Victoria's Secret and Co (VSCO)

Victoria’s Secret Shares Jump After Strong Quarterly Results and Upgraded Outlook (VSCO)June 2, 2026 9:44 AM
IH Market News Victoria’s Secret & Co. (NYSE:VSCO) reported first-quarter results that comfortably exceeded market expectations and raised its full-year financial guidance, sending shares sharply higher in premarket trading. The earnings release also coincided with the company’s transition to its new stock ticker, VSXY. The stock had previously attracted significant bearish positioning, with short interest standing at approximately 19.1%, adding to the market’s reaction following the stronger-than-expected performance. Earnings and Revenue Top Expectations For the first quarter, Victoria’s Secret reported adjusted earnings of $0.60 per share, significantly ahead of analyst forecasts of $0.32 per share. Revenue climbed 15% year-over-year to $1.56 billion, surpassing the consensus estimate of $1.52 billion and improving from $1.35 billion recorded during the same period last year. The company also delivered its fourth consecutive quarter of positive comparable sales growth, with comps rising 13%. Profitability Exceeds Internal Targets Operating income reached $76 million during the quarter, while adjusted operating income totaled $80 million. That result came in well above the company’s previously issued guidance range of $32 million to $42 million, highlighting stronger-than-anticipated execution across its brands. The performance reflects continued momentum across the business as management works to drive sales growth and improve profitability. Management Highlights Broad-Based Strength Chief Executive Officer Hillary Super said the company continued to build on the progress achieved during the second half of last year. “We delivered a very strong start to 2026, exceeding top- and bottom-line guidance and continuing the momentum we built in the back half of last year,” said Hillary Super, Chief Executive Officer. “We drove double-digit sales growth across Victoria’s Secret, PINK, and Beauty, as well as our fourth consecutive quarter of positive comps.” The results indicate strength across multiple product categories and business segments rather than reliance on a single area of growth. Full-Year Guidance Raised Following the strong start to the year, Victoria’s Secret increased its fiscal 2026 revenue outlook. The company now expects full-year revenue to range between $7.03 billion and $7.13 billion, up from its prior forecast of $6.85 billion to $6.95 billion. The midpoint of the updated range, $7.08 billion, sits above analyst expectations of $6.96 billion. Victoria’s Secret also raised its adjusted operating income forecast to between $550 million and $580 million, compared with its previous guidance of $430 million to $460 million. Positive Outlook for the Second Quarter Management also provided an encouraging outlook for the current quarter. Second-quarter revenue is projected to come in between $1.59 billion and $1.62 billion, compared with $1.46 billion during the same period last year. Operating income for the quarter is expected to range from $90 million to $100 million. The guidance suggests the company expects its recent sales momentum and margin improvement efforts to continue through the remainder of the year. Investors Reward Strong Execution The combination of an earnings beat, stronger-than-expected sales growth and a significant increase in full-year guidance fueled a strong positive reaction from investors. With comparable sales growth remaining robust and profitability outperforming internal targets, Victoria’s Secret appears to be gaining momentum as it moves through fiscal 2026. The results also increase confidence in management’s turnaround strategy and its ability to sustain growth across the Victoria’s Secret, PINK and Beauty brands. Victoria’s Secret stock price Original: Victoria’s Secret Shares Jump After Strong Quarterly Results and Upgraded Outlook (VSCO)

BBRC Releases Presentation Detailing Victoria’s Secret Chair Donna James’ Track Record of Value-Destructive DecisionsMay 19, 2026 4:15 PM
Business Wire Highlights the Sustained Underperformance Versus Peers and Declining Stockholder Support Driven by Numerous Errors of Judgment During Ms. James’ 25-Year Tenure, Including Poor Oversight of the Wexner-Epstein Ties, the Failed Adore Me Acquisition and Ineffective Buybacks Believes a Board Without Ms. James Will Be Better Positioned to Protect and Accelerate VS’ Turnaround and Drive Long-Term Stockholder Value Creation Believes the Withdrawal of Mariam Naficy’s Nomination Validates BBRC's Case for Change; Reminds Stockholders to Drive Long-Term Value Creation by Voting AGAINST Ms. James at the June 11 Annual Meeting BBRC International PTE Limited (together with its affiliates, “BBRC” or “we”), a long-term stockholder of Victoria’s Secret & Co. (NYSE: VSCO) (“VS” or the “Company”) and owner of approximately 13% of the Company’s outstanding shares, today released an investor presentation entitled, “A Targeted Accountability Campaign to Preserve Victoria’s Secret’s Turnaround.” The presentation is available here. BBRC has also filed a definitive proxy statement with the U.S. Securities and Exchange Commission in connection with the Company’s 2026 annual meeting of stockholders, which is available here. The presentation highlights why stockholders should vote AGAINST the reelection of Chair Donna James at the June 11 annual meeting, including: Ms. James has presided over numerous value-destructive decisions. During the 25 years Ms. James has overseen VS and its predecessors, the Company has been the subject of a $90 million lawsuit relating to ties between executives and convicted sex