0001856437-25-000006 | 10-K | XBRL Viewer

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Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Current:
U.S. Federal	$ 46	$ 19	$ 67
U.S. State	17	10	22
Non-U.S.	18	18	18
Total	81	47	107
Deferred:
U.S. Federal	(26)	(14)	(20)
U.S. State	(6)	(2)	(4)
Non-U.S.	3	0	(4)
Total	(29)	(16)	(28)
Provision for Income Taxes	$ 52	$ 31	$ 79

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Feb. 01, 2025	Mar. 14, 2025	Aug. 03, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--02-01
Document Period End Date	Feb. 01, 2025
Document Transition Report	false
Entity File Number	001-40515
Entity Registrant Name	VICTORIA'S SECRET & CO.
Entity Central Index Key	0001856437
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,259,904,469
Entity Common Stock, Shares Outstanding		78,888,589
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the Registrant’s 2025 Annual Meeting of Stockholders are incorporated by reference into Part III.

Share-based Compensation - Restricted Stock Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Risk free interest rate	4.50%	4.00%	2.10%
Expected volatility rate	45.40%	47.10%	46.30%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unvested beginning balance (in shares)	4,363
Granted (in shares)	4,191
Vested (in shares)	(1,499)
Cancelled (in shares)	(1,400)
Unvested as of End of Period (in shares)	5,655	4,363
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested as of August 2, 2021, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 34.25
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	19.05	$ 28.60	$ 47.63
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	34.54
Cancelled, Weighted-Average Grant Date Fair Value (in dollars per share)	24.91
Unvested as of End of Period, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 25.03	$ 34.25

Earnings Per Share

12 Months Ended

Feb. 01, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per basic share is computed based on the weighted-average number of common shares outstanding. Earnings 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 per share for 2024, 2023 and 2022:


	2024	2023	2022
	(in millions)
Common Shares	79	78	82
Treasury Shares	—	—	—
Basic Shares	79	78	82
Effect of Dilutive Awards	2	1	2
Diluted Shares	81	79	84
Anti-dilutive Awards (a)	1	2	1

________________

(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.

Fair Value Measurements

12 Months Ended

Feb. 01, 2025

Fair Value Measurements [Abstract]

Fair Value Measurements

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 outstanding debt as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Principal Value	$	987	$	991
Fair Value, Estimated (a)	940		897

________________

(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.

Management believes that the carrying values of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short maturity.

Recurring Fair Value Measurements

The following table provides a summary of the Company's contingent consideration recognized at fair value related to the Adore Me acquisition as of February 1, 2025, February 3, 2024 and January 28, 2023 (in millions):


Balance Sheet Location	Measurement Level	February 1, 2025		February 3, 2024		January 28, 2023
Accrued Expenses and Other	Level 3	$	—	$	74	$	30
Other Long-term Liabilities	Level 3	—		18		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 Income. For additional information regarding the contingent consideration, see Note 2, “Acquisition.”

- 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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+ Details

Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The following table provides the components of the Company’s Provision for Income Taxes for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Current:
U.S. Federal	$	46	$	19	$	67
U.S. State	17		10		22
Non-U.S.	18		18		18
Total	81		47		107
Deferred:
U.S. Federal	(26)		(14)		(20)
U.S. State	(6)		(2)		(4)
Non-U.S.	3		—		(4)
Total	(29)		(16)		(28)
Provision for Income Taxes	$	52	$	31	$	79

Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2024, 2023 and 2022:


	2024		2023		2022
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	3.1	%	3.1	%	3.9	%
Foreign Rate Differential	(4.4	%)	(9.1	%)	(3.4	%)
Share-based Compensation	1.7	%	1.1	%	(4.6	%)
U.S. Permanent Items	1.4	%	1.7	%	0.3	%
Adore Me Contingent Compensation	1.0	%	3.3	%	—	%
Impact of Non-U.S. Operations	0.6	%	1.4	%	1.8	%
Uncertain Tax Positions	(0.2	%)	0.7	%	0.2	%
Change in Valuation Allowance	(0.2	%)	(0.9	%)	(0.1	%)
Other Items, Net	(0.4	%)	(0.9	%)	(0.1	%)
Effective Tax Rate	23.6	%	21.4	%	19.0	%

Effect of Temporary Differences that Cause Deferred Income Taxes

The following table provides the effect of temporary differences that cause deferred income taxes as of February 1, 2025 and February 3, 2024. Deferred tax assets and liabilities represent the future effects on income taxes resulting from temporary differences and carryforwards at the end of the respective year.


	February 1, 2025						February 3, 2024
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	120	$	—	$	120	$	130	$	—	$	130
Leases	443		(402)		41		359		(319)		40
Deferred Revenue	47		—		47		51		—		51
Accrued Expenses	37		—		37		35		—		35
Share-based Compensation	14		—		14		12		—		12
Trade Name and Other Intangibles	—		(91)		(91)		—		(97)		(97)
Property and Equipment	—		(42)		(42)		—		(57)		(57)
Other	31		(10)		21		26		(11)		15
Valuation Allowance	(136)		—		(136)		(146)		—		(146)
Total Deferred Income Taxes	$	556	$	(545)	$	11	$	467	$	(484)	$	(17)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state and non-U.S. tax jurisdictions for 2024, 2023 and 2022, without interest and penalties:


	2024		2023		2022
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	38	$	31	$	10
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	9		9		10
Increases to Unrecognized Tax Benefits for Prior Years, Including Acquisitions	—		13		11
Decreases to Unrecognized Tax Benefits for Prior Years	(4)		(15)		—


Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	43	$	38	$	31

Income Taxes

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The following table provides the components of the Company’s Provision for Income Taxes for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Current:
U.S. Federal	$	46	$	19	$	67
U.S. State	17		10		22
Non-U.S.	18		18		18
Total	81		47		107
Deferred:
U.S. Federal	(26)		(14)		(20)
U.S. State	(6)		(2)		(4)
Non-U.S.	3		—		(4)
Total	(29)		(16)		(28)
Provision for Income Taxes	$	52	$	31	$	79

The non-U.S. component of pre-tax income, arising principally from overseas operations, was income of $92 million, $112 million and $92 million for 2024, 2023 and 2022, respectively.

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2024, 2023 and 2022:


	2024		2023		2022
Federal Income Tax Rate	21.0	%	21.0	%	21.0	%
State Income Taxes, Net of Federal Income Tax Effect	3.1	%	3.1	%	3.9	%
Foreign Rate Differential	(4.4	%)	(9.1	%)	(3.4	%)
Share-based Compensation	1.7	%	1.1	%	(4.6	%)
U.S. Permanent Items	1.4	%	1.7	%	0.3	%
Adore Me Contingent Compensation	1.0	%	3.3	%	—	%
Impact of Non-U.S. Operations	0.6	%	1.4	%	1.8	%
Uncertain Tax Positions	(0.2	%)	0.7	%	0.2	%
Change in Valuation Allowance	(0.2	%)	(0.9	%)	(0.1	%)
Other Items, Net	(0.4	%)	(0.9	%)	(0.1	%)
Effective Tax Rate	23.6	%	21.4	%	19.0	%

Deferred Taxes


	February 1, 2025						February 3, 2024
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	120	$	—	$	120	$	130	$	—	$	130
Leases	443		(402)		41		359		(319)		40
Deferred Revenue	47		—		47		51		—		51
Accrued Expenses	37		—		37		35		—		35
Share-based Compensation	14		—		14		12		—		12
Trade Name and Other Intangibles	—		(91)		(91)		—		(97)		(97)
Property and Equipment	—		(42)		(42)		—		(57)		(57)
Other	31		(10)		21		26		(11)		15
Valuation Allowance	(136)		—		(136)		(146)		—		(146)
Total Deferred Income Taxes	$	556	$	(545)	$	11	$	467	$	(484)	$	(17)

As of February 1, 2025, the Company had loss carryforwards of $120 million, of which $32 million has an indefinite carryforward. The remainder of the non-U.S. carryforwards, if unused, will expire at various dates from 2025 through 2041. For certain jurisdictions where the Company has determined that it is more likely than not that the loss carryforwards will not be realized, a valuation allowance has been provided on those loss carryforwards as well as other net deferred tax assets.

Income tax payments were $54 million for 2024, $74 million for 2023 and $161 million for 2022.

Uncertain Tax Positions


	2024		2023		2022
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	38	$	31	$	10
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	9		9		10
Increases to Unrecognized Tax Benefits for Prior Years, Including Acquisitions	—		13		11
Decreases to Unrecognized Tax Benefits for Prior Years	(4)		(15)		—


Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	43	$	38	$	31

Of the total gross unrecognized tax benefits, approximately $40 million, $35 million and $20 million at February 1, 2025, February 3, 2024, and January 28, 2023, respectively, represent the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. These amounts are net of the offsetting tax effects from other tax jurisdictions.

Of the total unrecognized tax benefits, it is reasonably possible that $32 million could change in the next 12 months due to audit settlement, expiration of statute of limitations or other resolution of uncertainties. Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in amounts which could be different from this estimate. In such cases, the Company will record additional tax expense or tax benefit in the period in which such matters are effectively settled.

The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized interest and penalties expense of $2 million in 2024, $2 million in 2023, and $1 million in 2022. The Company has accrued approximately $5 million for the payment of interest and penalties as of February 1, 2025, and $3 million as of February 3, 2024. Accrued interest and penalties are included within Other Long-term Liabilities on the Consolidated Balance Sheets.

The Company files income tax returns with the U.S. and various state, local, and non-U.S. jurisdictions. The Company participates in the Compliance Assurance Process (“CAP”) of the Internal Revenue Service. As part of CAP, tax years are examined on a contemporaneous basis. The Company is not subject to U.S. federal examination for years prior to fiscal year 2020. The Company is currently under examination, or may be subject to examination, by various state and local tax jurisdictions for fiscal year 2017 through 2023, and non-U.S. tax jurisdictions for fiscal year 2015 through 2023. In some situations, the Company determines that it does not have a filing requirement in a particular tax jurisdiction. Where no return has been filed, no statute of limitations applies. Accordingly, if a tax jurisdiction reaches a conclusion that a filing requirement does exist, additional years may be reviewed by the tax authority. The Company believes it has appropriately accounted for uncertainties related to this issue.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Intangible Assets, Goodwill and Other (Tables)

12 Months Ended

Feb. 01, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table shows the change in the carrying value of Goodwill:


	(in millions)
Balance as of January 28, 2023	$	365
Adjustments (a)	2
Balance as of February 3, 2024	367
Adjustments	—
Balance as of February 1, 2025	$	367

Schedule of Finite-Lived Intangible Assets

The following table provides details of the gross carrying amount and accumulated amortization of the Company's definite-lived intangible assets as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Gross Definite-Lived Intangible Assets
Customer Relationships	$	81	$	81
Developed Technology	56		56
Adore Me Trade Name	43		43
Total Gross Definite-Lived Intangible Assets	$	180	$	180

Accumulated Amortization
Customer Relationships	$	(23)	$	(12)
Developed Technology	(19)		(9)
Adore Me Trade Name	(8)		(4)
Total Accumulated Amortization	(50)		(25)
Total Definite-Lived Intangible Assets	$	130	$	155

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Adore Me Acquisition (Tables)

12 Months Ended

Feb. 01, 2025

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

Business Combination, Separately Recognized Transactions

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


	2024		2023
Income Statement Line Item	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	—	$	29
General, Administrative and Store Operating Expenses	29		41
Interest Expense	5		5

Business Acquisition, Pro Forma Information

The following pro forma results include adjustments to reflect acquisition-related costs, amortization of intangibles associated with the acquisition and the effects of adjustments made to the carrying value of inventories.


	2022
	(in millions)
Net Sales	$	6,595
Net Income Attributable to Victoria's Secret & Co.	330

Inventories (Tables)

12 Months Ended

Feb. 01, 2025

Inventory, Net [Abstract]

Summary of Inventories

The following table provides details of Inventories as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Finished Goods Merchandise	$	901	$	929
Raw Materials and Merchandise Components	54		56
Total Inventories	$	955	$	985

Segment Information

12 Months Ended

Feb. 01, 2025

Segment Reporting [Abstract]

Segment Information

The Company's segments are based on the financial information the Company's Chief Operating Decision Maker (“CODM”), who is the Chief Executive Officer, uses to evaluate performance and allocate resources. The Company has one reportable segment. The CODM assesses performance for the Company's single reportable segment and decides how to allocate resources based on Net Income Attributable to Victoria's Secret & Co. as reported on the Consolidated Statements of Income.

