due August 2028
Debt instrument, face amount	388
With Subsidiary Guarantee \| Term Loan due August 2028 \| Senior Secured Debt with Subsidiary Guarantee
Total debt	383	385	385
With Subsidiary Guarantee \| Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”) \| Senior Secured Debt with Subsidiary Guarantee
Total debt	440	145	555
With Subsidiary Guarantee \| 4.625% Fixed Interest Rate Secured Notes due July 2029
Debt instrument, face amount	$ 600
Fixed interest rate	4.625%
With Subsidiary Guarantee \| 4.625% Fixed Interest Rate Secured Notes due July 2029 \| Senior Debt
Total debt	$ 595	$ 594	$ 594

Inventories

9 Months Ended

Nov. 02, 2024

Inventory Disclosure [Abstract]

Inventories

The following table provides details of Inventories as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Finished Goods Merchandise	$	1,242	$	929	$	1,159
Raw Materials and Merchandise Components	48		56		52
Total Inventories	$	1,290	$	985	$	1,211

Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis. The above amounts are net of valuation adjustments for inventory where the cost exceeds the amount the Company expects to realize from the ultimate sale or disposal of the inventory and net of loss adjustments for estimated physical inventory losses that have occurred since the date of the last physical inventory.

Income Taxes	9 Months Ended
Income Taxes	Nov. 02, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision (benefit) for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. For the third quarter of 2024, the Company’s effective tax rate was 21.3% compared to 24.1% in the third quarter of 2023. Both rates differed from the Company’s combined estimated federal and state statutory rate primarily due to foreign earnings taxed at a lower rate than the Company’s combined federal and state statutory rate. For year-to-date 2024, the Company’s effective tax rate was (7.8%) compared to 20.6% for year-to-date 2023. The year-to-date 2024 rate differed from the Company’s combined estimated federal and state statutory rate primarily due to additional tax expense from the vesting of share-based compensation awards. The year-to-date 2023 rate differed from the Company’s combined estimated federal and state statutory rate primarily due to non-deductible liabilities related to contingent consideration and Contingent Compensation Payments under the terms of the Merger Agreement. The Company paid income taxes in the amount of $8 million and $6 million for the third quarter of 2024 and 2023, respectively, and $45 million and $65 million for year-to-date 2024 and 2023, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Long-Lived Assets

9 Months Ended

Nov. 02, 2024

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of Property and Equipment, Net as of November 2, 2024, February 3, 2024 and October 28, 2023:


	November 2, 2024		February 3, 2024		October 28, 2023
	(in millions)
Property and Equipment, at Cost	$	3,564	$	3,616	$	3,654
Accumulated Depreciation and Amortization	(2,758)		(2,773)		(2,783)
Property and Equipment, Net	$	806	$	843	$	871

Depreciation expense was $55 million and $65 million for the third quarter of 2024 and 2023, respectively, and $167 million and $197 million for year-to-date 2024 and 2023, respectively. Amortization expense for intangible assets was $6 million for both the third quarter of 2024 and 2023 and $19 million for both year-to-date 2024 and 2023.

In the first quarter of 2024, the Company classified certain non-store corporate-related assets that were expected to be sold within the next twelve months as held for sale within Other Current Assets on the Consolidated Balance Sheet. In the second quarter of 2024, the Company completed the sale of certain of these held for sale assets with an aggregate carrying value of $10 million. The net cash proceeds from the sale of these assets were $16 million and resulted in a gain of $6 million in Cost of Goods Sold, Buying and Occupancy in the Year-to-Date 2024 Consolidated Statement of Loss during the second quarter of 2024. As of November 2, 2024, the carrying value of the remaining assets held for sale was $8 million.

