Victoria's Secret (VSCO) Gross Margin (2020 - 2026)

Victoria's Secret's Gross Margin history runs 7 years deep, the most recent figure standing at 37.68% for Q1 2026.

• In Q1 2026, Gross Margin fell 92.0% year-over-year to 37.68%; the TTM figure through Jan 2026 stood at 36.38% (down 27.0% YoY), while the FY2026 annual figure was 36.38%, down 28.0% from the prior year.
• Gross Margin was 37.68% for Q1 2026 at Victoria's Secret, up from 36.41% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 39.65% in Q1 2024 to a low of 33.75% in Q4 2023.
• Historically, Gross Margin has averaged 36.15% across 5 years, with a median of 35.57% in 2025.
• The sharpest annual moves came in 2022 and 2024: Gross Margin sank 807 bps in 2022, then jumped 284 bps in 2024.
• A 5-year view of Gross Margin shows it stood at 34.67% in 2022, then fell by 3 bps to 33.75% in 2023, then increased by 3 bps to 34.74% in 2024, then increased by 5 bps to 36.41% in 2025, then gained by 3 bps to 37.68% in 2026.
• The last three Gross Margin figures came in at 37.68% (Q1 2026), 36.41% (Q4 2025), and 35.57% (Q3 2025), per Business Quant data.