The following table provides the Company's segment information for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Net Sales	$	6,230	$	6,182	$	6,344
Costs of Goods Sold	(2,591)		(2,564)		(2,701)
Buying and Occupancy Expenses	(1,355)		(1,376)		(1,385)
General, Administrative and Store Operating Expenses (a)	(1,545)		(1,542)		(1,436)
Advertising and Marketing Expenses	(429)		(454)		(344)
Operating Income	$	310	$	246	$	478
Interest Expense	(86)		(99)		(60)
Provision for Income Taxes	(52)		(31)		(79)
Other Items (b)	(7)		(7)		9
Net Income Attributable to Victoria's Secret & Co.	$	165	$	109	$	348

_______________

(a)Excludes Advertising and Marketing Expenses.

(b)Other Items includes net income (loss) attributable to noncontrolling interest, interest income and other miscellaneous expense items.

The Company derives revenue primarily from its sale of women's intimate and other apparel and beauty products. For additional information on other sources of revenue, see Note 3, “Revenue Recognition.”

The following table provides Net Sales by geographic location for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
U.S. (a)	$	5,252	$	5,272	$	5,514
Outside of the U.S.	978		910		830
Total Net Sales	$	6,230	$	6,182	$	6,344

_______________

(a)Includes U.S. territories.

The following table provides long-lived assets, excluding deferred tax assets, equity method investments, goodwill, trade names, and other intangible assets, by geographic location as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
U.S. (a)	$	2,136	$	2,072
Outside of the U.S.	143		148
Total Long-lived Assets	$	2,279	$	2,220

_______________

(a)Includes U.S. territories.

As the Company is one reportable segment, for additional information on assets, capital expenditures, depreciation and amortization of long-lived assets and other significant non-cash transactions, see Item 8. Financial Statements and Supplementary Data.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Earnings Per Share (Tables)

12 Months Ended

Feb. 01, 2025

Earnings Per Share [Abstract]

Earnings Per Share Computation

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings per share for 2024, 2023 and 2022:


	2024	2023	2022
	(in millions)
Common Shares	79	78	82
Treasury Shares	—	—	—
Basic Shares	79	78	82
Effect of Dilutive Awards	2	1	2
Diluted Shares	81	79	84
Anti-dilutive Awards (a)	1	2	1

________________

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Depreciable Life Range of Property Plant and Equipment (Details)	Feb. 01, 2025
Software, including software developed for internal use \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	3 years
Software, including software developed for internal use \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	5 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	3 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	10 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Depreciable life range	10 years
Non-store related building and site improvements \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	10 years
Non-store related building and site improvements \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	15 years
Other property and equipment
Property, Plant and Equipment [Line Items]
Depreciable life range	20 years
Buildings
Property, Plant and Equipment [Line Items]
Depreciable life range	30 years

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Feb. 01, 2025	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Accounts receivable, net from revenue-generating activities	$ 112	$ 112	$ 103
Contract with customer, liability	269	269	310
Contract with customer, liability, revenue recognized		163
Net sale		$ 6,230	6,182	$ 6,344
Increase in net sales due to gift card breakage adjustment	26
Increase in net income due to gift card breakage adjustment	20
Minimum
Account receivable, payment term		60 days
Maximum
Account receivable, payment term		90 days
U.S. Private Label Credit Card Arrangement
Net sale		$ 75	$ 95	$ 123
Accrued Liabilities
Contract with customer, liability	256	256
Other Long-term Liabilities
Contract with customer, liability	$ 13	$ 13

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 01, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Retirement Benefits	12 Months Ended
Retirement Benefits	Feb. 01, 2025
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The Company sponsors a tax-qualified defined contribution retirement plan for employees who meet certain age and service requirements. The qualified plan permits participating associates to elect contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches associate contributions according to a predetermined formula and may contribute additional amounts at the discretion of the Human Capital and Compensation Committee of the Board and based on the Company's performance and a percentage of the associates’ eligible annual compensation and years of service. Associate contributions and Company matching contributions vest immediately. Additional Company contributions and the related investment earnings are subject to vesting based on years of service. Total expense recognized related to the qualified plan was $29 million for 2024, $42 million for 2023 and $43 million for 2022.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Leases - Lease Term and Discount Rate (Details)	Feb. 01, 2025	Feb. 03, 2024
Leases [Abstract]
Weighted-Average Remaining Lease Term (years)	7 years 2 months 12 days	7 years
Weighted-Average Discount Rate	6.80%	6.60%

Consolidated Statements of Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Income Statement [Abstract]
Net Sales	$ 6,230	$ 6,182	$ 6,344
Costs of Goods Sold, Buying and Occupancy	(3,946)	(3,940)	(4,086)
Gross Profit	2,284	2,242	2,258
General, Administrative and Store Operating Expenses	(1,974)	(1,996)	(1,780)
Operating Income	310	246	478
Interest Expense	(86)	(99)	(60)
Other Loss	(3)	0	(1)
Income Before Income Taxes	221	147	417
Provision for Income Taxes	52	31	79
Net Income	169	116	338
Less: Net Income (Loss) Attributable to Noncontrolling Interest	4	7	(10)
Net Income Attributable to Victoria's Secret & Co.	$ 165	$ 109	$ 348
Net Income Per Basic Share (in dollars per share)	$ 2.11	$ 1.41	$ 4.24
Net Income Per Diluted Share (in dollars per share)	$ 2.05	$ 1.39	$ 4.14

Shareholders' Equity (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions		1 Months Ended				12 Months Ended
	Dec. 31, 2021	May 31, 2023	Feb. 28, 2023	Feb. 28, 2022	Dec. 31, 2021	Feb. 03, 2024	Jan. 28, 2023	Feb. 01, 2025	Mar. 06, 2024	Jan. 31, 2023	Jan. 11, 2023	Mar. 02, 2022	Dec. 29, 2021
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period						$ 0	$ 0
Inflation reduction act, increase in treasury stock due to excise tax liability recorded			$ 1
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period						$ (126)	$ (300)
Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase of Common Stock (in shares)						3,000	6,000
Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period						$ 9	$ 12
Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period							$ 288
ASR Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount													$ 250
Stock repurchased and retired during period					$ 250
Stock repurchased and retired during period (in shares)				300	4,100
ASR Program \| Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period				$ 50
ASR Program \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period				1
ASR Program \| Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period	$ 50			1
ASR Program \| Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period				$ 50
March 2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount												$ 250
March 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of Common Stock (in shares)							5,985
March 2022 Repurchase Program \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period							$ 1
March 2022 Repurchase Program \| Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period							12
March 2022 Repurchase Program \| Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period							$ 238
January 2023 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount											$ 250
Repurchase of Common Stock (in shares)						3,652
January 2023 ASR Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount										$ 125
Stock repurchased and retired during period			$ 125
Stock repurchased and retired during period (in shares)			2,400
February 2023 ASR Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period (in shares)		1,300				3,700
February 2023 ASR Program \| Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period						$ 126
February 2023 ASR Program \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period						1
February 2023 ASR Program \| Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period						9
February 2023 ASR Program \| Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period						$ 117
March 2024 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount									$ 250
Stock repurchase program, remaining authorized repurchase amount								$ 250

Inventories

12 Months Ended

Feb. 01, 2025

Inventory, Net [Abstract]

Inventories

The following table provides details of Inventories as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Finished Goods Merchandise	$	901	$	929
Raw Materials and Merchandise Components	54		56
Total Inventories	$	955	$	985

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 - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Operating Loss Carryforwards [Line Items]
Pre-tax income (loss), non-US, arising principally from overseas operations	$ 92	$ 112	$ 92
Income tax payments	54	74	161
Unrecognized tax benefits resulting in reduction of effective income tax rate	40	35	20
Increase in unrecognized tax benefits is reasonably possible	32
Decrease in unrecognized tax benefits is reasonably possible	32
Interest and penalties related to unrecognized tax benefits of income tax expense	2	2	$ 1
Unrecognized tax benefits, income tax penalties and interest accrued	5	3
Loss Carryforwards
Operating Loss Carryforwards [Line Items]
Deferred tax assets, gross	120	$ 130
Operating Loss Carryforwards Expiration Year, Unlimited
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 32

Shareholders' Equity

12 Months Ended

Feb. 01, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Common Stock Share Repurchases & Treasury Stock Retirements

March 2024 Share Repurchase Program

In March 2024, the Board approved the 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 2024. As of February 1, 2025, 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 Board approved the 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 2023, was utilized in 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 the ASR Agreement with 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 reflects 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 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 during 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 during 2023.

March 2022 Share Repurchase Program

In March 2022, the Board approved the March 2022 Share Repurchase Program, providing for the repurchase of up to $250 million of the Company's common stock. The $250 million authorization was utilized in 2022 to repurchase shares in the open market.

The Company repurchased the following shares of its common stock under the March 2022 Share Repurchase Program during 2022:


	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2022 Share Repurchase Program	$	250	5,985	$	250	$	41.77

Shares of the Company's common stock repurchased under the March 2022 Share Repurchase Program were retired upon repurchase. As a result, the Company retired all the shares repurchased under the March 2022 Share Repurchase Program during 2022, which resulted in reductions of less than $1 million in the par value of Common Stock, $12 million in Paid-in Capital and $238 million in Retained Earnings.

December 2021 ASR Agreement

In December 2021, the Company entered into an accelerated share repurchase agreement (“December 2021 ASR Agreement”) with Goldman Sachs to repurchase $250 million of the Company's common stock. In December 2021, the Company made an initial payment of $250 million to Goldman Sachs and received an initial delivery of 4.1 million shares of the Company's common stock. In February 2022, upon final settlement of the December 2021 ASR Agreement, the Company received an additional 0.3 million shares of the Company's common stock from Goldman Sachs. The final number of shares received under the December 2021 ASR Agreement was based on the daily average of the volume-weighted average share price of the Company's common stock over the term of the December 2021 ASR Agreement, less a discount and subject to other adjustments pursuant to the terms of the December 2021 ASR Agreement. In connection with the settlement of the December 2021 ASR Agreement, $50 million previously recorded in Paid-in Capital as of January 29, 2022, was reclassified to Treasury Stock in the first quarter of 2022. In 2022, the Company retired the additional 0.3 million shares repurchased in connection with the settlement of the December 2021 ASR Agreement. The retirement resulted in a reduction of $50 million in Treasury Stock, less than $1 million in the par value of Common Stock, less than $1 million in Paid-in Capital and nearly $50 million in Retained Earnings.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Share-based Compensation (Tables)

12 Months Ended

Feb. 01, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation Expense

The following table provides share-based compensation expense included in the Consolidated Statements of Income for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	20	$	17	$	18
General, Administrative and Store Operating Expenses	40		39		30
Total Share-based Compensation Expense	$	60	$	56	$	48

Restricted Stock Activity

The following table provides the Company’s restricted stock activity for the fiscal year ended February 1, 2025:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Unvested as of February 3, 2024	4,363	$	34.25
Granted	4,191	19.05

Vested	(1,499)	34.54
Cancelled	(1,400)	24.91
Unvested as of February 1, 2025	5,655	$	25.03

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Feb. 01, 2025	Feb. 03, 2024
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	10	10
Preferred Stock, shares issued (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	1,000	1,000
Common Stock, shares issued (in shares)	79	78
Common Stock, shares outstanding (in shares)	79	78

Long-Lived Assets

12 Months Ended

Feb. 01, 2025

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of Property and Equipment, Net as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Land and Improvements	$	28	$	28
Buildings and Improvements	219		218
Furniture, Fixtures, Software and Equipment	2,225		2,308
Leasehold Improvements	1,004		1,036
Construction in Progress	27		26
Total	3,503		3,616
Accumulated Depreciation and Amortization	(2,729)		(2,773)
Property and Equipment, Net	$	774	$	843

Depreciation expense was $226 million in 2024, $259 million in 2023 and $274 million in 2022.

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 2024 Consolidated Statement of Income. In the fourth quarter of 2024, the Company completed the sale of the remaining held for sale assets with an aggregate carrying value of $8 million. The net cash proceeds from the sale of these assets were $9 million and resulted in a gain of $1 million in Cost of Goods Sold, Buying and Occupancy in the 2024 Consolidated Statement of Income.