Earnings (Loss) Per Share and Shareholders' Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		9 Months Ended
	May 31, 2023	Feb. 28, 2023	Oct. 28, 2023	Nov. 02, 2024	Mar. 06, 2024	Jan. 31, 2023	Jan. 11, 2023
Class of Stock [Line Items]
Amount authorized							$ 250
Stock repurchased and retired			$ 0
Increase in treasury stock due to excise tax liability		$ 1
Treasury Stock
Class of Stock [Line Items]
Stock repurchased and retired			(126)
Paid-in Capital
Class of Stock [Line Items]
Stock repurchased and retired			$ 9
March 2024 Share Repurchase Program
Class of Stock [Line Items]
Amount authorized					$ 250
Remaining authorized repurchase amount				$ 250
February 2023 ASR Program
Class of Stock [Line Items]
Amount authorized						$ 125
Stock repurchased and retired		$ 125
Stock repurchased and retired (in shares)	1.3	2.4	3.7
February 2023 ASR Program \| Treasury Stock
Class of Stock [Line Items]
Stock repurchased and retired			$ 126
February 2023 ASR Program \| Paid-in Capital
Class of Stock [Line Items]
Stock repurchased and retired			9
February 2023 ASR Program \| Common Stock
Class of Stock [Line Items]
Stock repurchased and retired			1
February 2023 ASR Program \| Retained Earnings
Class of Stock [Line Items]
Stock repurchased and retired			$ 117
January 2023 Share Repurchase Program
Class of Stock [Line Items]
Amount authorized							$ 250

Accrued Expenses and Other (Details) - USD ($) $ in Millions	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Disaggregation of Revenue [Line Items]
Compensation, Payroll Taxes and Benefits	$ 115	$ 135	$ 103
Accrued Marketing	38	39	37
Taxes, Other than Income	37	43	39
Accrued Freight and Other Logistics	29	12	11
Returns Reserve	21	16	14
Accrued Interest	17	9	19
Accrued Claims on Self-insured Activities	14	11	10
Rent	6	6	5
Other	105	94	104
Total Accrued Expenses and Other	801	810	625
Adore Me
Disaggregation of Revenue [Line Items]
Future Fixed Payment Related to Adore Me Acquisition	79	76	0
Accrued Liability, Current \| Adore Me
Disaggregation of Revenue [Line Items]
Contingent Consideration Related to Adore Me Acquisition	64	74	16
Sales Channel, Gift Cards
Disaggregation of Revenue [Line Items]
Deferred revenue	216	239	213
Sales Channel, Loyalty and Private Label Credit Card
Disaggregation of Revenue [Line Items]
Deferred revenue	34	45	43
Sales Channel, Direct Shipment
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 26	$ 11	$ 11

Earnings (Loss) Per Share and Shareholders' Equity (Tables)

9 Months Ended

Nov. 02, 2024

Earnings Per Share [Abstract]

Shares Utilized for the Calculation of Basic and Diluted Earnings Per Share

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings (loss) per share for the third quarter and year-to-date 2024 and 2023:


	Third Quarter		Year-to-Date
	2024	2023	2024	2023
	(in millions)
Common Shares	79	77	78	78
Treasury Shares	—	—	—	—
Basic Shares	79	77	78	78
Effect of Dilutive Awards (a)(b)	—	—	—	—
Diluted Shares	79	77	78	78
Anti-dilutive Awards (a)	6	5	6	5

_______________

Schedule Of Treasury Stock Repurchased

The Company repurchased the following shares of its common stock under the January 2023 Share Repurchase Program during year-to-date 2023:


	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
January 2023 Share Repurchase Program	$	250	3,652	$	125	$	34.22

