The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Marni Shapiro - The Retail Tracker - Analyst
: Hey, guys, congratulations. I got to just say the stores have been so much fun to shop every week because the energy is unbelievable. And it feels
like we finally similarly have somebody in place who understand the importance of this brand globally. I feel like it's been undervalued. So with
that, I have a question about your innovation.
There's been so much from the Flex Brad, that shiny active set, love Shack, some of it is fashion innovation, some of it's a technical innovation. How
should we think about this over the back half of the year and into '26, even with tariffs involved? And will you take that kind of thinking into beauty
because it feels to me watching all the girls and other places that there's a lot of opportunity for you guys even innovating within beauty for you
guys.
Question: Marni Shapiro - The Retail Tracker - Analyst
: Congrats, and best of luck for the rest of that fiscal.
Question: Dana Telsey - Telsey Advisory Group - Analyst
: Hi, Hillary. Congratulations on the nice progress. Would love to hear a little bit more about on the gross margin side, how are you thinking about
pricing and promotions going forward? And then also, when you think about Store of the Future and the technology you've implemented there,
what are you seeing traffic wise? And also, are you seeing an expanded customer maybe a trade-down customer also? Thank you.
Question: Dana Telsey - Telsey Advisory Group - Analyst
: Thank you.
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AUGUST 28, 2025 / 12:30PM, VSCO.N - Q2 2025 Victoria's Secret & Co Earnings Call
Question: Mauricio Serna - UBS - Analyst
: Great. Good morning. Thanks for taking my question. I wanted to ask about the fashion show that you're doing this year. Just want to make sure,
like, is this year also mainly focused on the Victoria's Secret brand? Or will there be something that will also include PINK, maybe I think I recall that
you mentioned that you wanted to do something for [PINK], but maybe that's like a completely separate event. And maybe could you provide
some details about like the SG&A investments behind the fashion show and how does those compare to last year? Thanks.
Question: Mauricio Serna - UBS - Analyst
: Alright. Very helpful. Thank you so much.
Question: Janet Kloppenburg - JJK Research Associates, Inc. - Analyst
: Hi, everyone. I'm sorry about that. I wanted to say congratulations and the Hill that the newness and iteration that you've introduced has been put
it down compelling. I wanted to ask you to about the inventory planning which has been sort of out of balance for a while. And if you have more
conviction that it's going to be where it should be by product and flow as we go forward? And if there's any operational [kinks] in there that are
preventing it from being as solid as it should be. I need to gain confidence in that.
And then on pricing, I wondered what kind of pricing power you think you have if you'll use it and particularly on [cents]. So I think -- it was being
used as a loss leader and to drive traffic, but also to meet competitive headwinds. Thanks so much.
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AUGUST 28, 2025 / 12:30PM, VSCO.N - Q2 2025 Victoria's Secret & Co Earnings Call
Question: Janet Kloppenburg - JJK Research Associates, Inc. - Analyst
: You did. Thank you very much, and I have one last, which is just on the 26-week lead time, love Shack, which was really well done. Is that by as
good as it gets silly. I mean, could you get that for 20 weeks? Or is 26 weeks where it's going to be?
Question: Janet Kloppenburg - JJK Research Associates, Inc. - Analyst
: Okay. I thank you. And I wasn't being critical. I just wanted to understand --
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AUGUST 28, 2025 / 12:30PM, VSCO.N - Q2 2025 Victoria's Secret & Co Earnings Call
Question: Janet Kloppenburg - JJK Research Associates, Inc. - Analyst
: Okay. Thanks so much.
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