Segment Information -Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Segment Reporting Information [Line Items]
Net Sales	$ 6,230	$ 6,182	$ 6,344
Costs of Goods Sold	(3,946)	(3,940)	(4,086)
General, Administrative and Store Operating Expenses	(1,974)	(1,996)	(1,780)
Operating Income	310	246	478
Interest Expense	86	99	60
Provision for Income Taxes	52	31	79
Net Income Attributable to Victoria's Secret & Co.	165	109	348
Reportable Segment
Segment Reporting Information [Line Items]
Costs of Goods Sold	(2,591)	(2,564)	(2,701)
Buying and Occupancy Expenses	(1,355)	(1,376)	(1,385)
General, Administrative and Store Operating Expenses	(1,545)	(1,542)	(1,436)
Advertising and Marketing Expenses	(429)	(454)	(344)
Provision for Income Taxes	(52)	(31)	(79)
Other Items	(7)	(7)	9
Net Income Attributable to Victoria's Secret & Co.	$ 165	$ 109	$ 348

Long-Lived Assets (Tables)

12 Months Ended

Feb. 01, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

The following table provides details of Property and Equipment, Net as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Land and Improvements	$	28	$	28
Buildings and Improvements	219		218
Furniture, Fixtures, Software and Equipment	2,225		2,308
Leasehold Improvements	1,004		1,036
Construction in Progress	27		26
Total	3,503		3,616
Accumulated Depreciation and Amortization	(2,729)		(2,773)
Property and Equipment, Net	$	774	$	843

Income Taxes - Effect of Temporary Differences that Cause Deferred Income Taxes (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024
Deferred Tax Asset and Liability [Line Items]
Deferred tax liabilities, gross	$ (545)	$ (484)
Deferred tax assets, net	11
Deferred tax liability, net		17
Deferred tax assets, net of valuation allowance	556	467
Loss Carryforwards
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	120	130
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	120	130
Leases
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	443	359
Deferred tax liabilities, gross	(402)	(319)
Deferred tax assets, net	41	40
Deferred Revenue
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	47	51
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	47	51
Accrued Expenses
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	37	35
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	37	35
Share-based Compensation
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	14	12
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	14	12
Trade Name and Other Intangibles
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	0	0
Deferred tax liabilities, gross	(42)	(57)
Deferred tax liability, net	42	57
Property and Equipment
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	0	0
Deferred tax liabilities, gross	(91)	(97)
Deferred tax liability, net	91	97
Other
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	31	26
Deferred tax liabilities, gross	(10)	(11)
Deferred tax assets, net	21	15
Valuation Allowance
Deferred Tax Asset and Liability [Line Items]
Valuation Allowance	$ (136)	$ (146)

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 165	$ 109	$ 348

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 45
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Restructuring (Details) $ in Millions	1 Months Ended	3 Months Ended		7 Months Ended	12 Months Ended
Restructuring (Details) $ in Millions	Apr. 30, 2022 USD ($)	Nov. 02, 2024 USD ($)	Apr. 29, 2023 USD ($)	Jan. 28, 2023 USD ($)	Feb. 03, 2024	Feb. 01, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Proceeds from divestiture of interest in consolidated subsidiaries	$ 45
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]				Cost of Goods and Services Sold, Selling, General and Administrative Expense	Cost of Goods and Services Sold, Selling, General and Administrative Expense
Severance and Related Cost
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 13	$ 11	$ 35
Employee Severence included in General, Administration And Store Operating Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges			8	21
Severance Included In Cost Of Goods Sold, Buying And Occupancy
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 3	$ 14
Executive Leadership Changes 2024
Restructuring Cost and Reserve [Line Items]
Restructuring reserve						$ 13
Victoria's Secret China
Restructuring Cost and Reserve [Line Items]
Joint venture, expected percentage owned by parent	0.51
Payments to acquire interest in joint venture	$ 10
Victoria's Secret China \| Regina Miracle
Restructuring Cost and Reserve [Line Items]
Joint venture, expected percentage owned by noncontrolling owners	0.49
Regina Miracle \| Victoria's Secret China
Restructuring Cost and Reserve [Line Items]
Payments to acquire interest in joint venture	$ 10

Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2022	Jan. 28, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts Reclassified from Accumulated Other Comprehensive Income to Paid-in Capital		$ 3
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts Reclassified from Accumulated Other Comprehensive Income to Paid-in Capital	$ 3	$ 3

- 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

Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate (Details)	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Federal Income Tax Rate	21.00%	21.00%	21.00%
State Income Taxes, Net of Federal Income Tax Effect	3.10%	3.10%	3.90%
Foreign Rate Differential	(4.40%)	(9.10%)	(3.40%)
Share-based Compensation	1.70%	1.10%	(4.60%)
U.S. Permanent Items	1.40%	1.70%	0.30%
Adore Me Contingent Compensation	1.00%	3.30%	0.00%
Impact of Non-U.S. Operations	0.60%	1.40%	1.80%
Uncertain Tax Positions	(0.20%)	0.70%	0.20%
Change in Valuation Allowance	(0.20%)	(0.90%)	(0.10%)
Other Items, Net	(0.40%)	(0.90%)	(0.10%)
Effective Tax Rate	23.60%	21.40%	19.00%

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) shares in Millions, $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 25, 2022 USD ($)	May 31, 2023 shares	Feb. 28, 2023 USD ($)	Feb. 01, 2025 USD ($) store country	Feb. 01, 2025 USD ($) store country	Feb. 03, 2024 USD ($) shares	Jan. 28, 2023 USD ($)
Spinoff Transactions [Line Items]
Number of countries in which entity operates (more than) \| country				70	70
Maturity of short term investments, maximum, in days					90 days
Equity method investment carrying value				$ 47	$ 47	$ 60
Lessee, operating lease, term of contract				10 years	10 years
Payments to acquire equity method investments					$ 0	0	$ 18
Reporting lag					1 month
Bank overdrafts reclassified as accounts payable						55
Inflation reduction act, increase in treasury stock due to excise tax liability recorded			$ 1
Equity method investment, impairment charges				$ 19	$ 19	$ 0	$ 0
February 2023 ASR Program
Spinoff Transactions [Line Items]
Stock repurchased and retired during period (in shares) \| shares		1.3				3.7
Adore Me
Spinoff Transactions [Line Items]
Reporting lag					1 month
Frankies Bikinis, LLC
Spinoff Transactions [Line Items]
Payments to acquire equity method investments	$ 18
Sales Channel, Directly
Spinoff Transactions [Line Items]
Number of stores (more than) \| store				880	880
Sales Channel, Through Intermediary
Spinoff Transactions [Line Items]
Number of stores (more than) \| store				500	500

Share-based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, restricted and unrestricted shares authorized (in shares)	15,000
Options and shares available for grant (in shares)	8,000
Tax benefit associated with share based compensation	$ 11	$ 9	$ 9
Risk free interest rate	4.50%	4.00%	2.10%
Expected volatility rate	45.40%	47.10%	46.30%
The 2021 Stock Option and Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares available for issuance	5,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Total intrinsic value of restricted stock vested	$ 30	$ 35	$ 118
Total fair value at grant date of awards vested	52	44	36
Total unrecognized compensation cost, net of estimated forfeitures	48
Tax benefits realized from tax deductions	$ 6	$ 7	$ 27
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 7 months 6 days

Fair Value Measurements (Tables)

12 Months Ended

Feb. 01, 2025

Fair Value Measurements [Abstract]

Carrying Value And Fair Value Of Long Term Debt, Disclosure

The following table provides a summary of the principal value and estimated fair value of outstanding debt as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Principal Value	$	987	$	991
Fair Value, Estimated (a)	940		897

________________

Fair Value, Liabilities Measured on Recurring Basis


Balance Sheet Location	Measurement Level	February 1, 2025		February 3, 2024		January 28, 2023
Accrued Expenses and Other	Level 3	$	—	$	74	$	30
Other Long-term Liabilities	Level 3	—		18		70

Shareholders' Equity (Tables)

12 Months Ended

Feb. 01, 2025

Jan. 28, 2023

Stockholders' Equity Note [Abstract]

Schedule Of Repurchase Of Common Stock

The Company repurchased the following shares of its common stock under the January 2023 Share Repurchase Program during 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

The Company repurchased the following shares of its common stock under the March 2022 Share Repurchase Program during 2022:


	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2022 Share Repurchase Program	$	250	5,985	$	250	$	41.77

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Feb. 01, 2025
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. In April 2023, the Company was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Southern District of New York alleging that Victoria’s Secret Stores employs manual workers in New York state and failed to pay hourly wages within seven calendar days after the end of the week in which those wages were earned, rather paying wages on a bi-weekly basis. The Company continues to defend against the lawsuit and at this time a range of the reasonably possible loss cannot be estimated. Occupancy-related Legal Matter The Company was a tenant of portions of a building known as Two Herald Square, New York, New York (the “Premises”) pursuant to an Agreement of Lease dated August 22, 2001 (the “Lease”) with Herald Square Owner LLC (the “Landlord”). On February 20, 2021, the Company surrendered the Premises to the Landlord. On February 16, 2021, the Landlord filed a Motion for Partial Summary Judgment seeking treble holdover damages against the Company for the period commencing June 9, 2020 through February 20, 2021, the date on which the Company vacated and surrendered the Premises. By an order dated July 21, 2021, the court granted the Landlord’s motion and awarded it damages in an amount equal to three times the aggregate of the rents and charges payable under the Lease during the last month of the term of the Lease. On August 6, 2021, judgment was entered against the Company in the amount of $23 million. On September 15, 2021, the Landlord filed a Motion for Partial Summary Judgment seeking treble holdover damages against the Company for the period commencing February 21, 2021 through September 30, 2021. By an order dated April 22, 2022, the court granted the Landlord’s motion and awarded it damages in an amount equal to three times the aggregate amount of the rents and charges payable under the Lease during the last month of the term of the Lease. On May 9, 2022, judgment was entered against the Company in the amount of $22 million. The Company appealed both judgments; on March 2, 2023, the appellate court issued a denial of the appeals. During the first quarter of 2023, the Company paid the Landlord for the judgment amount in full.

Intangible Assets - Schedule of Change in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 367	$ 365
Adjustments	0	2
Goodwill, Ending Balance	$ 367	$ 367

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Share-based Compensation

12 Months Ended

Feb. 01, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation

Plan Summary

In 2021, the Board approved the Company's 2021 Stock Option and Performance Incentive Plan (“2021 Plan”). In 2024, the Company’s stockholders approved an amendment to the 2021 Plan to increase the number of shares available for issuance under the plan by 5 million shares. The 2021 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted shares, restricted share units, performance share units, unrestricted shares, converted awards, replacement awards and substitute awards.

Under the amended 2021 Plan, 15 million options, restricted shares and unrestricted shares have been authorized to be granted to employees and directors. There were 8 million options and shares available for grant as of February 1, 2025.

Income Statement Impact

The following table provides share-based compensation expense included in the Consolidated Statements of Income for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	20	$	17	$	18
General, Administrative and Store Operating Expenses	40		39		30
Total Share-based Compensation Expense	$	60	$	56	$	48

The tax benefit associated with recognized share-based compensation expense was $11 million for 2024, $9 million for 2023 and $9 million for 2022.

Restricted Stock

Restricted stock, including restricted stock units and performance share units, generally vests (the restrictions lapse) on a graded basis over a three-year period or at the end of a three-year period. The fair value of restricted stock awards is generally based on the market value of an unrestricted share on the grant date adjusted for anticipated dividend yields, if applicable.

During 2024, 2023 and 2022, the Company granted certain performance share unit awards that include a specified market condition which can adjust the number of shares that vest under the award. The market condition compares the Company's total shareholder return over the performance period to that of a designated peer group. The performance share unit awards were valued using a Monte Carlo simulation model, which requires certain assumptions, including a risk-free interest rate, which was 4.5% for 2024, 4.0% for 2023 and 2.1% for 2022, and expected volatility, which was 45.4% for 2024, 47.1% for 2023 and 46.3% for 2022. The risk-free interest rate assumption is based on U.S. treasury constant maturity yields on the grant date with a term corresponding to the length of the remaining performance period. Due to the Company's limited trading history, the expected volatility assumption is based on the average historical volatility of the designated peer group. There was no dividend yield utilized in the Monte Carlo simulation model as the Company has not paid any cash dividends since becoming an independent, publicly traded company.

The following table provides the Company’s restricted stock activity for the fiscal year ended February 1, 2025:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Unvested as of February 3, 2024	4,363	$	34.25
Granted	4,191	19.05

Vested	(1,499)	34.54
Cancelled	(1,400)	24.91
Unvested as of February 1, 2025	5,655	$	25.03

The weighted-average estimated fair value of restricted stock awards granted was $19.05 per share for 2024, $28.60 per share for 2023 and $47.63 per share for 2022.

The Company’s total intrinsic value of restricted stock awards that vested was $30 million for 2024, $35 million for 2023 and $118 million for 2022. The Company’s total fair value at grant date of restricted stock awards that vested was $52 million for 2024, $44 million for 2023 and $36 million for 2022. The tax benefit realized from tax deductions associated with restricted stock awards that vested was $6 million for 2024, $7 million for 2023 and $27 million for 2022.