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Nov. 02, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	Description of Business, Basis of Presentation and Summary of Significant Accounting Policies Description of Business Victoria’s Secret & Co. (together with its subsidiaries unless the context otherwise requires, the “Company”) is a specialty retailer of women's intimate and other apparel and beauty products marketed under the Victoria’s Secret, PINK and Adore Me brand names. The Company has approximately 890 stores in the United States (“U.S.”), Canada and China as well as its own websites, www.VictoriasSecret.com, www.PINK.com and www.AdoreMe.com, and other digital channels worldwide. Additionally, the Company has more than 490 stores in nearly 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the merchandise sourcing and production function serving the Company and its international partners. The Company operates as a single segment designed to serve customers worldwide seamlessly through stores and digital channels. In the third quarter of 2024, the Company made certain executive leadership changes, including the appointment of a new Chief Executive Officer and the elimination of two executive officer roles to streamline its executive leadership team. In the first quarter of 2023, the Company implemented restructuring actions to reorganize and improve its organizational structure. For additional information, see Note 4, “Restructuring Activities.” Fiscal Year The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “third quarter of 2024” and “third quarter of 2023” refer to the thirteen-week periods ended November 2, 2024 and October 28, 2023, respectively. “Year-to-date 2024” and “year-to-date 2023” refer to the thirty-nine-week periods ended November 2, 2024 and October 28, 2023, respectively, and “fiscal year 2024” and “fiscal year 2023” refer to the fifty-two-week period ending February 1, 2025 and the fifty-three-week period ended February 3, 2024, respectively. Basis of Presentation The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended November 2, 2024 and October 28, 2023 are unaudited. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 22, 2024. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. Seasonality of Business Due to the seasonal variations in the retail industry, the results of operations for the thirteen-week and thirty-nine-week periods ended November 2, 2024 are not necessarily indicative of the results expected for any other interim period or the full fiscal year ending February 1, 2025. Equity Method Investments The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Loss, and the Company's share of net income or loss from all other unconsolidated entities is included in General, Administrative and Store Operating Expenses in the Consolidated Statements of Loss. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. The carrying values of equity method investments were $61 million as of November 2, 2024, $60 million as of February 3, 2024 and $56 million as of October 28, 2023. These investments are recorded in Other Assets on the Consolidated Balance Sheets. Noncontrolling Interest The Company accounts for investments in entities where it has control over the entity by consolidating the entities' assets, liabilities and results of operations and including them in the Company's Consolidated Financial Statements. The share of the investment not owned by the Company is reflected in Noncontrolling Interest in the Consolidated Balance Sheets. The Company recognizes the share of net income or loss not attributable to the Company in Net Income Attributable to Noncontrolling Interest in the Consolidated Statements of Loss. Noncontrolling interest represents the portion of equity interests in a joint venture in China that is not owned by the Company. Concentration of Credit Risk The Company maintains cash and cash equivalents with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts with and limits the amount of credit exposure with any one entity. As of November 2, 2024, the Company's investment portfolio was primarily comprised of money market funds and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur. Supplier Finance Programs The Company has agreements with designated third-party financial institutions to provide supplier finance programs which facilitate participating suppliers’ ability to finance payment obligations of the Company. Participating suppliers may finance one or more payment obligations of the Company prior to their scheduled due dates and receive a discounted payment from participating financial institutions. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements. All amounts payable to financial institutions relating to suppliers participating in these programs are recorded in Accounts Payable in the Consolidated Balance Sheets and were $176 million as of November 2, 2024, $183 million as of February 3, 2024 and $154 million as of October 28, 2023. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available. Recently Issued Accounting Pronouncements The Company did not adopt any new accounting standards during the third quarter of 2024 that had a material impact on the Company’s results of operations, financial position or cash flows. Disaggregation of Income Statement Expenses In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis. This standard will be effective for annual reporting periods beginning in fiscal year 2027 and for interim periods beginning in fiscal year 2028, with early adoption permitted. The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this standard on its disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision-usefulness of income tax disclosures, primarily by requiring enhanced disclosure for income taxes paid and the effective tax rate reconciliation. This standard will be effective for annual reporting periods beginning in fiscal year 2025, with early adoption permitted. The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company does not expect this standard to have a material impact on its results of operations, financial position or cash flows. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting, including the significant segment expense disclosures. This standard will be effective for annual reporting periods beginning in fiscal year 2024 and interim periods beginning in fiscal year 2025. The updates required by this standard should be applied retrospectively to all periods presented in the financial statements. The Company does not expect this standard to have a material impact on its results of operations, financial position or cash flows.