As of February 1, 2025, there was $48 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock. That cost is expected to be recognized over a weighted-average period of 1.6 years.

Adore Me Acquisition - Business Acquisition, Pro Forma Information (Details) - Adore Me $ in Millions	12 Months Ended
	Jan. 28, 2023 USD ($)
Business Acquisition [Line Items]
Net Sales	$ 6,595
Net Income Attributable to Victoria's Secret & Co.	$ 330

Long-term Debt and Borrowing Facilities - Schedule of Principal Payments on Long-term Debt (Details) $ in Millions	Feb. 01, 2025 USD ($)
Long-Term Debt, by Current and Noncurrent [Abstract]
2025	$ 4
2026	4
2027	4
2028	375
2029	600
Thereafter	$ 0

Long-Lived Assets - Details of Property and Equipment, Net (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024
Property, Plant and Equipment [Abstract]
Land and Improvements	$ 28	$ 28
Buildings and Improvements	219	218
Furniture, Fixtures, Software and Equipment	2,225	2,308
Leasehold Improvements	1,004	1,036
Construction in Progress	27	26
Total	3,503	3,616
Accumulated Depreciation and Amortization	(2,729)	(2,773)
Property and Equipment, Net	$ 774	$ 843

Shareholders' Equity - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 11, 2023	Mar. 02, 2022
Equity, Class of Treasury Stock [Line Items]
Amount Repurchased	$ 126	$ 250
March 2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Amount Authorized				$ 250
March 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of Common Stock (in shares)		5,985
Amount Repurchased		$ 250
Average Stock Price		$ 41.77
January 2023 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Amount Authorized			$ 250
Repurchase of Common Stock (in shares)	3,652
Amount Repurchased	$ 125
Average Stock Price	$ 34.22

Long-term Debt and Borrowing Facilities (Tables)

12 Months Ended

Feb. 01, 2025

Long-Term Debt, by Current and Noncurrent [Abstract]

Schedule of Long-term Debt Instruments

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 February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$387 million Term Loan due August 2028 (“Term Loan Facility”)	$	382	$	385
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”)	—		145
Total Senior Secured Debt with Subsidiary Guarantee	382		530
Senior Debt with Subsidiary Guarantee
$600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)	595		594
Total Senior Debt with Subsidiary Guarantee	595		594
Total	977		1,124
Current Debt	(4)		(4)
Total Long-term Debt, Net of Current Portion	$	973	$	1,120

Schedule of Principal Payments Due on Long-term Debt

The following table provides principal payments due on outstanding debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year	(in millions)
2025	$	4
2026	4
2027	4
2028	375
2029	600
Thereafter	$	—

- 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.

+ References

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+ Details

Adore Me Acquisition - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 30, 2022	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Business Acquisition [Line Items]
Payments for contingent and deferred consideration related to adore me acquisition		$ 161	$ 0	$ 0
Reporting lag		1 month
Payments for contingent compensation related to Adore Me acquisition		$ 39	0	$ 0
Adore Me
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Payments to acquire businesses, gross	$ 391
Business combination, additional cash consideration, evaluation period	2 years
Business combination, consideration transferred, net of cash acquired	$ 537
Cash acquired from acquisition	22
Business combination, consideration transferred	559
Contingent Consideration Related to Adore Me Acquisition	98
Fixed Payment Related to Adore Me Acquisition	70	0	$ 76
Acquisition related costs	15
Payment of contingent consideration liability		200
Payment of contingent consideration, future fixed payment liability		100
Business combination, contingent consideration, milestone payment		100
Payments for contingent and deferred consideration related to adore me acquisition		161
Business combination, contingent consideration arrangements, range of outcomes, value, low		0
Business combination, contingent consideration arrangements, range of outcomes, value, high		$ 100
Reporting lag		1 month
Payments for contingent compensation related to Adore Me acquisition		$ 39
Adore Me \| Minimum
Business Acquisition [Line Items]
Business combination, additional cash consideration	80
Adore Me \| Maximum
Business Acquisition [Line Items]
Business combination, additional cash consideration	$ 300

Accrued Expenses and Other (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024	Dec. 30, 2022
Disaggregation of Revenue [Line Items]
Compensation, Payroll Taxes and Benefits	$ 150	$ 135
Accrued Freight and Other Logistics	36	12
Taxes, Other than Income	30	43
Accrued Marketing	25	39
Returns Reserve	17	16
Accrued Claims on Self-insured Activities	14	11
Accrued Interest	7	9
Rent	4	6
Other	94	94
Total Accrued Expenses and Other	633	810
Adore Me
Disaggregation of Revenue [Line Items]
Fixed Payment Related to Adore Me Acquisition	0	76	$ 70
Contingent Consideration Related to Adore Me Acquisition			$ 98
Accrued Expenses and Other \| Adore Me
Disaggregation of Revenue [Line Items]
Contingent Consideration Related to Adore Me Acquisition	0	74
Sales Channel, Gift Cards
Disaggregation of Revenue [Line Items]
Deferred Revenue on Gift Cards and Merchandise Credits	209	239
Sales Channel, Loyalty and Private Label Credit Card
Disaggregation of Revenue [Line Items]
Deferred Revenue on Gift Cards and Merchandise Credits	33	45
Sales Channel, Directly
Disaggregation of Revenue [Line Items]
Deferred Revenue on Gift Cards and Merchandise Credits	$ 14	$ 11

Restructuring Activities	12 Months Ended
Restructuring Activities	Feb. 01, 2025
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities 2024 Executive Leadership Restructuring In the third quarter of 2024, the Company made certain executive leadership appointments and changes to restructure its executive leadership team. On August 12, 2024, the Board appointed Hillary Super as 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 2024 and are included in General, Administrative and Store Operating Expenses in the 2024 Consolidated Statement of Income. There were $13 million of liabilities related to these executive leadership changes included in the February 1, 2025 Consolidated Balance Sheet. 2023 and 2022 Organizational Restructurings In the first quarter of 2023, the Company implemented restructuring actions to continue to reorganize 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 2023 Consolidated Statement of Income. During the second quarter and fourth quarter of 2022, the Company implemented restructuring actions to reorganize its organizational structure. As a result, pre-tax severance and related costs of $35 million, of which $21 million are included in General, Administrative and Store Operating Expenses and $14 million are included in Costs of Goods Sold, Buying and Occupancy, are included in the 2022 Consolidated Statement of Income. Victoria's Secret China In April 2022, the Company entered into a joint venture agreement with Regina Miracle, a company listed on the Hong Kong Stock Exchange, to operate Victoria's Secret stores and the related online business in China. Under the terms of the agreement, the Company owns 51% of the joint venture and Regina Miracle owns the remaining 49%. The Company received $45 million in cash from Regina Miracle during the first quarter of 2022 as consideration for its investment in the joint venture. In connection with the execution of the agreement, the Company and Regina Miracle each contributed $10 million in cash to the joint venture. The cash received from Regina Miracle is reflected within Cash Received from Noncontrolling Interest Partner in the 2022 Consolidated Statement of Cash Flows. Since the Company has retained control over the joint venture, the joint venture's assets, liabilities and results of operations are consolidated in the Company's consolidated financial statements. Regina Miracle's interest in the joint venture is reflected in Noncontrolling Interest in the Consolidated Balance Sheets and in Net Income (Loss) Attributable to Noncontrolling Interest in the Consolidated Statements of Income.

Share-based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 60	$ 56	$ 48
Costs of Goods Sold, Buying and Occupancy
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	20	17	18
General, Administrative and Store Operating Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 40	$ 39	$ 30

- 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.

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+ Details

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Disaggregation of Revenue [Line Items]
Net Sales	$ 6,230	$ 6,182	$ 6,344
Stores — North America (a)
Disaggregation of Revenue [Line Items]
Net Sales	3,428	3,480	3,909
Sales Channel, Directly
Disaggregation of Revenue [Line Items]
Net Sales	2,042	2,015	1,843
International
Disaggregation of Revenue [Line Items]
Net Sales	$ 760	$ 687	$ 592

- 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

Fair Value Measurements - Fair Value of Contingent Consideration (Details) - Adore Me - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023	Dec. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration Related to Adore Me Acquisition				$ 98
Accrued Expenses and Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration Related to Adore Me Acquisition	$ 0	$ 74
Fair Value, Inputs, Level 3 \| Accrued Expenses and Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration Related to Adore Me Acquisition	0	74	$ 30
Fair Value, Inputs, Level 3 \| Other Long-term Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration Related to Adore Me Acquisition	$ 0	$ 18	$ 70

Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024
Current Assets:
Cash and Cash Equivalents	$ 227	$ 270
Accounts Receivable, Net	159	152
Inventories	955	985
Other	100	126
Total Current Assets	1,441	1,533
Property and Equipment, Net	774	843
Operating Lease Assets	1,481	1,351
Goodwill	367	367
Trade Names	281	284
Other Intangible Assets, Net	95	116
Deferred Income Taxes	22	20
Other Assets	71	86
Total Assets	4,532	4,600
Current Liabilities:
Accounts Payable	419	513
Accrued Expenses and Other	633	810
Current Debt	4	4
Current Operating Lease Liabilities	287	267
Income Taxes	32	20
Total Current Liabilities	1,375	1,614
Deferred Income Taxes	11	37
Long-term Debt	973	1,120
Long-term Operating Lease Liabilities	1,434	1,312
Other Long-term Liabilities	75	79
Total Liabilities	3,868	4,162
Shareholders’ Equity:
Preferred Stock—$0.01 par value; 10 shares authorized; none issued	0	0
Common Stock—$0.01 par value; 1,000 shares authorized; 79 and 78 shares issued; 79 and 78 shares outstanding, respectively	1	1
Paid-in Capital	297	238
Accumulated Other Comprehensive Income (Loss)	(1)	0
Retained Earnings	343	178
Total Victoria's Secret & Co. Shareholders' Equity	640	417
Noncontrolling Interest	24	21
Total Equity	664	438
Total Liabilities and Equity	$ 4,532	$ 4,600

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024
Supplier Finance Program, Obligation [Roll Forward]
Obligations outstanding, beginning of year	$ 183
Payment obligations financed during the year	1,067
Financed payment obligations paid during the year	(1,069)
Obligations outstanding, end of year	$ 181
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable	Accounts Payable

Accrued Expenses and Other (Tables)

12 Months Ended

Feb. 01, 2025

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

The following table provides additional information about the composition of Accrued Expenses and Other as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Deferred Revenue on Gift Cards and Merchandise Credits	$	209	$	239
Compensation, Payroll Taxes and Benefits	150		135
Accrued Freight and Other Logistics	36		12
Deferred Revenue on Loyalty and Credit Card Programs	33		45
Taxes, Other than Income	30		43
Accrued Marketing	25		39
Returns Reserve	17		16
Deferred Revenue on Direct Shipments Not Yet Delivered	14		11
Accrued Claims on Self-insured Activities	14		11
Accrued Interest	7		9
Rent	4		6
Fixed Payment Related to Adore Me Acquisition	—		76
Contingent Consideration Related to Adore Me Acquisition	—		74
Other	94		94
Total Accrued Expenses and Other	$	633	$	810

Adore Me Acquisition - Income Statement Information (Details) - Adore Me - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024
Costs of Goods Sold, Buying and Occupancy
Business Acquisition [Line Items]
Business combination purchase accounting items and additional acquisition related costs	$ 0	$ 29
General, Administrative and Store Operating Expenses
Business Acquisition [Line Items]
Business combination purchase accounting items and additional acquisition related costs	29	41
Interest Expense
Business Acquisition [Line Items]
Business combination purchase accounting items and additional acquisition related costs	$ 5	$ 5

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Leases [Abstract]
Operating Lease Costs	$ 410	$ 393	$ 385
Variable Lease Costs	90	92	76
Short-term Lease Costs	13	14	13
Total Lease Cost	$ 513	$ 499	$ 474

Long-term Debt and Borrowing Facilities - Narrative (Details) $ in Millions			12 Months Ended
	May 08, 2023	Aug. 02, 2021 USD ($)	Feb. 01, 2025 USD ($)	Feb. 03, 2024 USD ($)	Jan. 28, 2023 USD ($)	Jul. 31, 2021 USD ($)
Interest paid			$ 77	$ 87	$ 52
Borrowings from asset-based revolving credit facility			$ 460	465	295
$387 million Term Loan due August 2028 (“Term Loan Facility”) \| Term Loan
Interest rate			7.94%
Term loan B credit facility		$ 400
Debt instrument, periodic principal payment, percent		0.0025
Debt instrument, periodic principal payment			$ 4	4	4
$387 million Term Loan due August 2028 (“Term Loan Facility”) \| Base Rate \| Term Loan
Basis spread on variable rate		2.25%
$387 million Term Loan due August 2028 (“Term Loan Facility”) \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum \| Term Loan
Basis spread on variable rate	3.36%
$387 million Term Loan due August 2028 (“Term Loan Facility”) \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum \| Term Loan
Basis spread on variable rate	3.68%
Revolving Credit Expiring August 2026 \| Revolving Credit Facility
Line of credit facility, maximum borrowing capacity		$ 750
Borrowings from asset-based revolving credit facility			460	465	$ 295
Repayments of long-term lines of credit			605	$ 615
Line of credit facility, remaining borrowing capacity			533
Revolving Credit Expiring August 2026 \| Revolving Credit Expiring August 2026
Long-term line of credit			0
Revolving Credit Expiring August 2026 \| Minimum \| Revolving Credit Facility
Basis spread on variable rate	1.60%
Line of credit facility, unused capacity, commitment fee percentage		0.25%
Revolving Credit Expiring August 2026 \| Maximum \| Revolving Credit Facility
Line of credit facility, unused capacity, commitment fee percentage		0.30%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| LIBOR and CDOR Loans \| Minimum \| Revolving Credit Facility
Basis spread on variable rate		1.50%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| LIBOR and CDOR Loans \| Maximum \| Revolving Credit Facility
Basis spread on variable rate		2.00%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Minimum \| Revolving Credit Facility
Basis spread on variable rate		0.50%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Maximum \| Revolving Credit Facility
Basis spread on variable rate		1.00%
Revolving Credit Expiring August 2026 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum \| Revolving Credit Facility
Basis spread on variable rate	2.10%
Revolving Credit Expiring August 2026 \| Letter of Credit
Long-term line of credit			17
With Subsidiary Guarantee \| $600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)
Debt instrument, face amount			$ 600			$ 600
Interest rate			4.625%			4.625%
With Subsidiary Guarantee \| $387 million Term Loan due August 2028 (“Term Loan Facility”)
Debt instrument, face amount			$ 387

Leases (Tables)

12 Months Ended

Feb. 01, 2025

Leases [Abstract]

Schedule of Lease Cost

The following table provides the components of lease cost for operating leases for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Operating Lease Costs	$	410	$	393	$	385
Variable Lease Costs	90		92		76
Short-term Lease Costs	13		14		13
Total Lease Cost	$	513	$	499	$	474

Schedule of Future Maturities of Operating Lease Liabilities

The following table provides future maturities of operating lease liabilities as of February 1, 2025:


Fiscal Year	(in millions)
2025	$	392
2026	344
2027	281
2028	240
2029	207
Thereafter	736
Total Lease Payments	$	2,200
Less: Interest	(479)
Present Value of Operating Lease Liabilities	$	1,721

Schedule of Supplemental Information Related to Leases

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of February 1, 2025 and February 3, 2024:


	February 1, 2025	February 3, 2024
Weighted-Average Remaining Lease Term (years)	7.2	7.0
Weighted-Average Discount Rate	6.8%	6.6%

Income Taxes - Activity Related to its Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$ 38	$ 31	$ 10
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	9	9	10
Increases to Unrecognized Tax Benefits for Prior Years, Including Acquisitions	0	13	11
Decreases to Unrecognized Tax Benefits for Prior Years	(4)	(15)	0
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$ 43	$ 38	$ 31

Audit Information	12 Months Ended
Audit Information	Feb. 01, 2025
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Grandview Heights, Ohio
Auditor Firm ID	42

Segment Information (Details) - Reportable Segment - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	$ 2,279	$ 2,220
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	2,136	2,072
Non-US
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	$ 143	$ 148

Comprehensive Income (Loss) - Components Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2022	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance		$ 0
Amounts Reclassified from Accumulated Other Comprehensive Income to Paid-in Capital				$ 3
Total Other Comprehensive Loss, Net of Tax		(2)	$ (3)	(4)
Accumulated Other Comprehensive Income (Loss), Ending Balance		(1)	0
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance		0	1	5
Other Comprehensive Loss Before Reclassifications		(1)	(1)	(7)
Amounts Reclassified from Accumulated Other Comprehensive Income to Paid-in Capital	$ 3			3
Tax Effect		0	0	0
Total Other Comprehensive Loss, Net of Tax		(1)	(1)	(4)
Accumulated Other Comprehensive Income (Loss), Ending Balance		(1)	0	1
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance		0	1	5
Other Comprehensive Loss Before Reclassifications		(1)	(1)	(7)
Tax Effect		0	0	0
Total Other Comprehensive Loss, Net of Tax		(1)	(1)	(4)
Accumulated Other Comprehensive Income (Loss), Ending Balance		$ (1)	$ 0	$ 1

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

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

+ References

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- Definition

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

+ References

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+ Details

Commitments and Contingencies (Details) - Occupancy-related Legal Matter $ in Millions	May 09, 2022 USD ($)	Aug. 06, 2021 USD ($)	Apr. 22, 2022	Jul. 21, 2021
Other Commitments [Line Items]
Litigation settlement, calculation of settlement amount			3	3
Judicial Ruling
Other Commitments [Line Items]
Litigation settlement, amount awarded to other party	$ 22	$ 23

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Consolidated Statements of Income [Abstract]
Net Income	$ 169	$ 116	$ 338
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(2)	(3)	(7)
Amounts Reclassified from Accumulated Other Comprehensive Income to Paid-in Capital	0	0	3
Total Other Comprehensive Loss, Net of Tax	(2)	(3)	(4)
Total Comprehensive Income	167	113	334
Less: Net Income (Loss) Attributable to Noncontrolling Interest	4	7	(10)
Less: Foreign Currency Translation Attributable to Noncontrolling Interest	(1)	(2)	0
Comprehensive Income Attributable to Victoria's Secret & Co.	$ 164	$ 108	$ 344

Comprehensive Income (Loss) (Tables)

12 Months Ended

Feb. 01, 2025

Comprehensive Income Loss

Components of Accumulated Other Comprehensive Income (Loss)

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2024:


	Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of February 3, 2024	$	—	$	—
Other Comprehensive Loss Before Reclassifications	(1)		(1)

Tax Effect	—		—
Current-period Other Comprehensive Loss	(1)		(1)
Balance as of February 1, 2025	$	(1)	$	(1)

The following table provides the rollforward of accumulated other comprehensive income for 2023:


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

Tax Effect	—		—
Current-period Other Comprehensive Loss	(1)		(1)
Balance as of February 3, 2024	$	—	$	—

The following table provides the rollforward of accumulated other comprehensive income for 2022:


	Foreign Currency Translation		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 29, 2022	$	5	$	5
Other Comprehensive Loss Before Reclassifications	(7)		(7)
Amounts Reclassified from Accumulated Other Comprehensive Income to Paid-in Capital	3		3
Tax Effect	—		—
Current-period Other Comprehensive Loss	(4)		(4)
Balance as of January 28, 2023	$	1	$	1

Revenue Recognition (Tables)

12 Months Ended

Feb. 01, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Stores — North America (a)	$	3,428	$	3,480	$	3,909
Direct (a)	2,042		2,015		1,843
International (b)	760		687		592
Total Net Sales	$	6,230	$	6,182	$	6,344

_______________

(a)Results in 2024 and 2023 include Adore Me sales.

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

Revenue Recognition

12 Months Ended

Feb. 01, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $112 million as of February 1, 2025 and $103 million as of February 3, 2024. 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, merchandise credits, loyalty and credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $269 million as of February 1, 2025 and $310 million as of February 3, 2024. The Company recognized $163 million as revenue in 2024 from amounts recorded as deferred revenue at the beginning of the period, which includes the impact from the change in its accounting estimate relating to outstanding gift cards. As of February 1, 2025, the Company recorded deferred revenues of $256 million within Accrued Expenses and Other, and $13 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Stores — North America (a)	$	3,428	$	3,480	$	3,909
Direct (a)	2,042		2,015		1,843
International (b)	760		687		592
Total Net Sales	$	6,230	$	6,182	$	6,344

_______________

(a)Results in 2024 and 2023 include Adore Me sales.

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

Gift card breakage revenue is recognized in proportion, and over the same period, as actual gift card redemptions. The Company determines the gift card breakage rate estimate based on historical redemption patterns and reviews the breakage rate periodically throughout the year. In the fourth quarter of 2024, the Company recorded a change in its accounting estimate relating to expected redemption of outstanding gift cards issued by the Company, as the Company has experienced a sustained decrease in redemption rates, leading to increased breakage rates. As a result of this change in accounting estimate, the Company recognized a cumulative adjustment which increased net sales, gross profit and operating income by approximately $26 million and increased net income by approximately $20 million in the fourth quarter of 2024. Estimating future breakage rates requires judgment based on current and historical patterns of redemption and the actual breakage rates may vary from the estimate.

The Company has a Victoria's Secret and PINK multi-tender loyalty program along with a co-branded credit card and a 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 $75 million, $95 million and $123 million for 2024, 2023 and 2022, 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.

- 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.

+ References

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+ Details

Adore Me Acquisition

12 Months Ended

Feb. 01, 2025

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

Adore Me Acquisition

Acquisition

Background

On December 30, 2022, the Company completed its acquisition of 100% of the equity interests of 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. Additionally, under the terms of the Merger Agreement, the Company agreed to pay further cash consideration in an aggregate amount of at least $80 million and up to $300 million, which included a minimum fixed payment along with consideration for potential additional payments based on the achievement of specified strategic objectives and EBITDA and net revenue goals within the two-year period following closing of the transaction.

The total consideration when applying the acquisition method of accounting was initially $537 million, net of $22 million of cash acquired. The gross consideration as of the acquisition date of $559 million consisted of $391 million in cash paid at closing, $98 million which represented the fair value of the contingent cash consideration as of the acquisition date and $70 million which represented the fair value of the future fixed payment as of the acquisition date.

The Company incurred approximately $15 million of acquisition-related costs related to the Adore Me transaction. Those costs, primarily related to professional advisory services and other transaction-related costs, are included within General, Administrative and Store Operating Expenses in the 2022 Consolidated Statement of Income.

The Company accounted for the acquisition of Adore Me using the acquisition method of accounting. Assets acquired and liabilities assumed have been recorded based on their fair values. As of February 3, 2024, the Company finalized the valuation estimates used to determine the final purchase price allocation which includes amounts allocated to intangible assets. For additional information about goodwill and other intangible assets, see Note 9, “Intangible Assets.”

Post-Acquisition

During 2024, the Company made payments totaling $200 million, which included a fixed payment of $100 million and payments totaling $100 million relating to the achievement of specified strategic objectives under the terms of the Merger Agreement. These payments made during 2024 were comprised of $161 million classified as financing cash outflows and $39 million classified as operating cash outflows in the Consolidated Statement of Cash Flows. The amount classified as operating cash outflows was subject to the continued employment of a certain Adore Me employee (“Contingent Compensation Payments”) and was recognized as compensation expense within General, Administrative and Store Operating Expenses in the Consolidated Statements of Income as it was earned.

As of February 1, 2025, management believes no further payment is required based on its calculation of Adore Me’s EBITDA and net revenue results compared to specified targets applicable to the two-year period following the close of the transaction as set forth in the Merger Agreement. Determination of payment required according to the terms of the Merger Agreement related to the calculation of EBITDA and net revenue goals applicable to the two-year period following the closing of the transaction remains subject to finalization. The range of outcomes is zero to $100 million. Management submitted, under the terms of the Merger Agreement, its calculation of the contingent payment owed of zero dollars on March 3, 2025.

In both 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 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 2023. The following table provides a summary by line item in the Consolidated Statements of Income of the financial impact of purchase accounting items and additional acquisition-related costs for 2024 and 2023:


	2024		2023
Income Statement Line Item	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	—	$	29
General, Administrative and Store Operating Expenses	29		41
Interest Expense	5		5

The Company consolidates Adore Me's financial information on an approximate one-month reporting lag. Accordingly, given the acquisition closing date of December 30, 2022, the operating results of Adore Me for the period subsequent to the acquisition date are recorded in the Company's consolidated financial statements beginning in 2023.

Pro Forma Financial Information

In accordance with ASC 805, Business Combinations, the following unaudited pro forma results of operations for 2022 assumes the Adore Me acquisition was completed on the first day of fiscal year 2021, or January 31, 2021. The following pro forma results include adjustments to reflect acquisition-related costs, amortization of intangibles associated with the acquisition and the effects of adjustments made to the carrying value of inventories.


	2022
	(in millions)
Net Sales	$	6,595
Net Income Attributable to Victoria's Secret & Co.	330

The unaudited pro forma financial information may not be indicative of the results that would have been obtained had the acquisition occurred at the beginning of the period presented, nor is it intended to be a projection of future results. Additionally, the pro forma financial information does not reflect the costs which the Company has incurred or may incur to integrate the acquired business.

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Leases [Abstract]
Additional operating lease commitments not yet commenced	$ 88
Operating lease, payments	416	$ 406	$ 423
Right-of-use asset obtained in exchange for operating lease liability	437	392	$ 160
Asset retirement obligation	$ 9	$ 8

Accrued Expenses and Other

12 Months Ended

Feb. 01, 2025

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other

The following table provides additional information about the composition of Accrued Expenses and Other as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Deferred Revenue on Gift Cards and Merchandise Credits	$	209	$	239
Compensation, Payroll Taxes and Benefits	150		135
Accrued Freight and Other Logistics	36		12
Deferred Revenue on Loyalty and Credit Card Programs	33		45
Taxes, Other than Income	30		43
Accrued Marketing	25		39
Returns Reserve	17		16
Deferred Revenue on Direct Shipments Not Yet Delivered	14		11
Accrued Claims on Self-insured Activities	14		11
Accrued Interest	7		9
Rent	4		6
Fixed Payment Related to Adore Me Acquisition	—		76
Contingent Consideration Related to Adore Me Acquisition	—		74
Other	94		94
Total Accrued Expenses and Other	$	633	$	810

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt, Disclosure (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024
Reported Value Measurement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, fair value	$ 987	$ 991
Estimate of Fair Value Measurement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, fair value	$ 940	$ 897

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-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
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-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
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-Name Accounting Standards Codification
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-Paragraph 69B
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-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
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-Paragraph 1D
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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

Long-term Debt and Borrowing Facilities

12 Months Ended

Feb. 01, 2025

Long-Term Debt, by Current and Noncurrent [Abstract]

Long-term Debt and Borrowing Facilities


	February 1, 2025		February 3, 2024
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$387 million Term Loan due August 2028 (“Term Loan Facility”)	$	382	$	385
Asset-based Revolving Credit Facility due August 2026 (“ABL Facility”)	—		145
Total Senior Secured Debt with Subsidiary Guarantee	382		530
Senior Debt with Subsidiary Guarantee
$600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)	595		594
Total Senior Debt with Subsidiary Guarantee	595		594
Total	977		1,124
Current Debt	(4)		(4)
Total Long-term Debt, Net of Current Portion	$	973	$	1,120

The following table provides principal payments due on outstanding debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year	(in millions)
2025	$	4
2026	4
2027	4
2028	375
2029	600
Thereafter	$	—

Cash paid for interest was $77 million, $87 million and $52 million in 2024, 2023 and 2022, respectively.

Issuance of Notes

In July 2021, the Company issued $600 million of 4.625% notes due in July 2029 in a transaction exempt from registration under the Securities Act of 1933, as amended. The obligation to pay principal and interest on the 2029 Notes is jointly and severally guaranteed on a full and unconditional basis by certain of the Company's wholly-owned subsidiaries. The issuance costs are being amortized through the maturity date and are included within Long-term Debt on the Consolidated Balance Sheets.

Credit Facilities

The Company has a senior secured term loan B credit facility with an original principal amount of $400 million, which will mature in August 2028. The discounts and issuance costs from the Term Loan Facility are being amortized through the maturity date and are included within Long-term Debt on the Consolidated Balance Sheets. 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 $4 million during 2024, 2023 and 2022.

Interest on the loans under the Term Loan Facility is calculated by reference to 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 our subsidiary guarantors that do not constitute priority collateral under the ABL Facility and on a second-priority lien basis by priority collateral of the ABL Facility, subject to customary exceptions. As of February 1, 2025, the interest rate on loans under the Term Loan Facility was 7.94%.

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, 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, $465 million and $295 million from the ABL Facility during 2024, 2023 and 2022, respectively, and made payments of $605 million and $615 million under the ABL Facility during 2024 and 2023, respectively. As of February 1, 2025, there were no borrowings outstanding under the ABL Facility and the Company had $17 million of outstanding letters of credit that reduced its availability under the ABL Facility. As of February 1, 2025, the Company's remaining availability under the ABL Facility was $533 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 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 February 1, 2025, the Company was in compliance with all covenants under its long-term debt and borrowing facilities.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Operating Activities:
Net Income	$ 169	$ 116	$ 338
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization of Long-lived Assets	258	284	274
Share-based Compensation Expense	60	56	48
Payments for Contingent Compensation related to Adore Me Acquisition	39	0	0
Deferred Income Taxes	(29)	(16)	(28)
Equity Method Investment Impairment Charges	19	0	0
Gain on Sale of Assets	(7)	0	0
Amortization of Fair Value Adjustment to Acquired Inventories	0	29	0
Changes in Assets and Liabilities, Net of Assets and Liabilities related to the Acquisition:
Accounts Receivable	(8)	(13)	22
Inventories	29	36	0
Accounts Payable, Accrued Expenses and Other	(78)	(11)	(163)
Income Taxes	14	(26)	(67)
Other Assets and Liabilities	37	(66)	13
Net Cash Provided by Operating Activities	425	389	437
Investing Activities:
Capital Expenditures	(178)	(256)	(164)
Proceeds from Sale of Assets	25	0	0
Acquisition, Net of Cash Acquired	0	1	(369)
Investment in Frankies Bikinis, LLC	0	0	(18)
Other Investing Activities	0	1	(4)
Net Cash Used for Investing Activities	(153)	(254)	(555)
Financing Activities:
Repayments of Borrowings from Asset-based Revolving Credit Facility	(605)	(615)	0
Borrowings from Asset-based Revolving Credit Facility	460	465	295
Payments for Contingent and Deferred Consideration related to Adore Me Acquisition	(161)	0	0
Tax Payments related to Share-based Awards	(10)	(12)	(42)
Proceeds from Stock Option Exercises	5	3	5
Payments of Long-term Debt	(4)	(4)	(4)
Repurchases of Common Stock	0	(125)	(250)
Cash Received from Noncontrolling Interest Holder	0	0	55
Other Financing Activities	0	(3)	(1)
Net Cash Provided by (Used for) Financing Activities	(315)	(291)	58
Effects of Exchange Rate Changes on Cash and Cash Equivalents	0	(1)	(3)
Net Decrease in Cash and Cash Equivalents	(43)	(157)	(63)
Cash and Cash Equivalents, Beginning of Period	270	427	490
Cash and Cash Equivalents, End of Period	$ 227	$ 270	$ 427

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Feb. 01, 2025	Aug. 03, 2024	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 226	$ 259	$ 274
Proceeds from sale of assets			25	0	0
Gain on sale of assets			7	$ 0	$ 0
Non-Store Corporate Related Assets
Property, Plant and Equipment [Line Items]
Sold assets previously held for sale	$ 8	$ 10	$ 8
Proceeds from sale of assets	9	16
Gain on sale of assets	$ 1	$ 6

Segment Information - Schedule of revenue by geographic area (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Revenue, Major Customer [Line Items]
Net Sales	$ 6,230	$ 6,182	$ 6,344
Non-US
Revenue, Major Customer [Line Items]
Net Sales	978	910	830
UNITED STATES
Revenue, Major Customer [Line Items]
Net Sales	$ 5,252	$ 5,272	$ 5,514

- Definition

+ References

+ Details

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Total Victoria's Secret & Co. Equity	Noncontrolling Interest
Beginning Balance (in shares) at Jan. 29, 2022		85
Beginning Balance at Jan. 29, 2022	$ 257	$ 1	$ 125	$ 5	$ 126		$ 257	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	338				348		348	(10)
Other Comprehensive Loss	(4)			(4)			(4)
Total Comprehensive Income (Loss)	334			(4)	348		344	(10)
Sale of Noncontrolling Interest	45		17				17	28
Repurchase of Common Stock (in shares)		(6)
Repurchases of Common Stock	(250)		50			$ (300)	(250)
Treasury Share Retirements	0		(12)			300
Share-based Compensation Expense	48		48				48
Tax Payments related to Share-based Awards (in shares)		(1)
Tax Payments related to Share-based Awards	(42)		(42)				(42)
Other (in shares)		(2)
Other	9		9				9	0
Ending Balance (in shares) at Jan. 28, 2023		80
Ending Balance at Jan. 28, 2023	401	$ 1	195	1	186	0	383	18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	116				109		109	7
Other Comprehensive Loss	(3)			(1)			(1)	(2)
Total Comprehensive Income (Loss)	113			(1)	109		108	5
Repurchase of Common Stock (in shares)		(3)
Repurchases of Common Stock	(126)		0			(126)	(126)
Treasury Share Retirements	0		(9)		(117)	126
Share-based Compensation Expense	56		56				56
Tax Payments related to Share-based Awards (in shares)		(1)
Tax Payments related to Share-based Awards	(12)		(12)				(12)
Distribution to Noncontrolling Interest	(2)							(2)
Other (in shares)		(2)
Other	$ 8		8				8
Ending Balance (in shares) at Feb. 03, 2024	78	78
Ending Balance at Feb. 03, 2024	$ 438	$ 1	238	0	178	0	417	21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	169				165		165	4
Other Comprehensive Loss	(2)			(1)			(1)	(1)
Total Comprehensive Income (Loss)	167			(1)	165		164	3
Share-based Compensation Expense	60		60				60
Tax Payments related to Share-based Awards (in shares)		(1)
Tax Payments related to Share-based Awards	(10)		(10)				(10)
Other (in shares)		(2)
Other	$ 9		9				9
Ending Balance (in shares) at Feb. 01, 2025	79	79
Ending Balance at Feb. 01, 2025	$ 664	$ 1	$ 297	$ (1)	$ 343	$ 0	$ 640	$ 24

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Definite-Lived Intangible Assets	$ 180	$ 180
Accumulated Amortization	(50)	(25)
Total Definite-Lived Intangible Assets	130	155
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Definite-Lived Intangible Assets	81	81
Accumulated Amortization	(23)	(12)
Technology-Based Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross Definite-Lived Intangible Assets	56	56
Accumulated Amortization	(19)	(9)
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross Definite-Lived Intangible Assets	43	43
Accumulated Amortization	$ (8)	$ (4)

- 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

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 01, 2025

Accounting Policies [Abstract]

Depreciable Life Range of Property Plant and Equipment

The Company’s property and equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Software, including software developed for internal use						3 - 5 years
Furniture, fixtures and equipment						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

Supplier Finance Program

Amounts payable to financial institutions relating to suppliers participating in these programs are recorded in Accounts Payable in the Consolidated Balance Sheets. The following table provides a rollforward of these obligations for 2024:


	2024
	(in millions)
Obligations outstanding, beginning of year	$	183
Payment obligations financed during the year	1,067
Financed payment obligations paid during the year	(1,069)
Obligations outstanding, end of year	$	181

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 01, 2025

Accounting Policies [Abstract]

Description of Business

Victoria's Secret & Co. 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 more than 880 stores in the U.S., Canada and China as well as its own websites, www.VictoriasSecret.com, www.PINK.com, www.AdoreMe.com and www.DailyLook.com, and other digital channels worldwide. Additionally, the Company has more than 500 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.

On December 30, 2022, the Company completed its acquisition of Adore Me, a digitally-native intimates brand. For additional information, see Note 2, “Acquisition.”

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 restructure its executive leadership team. For additional information, see Note 5, “Restructuring Activities.”

Fiscal Year

The Company's fiscal year ends on the Saturday nearest to January 31. As used herein, “2024” and “2022” refer to the fifty-two-week periods ended February 1, 2025 and January 28, 2023, respectively, and “2023” refers to the fifty-three-week period ended February 3, 2024.

Basis of Presentation

Basis of Consolidation

The Consolidated Financial Statements have been prepared in conformity with GAAP. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents

Cash and Cash Equivalents include cash on hand, demand deposits with financial institutions, credit and debit card receivables and highly liquid investments with original maturities of 90 days or less. As of February 3, 2024, bank overdrafts of $55 million were classified as Accounts Payable in the Consolidated Balance Sheet because the legal right of offset did not exist. 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.

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 and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is 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 charged against the allowance when it is determined that expected credit losses may occur.

Inventories

Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

The Company records valuation adjustments to its inventories if the cost of inventory on hand exceeds the amount it expects to realize from the ultimate sale or disposal of the inventory. These estimates are based on management’s judgment regarding future demand and market conditions and analysis of historical experience.

The Company also records inventory loss adjustments for estimated physical inventory losses that have occurred since the date of the last physical inventory. These estimates are based on management’s analysis of historical results, operating trends and consumer behavior.

Advertising Costs

Advertising and marketing costs are expensed at the time the promotion first appears in media or in the store, or when the advertising is mailed.

Property and Equipment

The Company’s property and equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Software, including software developed for internal use						3 - 5 years
Furniture, fixtures and equipment						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

When a decision has been made to dispose of property and equipment prior to the end of the previously estimated useful life, depreciation estimates are revised to reflect the use of the asset over the shortened estimated useful life. The Company’s cost of assets sold or retired and the related accumulated depreciation are removed from the accounts with any resulting gain or loss included in net income. Maintenance and repairs are charged to expense as incurred. Major renewals and betterments that extend useful lives are capitalized.

Long-lived store assets, which include leasehold improvements, store related assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Store assets are grouped at the lowest level for which they are largely independent of other assets or asset groups. If the estimated undiscounted future cash flows related to the asset group are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the estimated fair value, determined by the estimated discounted future cash flows of the asset group. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not impaired below its estimated fair value. The fair value of long-lived store assets is determined using Level 3 inputs within the fair value hierarchy.

Leases and Leasehold Improvements

The Company leases retail space, office space, warehouse facilities, storage space, equipment and certain other items under operating leases. A substantial portion of the Company’s leases are operating leases for its stores, which generally have an initial term of 10 years. Annual store rent consists of a fixed minimum amount and/or variable rent based on a percentage of sales exceeding a stipulated amount. Store lease terms generally also require additional payments covering certain operating costs such as common area maintenance, utilities, insurance and taxes. Certain leases contain predetermined fixed escalations of minimum rentals or require periodic adjustments of minimum rentals, depending on an index or rate. Additionally, certain leases contain incentives, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property.

At the date of control of the leased asset, the Company recognizes an asset for the right to use the leased asset and a liability based on the present value of the unpaid fixed lease payments. Operating lease costs are recognized on a straight-line basis as lease expense over the lease term. Variable lease payments associated with the Company's leases are recognized upon occurrence of the event or circumstance on which the payments are assessed. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense is recognized on a straight-line basis over the lease term.

For leases entered into or reassessed after the adoption of ASC 842, Leases, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities.

The Company uses its incremental borrowing rate, adjusted for collateral, to determine the present value of its unpaid lease payments.

The Company’s store leases often include options to extend the initial term or to terminate the lease prior to the end of the initial term. The exercise of these options is typically at the sole discretion of the Company. These options are included in determining the initial lease term at lease commencement if the Company is reasonably certain to exercise the option. Additionally, the Company may operate stores for a period of time on a month-to-month basis after the expiration of the lease term.

The Company also has leasehold improvements which are amortized over the shorter of their estimated useful lives or the period from the date the assets are placed in service to the end of the initial lease term. Leasehold improvements made after the inception of the initial lease term are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured.

Trade Name

Intangible Assets

Assets and liabilities acquired in business combinations are accounted for using the acquisition method and recorded at their respective fair values. Goodwill represents the excess of consideration paid over the net assets acquired and is assigned to a reporting unit. A reporting unit is an operating segment as defined in ASC 350, Intangibles - Goodwill and Other, or a business one level below an operating segment.

The Company has goodwill resulting from the Adore Me acquisition on December 30, 2022. Goodwill is reviewed for impairment at the reporting unit level each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. The Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that each reporting unit's fair value is less than its carrying value (including goodwill), or to proceed directly to the quantitative assessment which requires a comparison of the reporting unit's fair value to its carrying value (including goodwill). If the Company determines that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment charge equal to the difference, not to exceed the total amount of goodwill allocated to the reporting unit. The estimated fair value of a reporting unit is determined using Level 3 inputs in accordance with ASC 820, Fair Value Measurement, and is developed using a weighting of the discounted cash flow approach and the comparable public company approach.

The Victoria’s Secret trade name is an intangible asset with an indefinite life. Intangible assets with indefinite lives are reviewed for impairment each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. The Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired, or to proceed directly to the quantitative assessment which requires a comparison of the fair value of the intangible asset to its carrying value. To determine if the fair value of the asset is less than its carrying amount, the Company will estimate the fair value, usually determined by the relief from royalty method under the income approach, and compare that value with its carrying amount. If the carrying value of the trade name exceeds its fair value, the Company recognizes an impairment charge equal to the difference.

The Company also has definite-lived intangible assets, which includes customer relationships, developed technology and the Adore Me trade name. Definite-lived intangible assets are amortized over their useful lives and are evaluated for impairment whenever events or circumstances indicate that a certain asset or asset group may be impaired.

Foreign Currency Translation

The functional currency of the Company’s foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect as of the balance sheet date, while revenues and expenses are translated at the average exchange rates for the period. The Company’s resulting translation adjustments are recorded as a component of accumulated other comprehensive income in shareholders’ equity. Accumulated foreign currency translation adjustments are reclassified to net income when realized upon sale or upon complete, or substantially complete, liquidation of the investment in the foreign entity.

Supplier Finance Program

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.


	2024
	(in millions)
Obligations outstanding, beginning of year	$	183
Payment obligations financed during the year	1,067
Financed payment obligations paid during the year	(1,069)
Obligations outstanding, end of year	$	181

Fair Value

The authoritative guidance included in ASC 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This authoritative guidance further establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•Level 1—Quoted market prices in active markets for identical assets or liabilities.

•Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted prices of similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company estimates the fair value of financial instruments, property and equipment, goodwill, trade names, other intangible assets and contingent consideration in accordance with the provisions of ASC 820. The recorded amounts for cash and cash equivalents, accounts receivable, prepaid expenses, other current assets and current liabilities approximate fair value due to the short-term nature of these assets and liabilities.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, taxes currently payable or refundable are accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also recognized for realizable operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the Company’s Consolidated Statement of Income in the period that includes the enactment date. The Company treats the global intangible low-taxed income provision enacted as part of the U.S. Tax Cuts and Jobs Act as a current period expense. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized.

In determining the Company’s provision for income taxes, the Company considers permanent differences between book and tax income and statutory income tax rates. The Company’s effective income tax rate is affected by items including changes in tax law, the tax jurisdiction of new stores or business ventures and the level of earnings.

The Company follows a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may differ from forecasted outcomes. The Company's policy is to include interest and penalties related to uncertain tax positions in income tax expense.

The Company’s income tax returns, like those of most companies, are periodically audited by domestic and foreign tax authorities. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income among various tax jurisdictions. At any one time, multiple tax years are subject to audit by the various tax authorities. A number of years may elapse before a particular matter for which the Company has established an accrual is audited and fully resolved or clarified. The Company adjusts its tax contingencies accrual and income tax provision in the period in which matters are effectively settled with tax authorities at amounts different from its established accrual, when the statute of limitations expires for the relevant taxing authority to examine the tax position or when more information becomes available. The Company includes its tax contingencies accrual, including accrued penalties and interest, in Other Long-term Liabilities on the Consolidated Balance Sheets unless the liability is expected to be paid within one year. Changes to the tax contingencies accrual, including accrued penalties and interest, are included in Provision for Income Taxes on the Consolidated Statements of Income.

Self-Insurance

The Company is self-insured for medical, workers’ compensation, property, general liability and automobile liability up to certain stop-loss limits. Such costs are accrued based on known claims and an estimate of incurred but not reported (“IBNR”) claims. IBNR claims are estimated using historical claim information and actuarial estimates.

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 Income, 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 Income. 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.

In the fourth quarter of 2024, due to recent and forecasted operating losses by certain equity method investments and strategic business decisions by management, the Company determined there may be an other-than-temporary loss in value for those investments. As a result of the other-than-temporary loss indicators, the Company utilized the income approach to review those investments for impairment. The income approach estimates fair value based on the estimated discounted future cash flows of the equity method investment, which are considered non-recurring Level 3 inputs in accordance with ASC 820, Fair Value Measurement. The Company determined the fair values were less than the carrying values for those equity method investments and, as a result, impairment charges of $19 million were recorded in the fourth quarter of 2024 and are included in Costs of Goods Sold, Buying and Occupancy in the 2024 Consolidated Statement of Income.

In March 2022, the Company acquired a minority interest in swimwear brand Frankies Bikinis, LLC (“Frankies Bikinis”) in exchange for $18 million. The investment in Frankies Bikinis is accounted for using the equity method of accounting.

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 (Loss) Attributable to Noncontrolling Interest in the Consolidated Statements of Income. Noncontrolling interest represents the portion of equity interests in a joint venture that operates the business in China that is not owned by the Company.

Share-based Compensation

The Company recognizes all share-based payments to employees and directors as compensation cost over the service period based on their estimated fair value on the date of grant. The Company estimates award forfeitures at the time awards are granted and adjusts, if necessary, in subsequent periods based on historical experience and expected future forfeitures.

Compensation cost is recognized over the service period for the fair value of awards that actually vest. Compensation expense for awards without a performance condition or a graded vesting schedule is recognized, net of estimated forfeitures, using a single award approach (each award is valued as one grant). Compensation expense for awards with a performance condition or a graded vesting schedule is recognized, net of estimated forfeitures, using a multiple award approach (each vesting tranche is valued as one grant).

Revenue Recognition

The Company recognizes revenue based on the amount it expects to receive when control of the goods or services is transferred to the customer. The Company recognizes sales upon customer receipt of merchandise, which, for direct channel revenues, reflect an estimate of shipments that have not yet been received by the customer based on shipping terms and historical delivery times. The Company’s shipping and handling revenues are included in Net Sales with the related costs included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. The Company also provides a reserve for projected merchandise returns based on historical experience. Net Sales exclude sales and other similar taxes collected from customers.

The Company offers certain loyalty programs that allow customers to earn points based on purchasing activity. As customers accumulate points and reach point thresholds, they can use the points to purchase merchandise in stores or online. The Company allocates revenue to points earned on qualifying purchases and defers recognition until the points are redeemed. The amount of revenue deferred is based on the relative stand-alone selling price method, which includes an estimate for the value of points redeemed and an estimate for points not expected to be redeemed based on historical experience.

The Company sells gift cards with no expiration dates to customers. The Company does not charge administrative fees on unused gift cards. The Company recognizes revenue from gift cards when they are redeemed by the customer. In addition, the Company recognizes revenue on unredeemed gift cards when it is probable that a significant revenue reversal will not occur in the future (“gift card breakage”). Gift card breakage revenue is recognized in proportion, and over the same period, as actual gift card redemptions. The Company determines the gift card breakage rate estimate based on historical redemption patterns and reviews the breakage rate periodically throughout the year. Gift card breakage is included in Net Sales in the Consolidated Statements of Income.

Revenue earned in connection with the Company's credit card arrangements is primarily recognized based on credit card sales and usage and is included in Net Sales in the Consolidated Statements of Income.

The Company also recognizes revenues associated with franchise, license, wholesale and sourcing arrangements. Revenue recognized under franchise and license arrangements generally consists of royalties earned and recognized upon sale of merchandise by franchise and license partners to retail customers. Revenue is generally recognized under wholesale and sourcing arrangements at the time title of the merchandise passes to the partner.

Costs of Goods Sold, Buying and Occupancy

The Company’s costs of goods sold include merchandise costs, net of discounts and allowances, freight and inventory shrinkage. The Company’s buying and occupancy expenses primarily include payroll, benefit costs and operating expenses for its buying departments and distribution network, as well as rent, common area maintenance, real estate taxes, utilities, maintenance, fulfillment expenses and depreciation for the Company’s stores, warehouse facilities and equipment.

General, Administrative and Store Operating Expenses

The Company’s general, administrative and store operating expenses primarily include payroll and benefit costs for its store-selling and administrative departments (including corporate functions), marketing, advertising and other operating expenses not specifically categorized elsewhere in the Consolidated Statements of Income.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. 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 and Reporting Pronouncements

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 is effective for annual reporting periods beginning in fiscal year 2024 and interim periods beginning in fiscal year 2025. The Company adopted this standard effective for its fiscal year 2024 Annual Report on Form 10-K and has included the required disclosures in Note 19, “Segment Information.” The adoption of this standard did not have a material impact on the Company's results of operations, financial position or cash flows.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued 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. The updates required by this standard should be applied prospectively, but retroactive 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.

Intangible Assets

12 Months Ended

Feb. 01, 2025

Goodwill, Trade Names and Other Intangible Assets, Net [Abstract]

Intangible Assets

Goodwill

The Company's goodwill was established as a result of the acquisition of Adore Me on December 30, 2022. For additional information, see Note 2, “Acquisition.” Prior to the acquisition of Adore Me, the Company did not have any goodwill.

In the fourth quarter of 2024, the Company performed its annual goodwill impairment assessment for the reporting unit which goodwill is assigned using the qualitative approach. Based on the results of the qualitative assessment, the Company determined it was more likely than not that the fair value of each reporting unit exceeds its respective carrying value, which resulted in a conclusion that no impairment existed as of February 1, 2025. The Company did not record any impairment charges for goodwill in 2024, 2023 or 2022.

The following table shows the change in the carrying value of Goodwill:


	(in millions)
Balance as of January 28, 2023	$	365
Adjustments (a)	2
Balance as of February 3, 2024	367
Adjustments	—
Balance as of February 1, 2025	$	367

________________

(a)Includes measurement period adjustments related to the acquisition of Adore Me. For additional information, see Note 2, “Acquisition.”

Trade Name - Indefinite-Lived

The Victoria's Secret trade name, an indefinite-lived intangible asset, was $246 million as of February 1, 2025 and February 3, 2024.

In the fourth quarter of 2024, the Company performed its annual impairment assessment of the Victoria's Secret trade name using the qualitative approach. Based on the results of the qualitative assessment, the Company concluded that it was more likely than not that the fair value of the Victoria's Secret trade name was in excess of its carrying value and, therefore, was not impaired as of February 1, 2025. No impairment has been recorded for this indefinite-lived intangible asset in 2024, 2023 or 2022.

Definite-Lived Intangible Assets

The Company's definite-lived intangible assets were established as a result of the acquisition of Adore Me. Prior to the acquisition of Adore Me on December 30, 2022, the Company did not have any definite-lived intangible assets.

The following table provides details of the gross carrying amount and accumulated amortization of the Company's definite-lived intangible assets as of February 1, 2025 and February 3, 2024:


	February 1, 2025		February 3, 2024
	(in millions)
Gross Definite-Lived Intangible Assets
Customer Relationships	$	81	$	81
Developed Technology	56		56
Adore Me Trade Name	43		43
Total Gross Definite-Lived Intangible Assets	$	180	$	180

Accumulated Amortization
Customer Relationships	$	(23)	$	(12)
Developed Technology	(19)		(9)
Adore Me Trade Name	(8)		(4)
Total Accumulated Amortization	(50)		(25)
Total Definite-Lived Intangible Assets	$	130	$	155

Amortization expense for intangible assets was $25 million for both 2024 and 2023. Due to the timing of the acquisition date and the Company consolidating Adore Me's financial information on an approximate one-month reporting lag, there was no amortization expense recorded related to these definite-lived intangible assets prior to 2023.

Definite-lived intangible assets are evaluated for impairment whenever events or circumstances indicate that a certain asset or asset group may be impaired. No impairment has been recorded for these definite-lived intangible assets.

The estimated future annual amortization expense is $25 million for fiscal years 2025 to 2028 and $16 million for fiscal year 2029 for definite-lived intangible assets recorded as of February 1, 2025.

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024
Inventory, Net [Abstract]
Finished Goods Merchandise	$ 901	$ 929
Raw Materials and Merchandise Components	54	56
Total Inventories	$ 955	$ 985

Earnings (Loss) Per Share - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) - shares shares in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Weighted-average Common Shares:
Common Shares (in shares)	79	78	82
Treasury Shares (in shares)	0	0	0
Basic Shares (in shares)	79	78	82
Effect of Dilutive Awards (in shares)	2	1	2
Diluted Shares (in shares)	81	79	84
Anti-dilutive Awards (in shares)	1	2	1

Comprehensive Income (Loss)

12 Months Ended

Feb. 01, 2025

Comprehensive Income Loss

Comprehensive Income (Loss)

Comprehensive Income (Loss) includes gains and losses on foreign currency translation and derivative instruments. The cumulative gains and losses on these items are included in Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheets and Consolidated Statements of Equity.

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2024:


	Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of February 3, 2024	$	—	$	—
Other Comprehensive Loss Before Reclassifications	(1)		(1)

Tax Effect	—		—
Current-period Other Comprehensive Loss	(1)		(1)
Balance as of February 1, 2025	$	(1)	$	(1)

The following table provides the rollforward of accumulated other comprehensive income for 2023:


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

Tax Effect	—		—
Current-period Other Comprehensive Loss	(1)		(1)
Balance as of February 3, 2024	$	—	$	—

Segment Information (Tables)

12 Months Ended

Feb. 01, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table provides the Company's segment information for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Net Sales	$	6,230	$	6,182	$	6,344
Costs of Goods Sold	(2,591)		(2,564)		(2,701)
Buying and Occupancy Expenses	(1,355)		(1,376)		(1,385)
General, Administrative and Store Operating Expenses (a)	(1,545)		(1,542)		(1,436)
Advertising and Marketing Expenses	(429)		(454)		(344)
Operating Income	$	310	$	246	$	478
Interest Expense	(86)		(99)		(60)
Provision for Income Taxes	(52)		(31)		(79)
Other Items (b)	(7)		(7)		9
Net Income Attributable to Victoria's Secret & Co.	$	165	$	109	$	348

_______________

(a)Excludes Advertising and Marketing Expenses.

(b)Other Items includes net income (loss) attributable to noncontrolling interest, interest income and other miscellaneous expense items.

Revenue from External Customers by Geographic Areas

The following table provides Net Sales by geographic location for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
U.S. (a)	$	5,252	$	5,272	$	5,514
Outside of the U.S.	978		910		830
Total Net Sales	$	6,230	$	6,182	$	6,344

_______________

(a)Includes U.S. territories.

Long-Lived Assets by Geographic Areas


	February 1, 2025		February 3, 2024
	(in millions)
U.S. (a)	$	2,136	$	2,072
Outside of the U.S.	143		148
Total Long-lived Assets	$	2,279	$	2,220

_______________

(a)Includes U.S. territories.

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Feb. 01, 2025	Feb. 03, 2024	Jul. 31, 2021
Debt, long-term and short-term, combined amount	$ 977	$ 1,124
Current Debt	(4)	(4)
Total Long-term Debt, Net of Current Portion	973	1,120
With Subsidiary Guarantee \| Senior Secured Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	382	530
With Subsidiary Guarantee \| Senior Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	595	594
With Subsidiary Guarantee \| $387 million Term Loan due August 2028 (“Term Loan Facility”)
Debt instrument, face amount	387
With Subsidiary Guarantee \| $387 million Term Loan due August 2028 (“Term Loan Facility”) \| Senior Secured Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	382	385
With Subsidiary Guarantee \| $600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)
Debt instrument, face amount	$ 600		$ 600
Interest rate	4.625%		4.625%
With Subsidiary Guarantee \| $600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”) \| Senior Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	$ 595	594
With Subsidiary Guarantee \| Revolving Credit Expiring August 2026 \| Senior Secured Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	$ 0	$ 145

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Feb. 01, 2025

Accounting Policies [Abstract]

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies

Description of Business

On December 30, 2022, the Company completed its acquisition of Adore Me, a digitally-native intimates brand. For additional information, see Note 2, “Acquisition.”

Fiscal Year

Basis of Consolidation

The Consolidated Financial Statements have been prepared in conformity with GAAP. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents

Concentration of Credit Risk

Inventories

Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Advertising Costs

Advertising and marketing costs are expensed at the time the promotion first appears in media or in the store, or when the advertising is mailed.

Property and Equipment

The Company’s property and equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Software, including software developed for internal use						3 - 5 years
Furniture, fixtures and equipment						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

Leases and Leasehold Improvements

The Company uses its incremental borrowing rate, adjusted for collateral, to determine the present value of its unpaid lease payments.

Intangible Assets

Foreign Currency Translation

Supplier Finance Programs


	2024
	(in millions)
Obligations outstanding, beginning of year	$	183
Payment obligations financed during the year	1,067
Financed payment obligations paid during the year	(1,069)
Obligations outstanding, end of year	$	181

Fair Value

•Level 1—Quoted market prices in active markets for identical assets or liabilities.

Income Taxes

Self-Insurance

Equity Method Investments

The total carrying value of equity method investments was $47 million and $60 million as of February 1, 2025 and February 3, 2024. These investments are recorded in Other Assets on the Consolidated Balance Sheets.

Noncontrolling Interest

Share-based Compensation

Revenue Recognition

Costs of Goods Sold, Buying and Occupancy

General, Administrative and Store Operating Expenses

Use of Estimates in the Preparation of Financial Statements

Recently Issued Accounting and Reporting Pronouncements

Segment Reporting

Disaggregation of Income Statement Expenses

Income Taxes

Leases

12 Months Ended

Feb. 01, 2025

Leases [Abstract]

Leases

The following table provides the components of lease cost for operating leases for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Operating Lease Costs	$	410	$	393	$	385
Variable Lease Costs	90		92		76
Short-term Lease Costs	13		14		13
Total Lease Cost	$	513	$	499	$	474

The following table provides future maturities of operating lease liabilities as of February 1, 2025:


Fiscal Year	(in millions)
2025	$	392
2026	344
2027	281
2028	240
2029	207
Thereafter	736
Total Lease Payments	$	2,200
Less: Interest	(479)
Present Value of Operating Lease Liabilities	$	1,721

As of February 1, 2025, the Company had additional operating lease commitments that have not yet commenced of approximately $88 million.

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of February 1, 2025 and February 3, 2024:


	February 1, 2025	February 3, 2024
Weighted-Average Remaining Lease Term (years)	7.2	7.0
Weighted-Average Discount Rate	6.8%	6.6%

The Company paid $416 million in 2024, $406 million in 2023 and $423 million in 2022 for operating lease liabilities recorded on the Consolidated Balance Sheets. These payments are included within the Operating Activities section of the Consolidated Statement of Cash Flows.

In 2024, 2023 and 2022, the Company obtained $437 million, $392 million and $160 million, respectively, of additional lease assets as a result of new operating lease obligations.

Asset Retirement Obligations

The Company has asset retirement obligations primarily related to certain China joint venture-operated international stores that contractually obligate the Company to remove leasehold improvements at the end of a lease. The Company's liabilities for asset retirement obligations totaled $9 million as of February 1, 2025 and $8 million as of February 3, 2024. These liabilities are included in Other Long-term Liabilities on the Consolidated Balance Sheets.

Leases

The following table provides the components of lease cost for operating leases for 2024, 2023 and 2022:


	2024		2023		2022
	(in millions)
Operating Lease Costs	$	410	$	393	$	385
Variable Lease Costs	90		92		76
Short-term Lease Costs	13		14		13
Total Lease Cost	$	513	$	499	$	474

The following table provides future maturities of operating lease liabilities as of February 1, 2025:


Fiscal Year	(in millions)
2025	$	392
2026	344
2027	281
2028	240
2029	207
Thereafter	736
Total Lease Payments	$	2,200
Less: Interest	(479)
Present Value of Operating Lease Liabilities	$	1,721

As of February 1, 2025, the Company had additional operating lease commitments that have not yet commenced of approximately $88 million.

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of February 1, 2025 and February 3, 2024:


	February 1, 2025	February 3, 2024
Weighted-Average Remaining Lease Term (years)	7.2	7.0
Weighted-Average Discount Rate	6.8%	6.6%

In 2024, 2023 and 2022, the Company obtained $437 million, $392 million and $160 million, respectively, of additional lease assets as a result of new operating lease obligations.

Asset Retirement Obligations

Leases - Lease Maturities (Details) $ in Millions	Feb. 01, 2025 USD ($)
Leases [Abstract]
2025	$ 392
2026	344
2027	281
2028	240
2029	207
Thereafter	736
Total Lease Payments	2,200
Less: Interest	(479)
Present Value of Operating Lease Liabilities	$ 1,721

Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Retirement Benefits [Abstract]
Defined contribution plan, cost	$ 29	$ 42	$ 43

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Feb. 01, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Finite-Lived Intangible Assets [Line Items]
Trade Names	$ 281	$ 284
Amortization of Intangible Assets	25	25	$ 0
Finite-lived intangible asset, expected amortization, year one	25
Finite-lived intangible asset, expected amortization, year two	25
Finite-lived intangible asset, expected amortization, year three	25
Finite-lived intangible asset, expected amortization, year four	25
Finite-lived intangible asset, expected amortization, year five	16
Victoria's Secret Trade Names, Excluding Adore Me
Finite-Lived Intangible Assets [Line Items]
Trade Names	$ 246	$ 246

- 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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Feb. 01, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true