offender Jeffrey Epstein, tolerated a stock price decline of more than 70% before finally replacing its CEO just three years after becoming a separate publicly traded entity and spent $591 million to acquire Adore Me, against which the Company has already recorded $155.9 million of impairments and restructuring charges. VS stockholders have expressed their discontent three years in a row, with support for Ms. James’ reelection falling from 98.9% in 2022 to 72.4% in 2025. Despite this clear signal of stockholder dissent, Ms. James remains on the Board and is seeking to stay on for the 26th year. Stockholders cannot trust the same Chair to deliver different performance. Since its 2021 spin-off, VS has delivered total stockholder returns nearly 20 percentage points below the S&P 500 Consumer Discretionary Distribution & Retail Index and traded at an approximately 19% discount to the EV/EBITDA multiple of peers.1 The Company’s financial performance has declined on every key metric from FY 2021 through FY 2025, including a 75.1% decrease in net income, 3.4% decrease in net sales, 68.9% decrease in operating income and 8.7 percentage point reduction in operating margins.2 Crucially, VS is on track to miss the FY 2026 targets set at its 2023 Investor Day – which had already been revised downward from the 2022 Investor Day. The Company’s recent recovery from a Board-overseen trough and led by a CEO the Board belatedly appointed does not rebut the Board's prior record – it confirms it. We believe VS stock could follow the same pattern of value destruction that preceded the new CEO’s arrival if stockholders allow Ms. James to continue in her role. The Board appears to be more focused on protecting the status quo than addressing credible stockholder concerns about its track record. The Board has refused to engage with the facts of our critique regarding Ms. James’ ineffective oversight and the Company’s long-term underperformance. Instead, the Board has baselessly attacked BBRC, one of VS’ largest and longer-term stockholders – even though BBRC is not on the ballot. This distraction tactic is part of a pattern of the Board refusing to take accountability for its mistakes and act in a timely manner to make the requisite changes to protect stockholder value. A new Board Chair will protect and strengthen the turnaround that CEO Hillary Super is delivering. While the operating improvements under Ms. Super are real, we believe they remain at risk under the same Board that allowed VS to fall behind in the first place. In our view, the removal of Ms. James and appointment of a new Chair who brings operating experience can sustain and accelerate the new management team’s progress. Cautionary Statement Regarding Forward-Looking Statements This communication does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. The information herein contains “forward-looking statements”. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “potential,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if the underlying assumptions of any of the BBRC Parties (as defined below) prove to be incorrect, the actual results may vary from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by any of the BBRC Parties that the future plans, estimates or expectations contemplated will ever be achieved. Certain Information Concerning the Participants The BBRC Parties have filed a definitive proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (the “SEC”) to be used to solicit to vote AGAINST the election of a director nominee to the board of directors (“Board”) of Victoria’s Secret & Co. (“VSCO” or the “Company”) at the Company’s 2026 annual meeting of stockholders. Shortly after filing its definitive proxy statement with the SEC, BBRC expects to mail the Participants’ definitive proxy statement and accompanying GOLD proxy card to some or all of the stockholders entitled to vote at such meeting. The participants in the proxy solicitation are BBRC, The BB Family International Trust (“BB Family Trust”), BBFIT Investments PTE Limited (“BBFIT”) and Brett Blundy (all of the foregoing persons, together, the “BBRC Parties”). As of the date hereof, the BBRC Parties in the aggregate directly own 10,310,631 shares of Common Stock of VSCO, par value $0.01 per share (the “Common Stock”) as further detailed below. As of the date hereof, (i) BBRC as the trustee of the BB Family Trust, may be deemed to beneficially own the 10,310,631 shares of Common Stock owned in the aggregate by BBFIT and the BB Family Trust, (ii) the BB Family Trust beneficially owns 100 shares of Common Stock held in record name and, as the sole shareholder of BBFIT, may be deemed to beneficially own the 10,310,531 shares of Common Stock owned by BBFIT, (iii) BBFIT beneficially owns 10,310,531 shares of Common Stock, and (iv) Mr. Blundy, as a director and sole shareholder of BBRC, may be deemed to beneficially own the 10,310,631 shares of Common Stock owned in the aggregate by BBFIT and the BB Family Trust. IMPORTANT INFORMATION AND WHERE TO FIND IT THE BBRC PARTIES STRONGLY ADVISE ALL STOCKHOLDERS OF VSCO TO READ BOTH THE BBRC PARTIES’ PROXY STATEMENT AND VSCO’S PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT WWW.SEC.GOV. THE BBRC PARTIES’ DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS, WHEN FILED, WILL ALSO BE AVAILABLE ON THE SEC WEBSITE, FREE OF CHARGE. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THEIR PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR, SARATOGA PROXY CONSULTING LLC (STOCKHOLDERS CAN CALL TOLL-FREE: +1 (888) 368-0379). ____________________________ 1 TSR from FactSet and measures the period from July 22, 2021 (the first day that data is available for VS) through May 1, 2026. The S&P 500 Consumer Discretionary Distribution & Retail Index is the peer group used by the Company in its 2026 proxy statement to calculate its relative TSR. Valuation multiple from Bloomberg and measures the period from August 3, 2021 (the first day that data is available for VS) through May 1, 2026. Valuation multiple is compared to AEO, ANF, GAP, URBN and WACLY. An explanation of why BBRC selected these peers can be found in the presentation. 2 Company Form 10-K filings.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260519834494/en/ For Stockholders:
Saratoga Proxy Consulting LLC
John Ferguson / Joseph Mills, 212-257-1311
info@saratogaproxy.com For Media:
Longacre Square Partners LLC
BBRC@longacresquare.com Original: BBRC Releases Presentation Detailing Victoria’s Secret Chair Donna James’ Track Record of Value-Destructive Decisions

Victoria’s Secret Defends Board as Proxy Battle Intensifies Ahead of Annual Meeting (VSCO)May 18, 2026 10:08 AM
IH Market News Company Highlights Strong Shareholder Returns Under New Leadership Victoria’s Secret & Co. (NYSE:VSCO) released a letter to shareholders outlining its recent financial and operational progress as the company faces a proxy challenge from BBRC International Pte Limited ahead of its annual meeting scheduled for June 11.The retailer said total shareholder return has climbed 141% since the appointment of CEO Hillary Super was announced in August 2024, outperforming peer groups tracked by analysts, the S&P 500 Consumer Discretionary Distribution Retail index, and the S&P 600.Victoria’s Secret also reported 5% comparable sales growth during fiscal 2025 alongside a 15% increase in adjusted net income. “Path to Potential” Strategy Remains Central Focus The company said its ongoing “Path to Potential” transformation strategy is centered around four key priorities: reinforcing leadership in bras, revitalizing the PINK brand, expanding the beauty segment, and modernizing brand positioning.According to management, the strategy has helped the company grow its customer base for the first time in several years while also gaining market share. Proxy Contest Targets Current Board BBRC International and Chairman Brett Blundy are currently pursuing a proxy contest aimed at reshaping Victoria’s Secret’s board.The company noted that the board, chaired by independent director Donna James, has added three new independent directors since 2022 and selected Hillary Super as CEO after identifying the need for stronger merchant and retail leadership experience. Analysts Continue to Support Turnaround Plan Victoria’s Secret pointed to favorable commentary from analyst firms including Jefferies, UBS, Wells Fargo and Barclays regarding the company’s turnaround efforts.The company said the median analyst price target has risen 70% since Super’s appointment, while 83% of analysts covering the stock currently maintain buy ratings. Global Retail Footprint Continues to Expand Victoria’s Secret operates approximately 1,420 retail locations across around 70 countries and employs more than 30,000 workers globally.Its portfolio includes the Victoria’s Secret brand, PINK, and digital intimates platform Adore Me.Victoria’s Secret stock price Original: Victoria’s Secret Defends Board as Proxy Battle Intensifies Ahead of Annual Meeting (VSCO)

BBRC Addresses Victoria’s Secret’s Latest Attempt to Divert Attention Away from Chair Donna James’ 25-Year Tenure and Record of UnderperformanceMay 13, 2026 8:35 AM
Business Wire Notes Ms. James Chaired L Brands' Audit Committee from 2005 to 2019; the Resulting Lawsuit Alleged Failures of Oversight Related to the Les Wexner-Jeffrey Epstein Relationship, Named Ms. James as a Defendant and Required $90 Million in Governance Reforms Reminds Stockholders to Vote AGAINST Ms. James Based on Underperforming Stockholder Returns Since Spin-Off and 25 Years of Poor Oversight BBRC International PTE Limited (together with its affiliates, “BBRC” or “we”), a long-term stockholder of Victoria’s Secret & Co. (NYSE: VSCO) (“VS” or the “Company”) and owner of approximately 13% of the Company’s outstanding shares, today issued the following statement in response to the Company’s May 11, 2026 public disclosures: “The Company’s latest filing is another attempt by the Board to distract stockholders from years of poor oversight, failed capital allocation decisions, repeated management turnover and significant stockholder value destruction under Chair Donna James. BBRC is not on the ballot at this year’s annual meeting. Our campaign is focused on one thing: establishing accountable governance at VS to ensure the Board does not repeat the mistakes of its past. That begins with the exit of Ms. James, whose 25-year directorship across VS and its predecessors includes the misallocation of $625 million to poorly executed stock repurchases, the failed $591 million Adore Me acquisition, tolerance of a 70%-plus stock decline before finally changing executives, and being named as a defendant in the $90 million Rudi v. Wexner lawsuit that arose from alleged oversight failures during her tenure as L Brands’ Audit Committee Chair when CEO Les Wexner maintained close ties to convicted sex offender Jeffrey Epstein. The Board has yet to explain how Ms. James’ track record of multi-year underperformance and three consecutive elections of declining support from stockholders merits reelecting her to a 26th year on the Board. The Board’s continued acceptance of Ms. James' leadership is hard to reconcile with her record. Ms. James chaired the L Brands Audit Committee from 2005 to 2019, when Mr. Wexner maintained close ties to Jeffrey Epstein. Those facts were part of the derivative lawsuit that named Ms. James as a defendant, resulted in a $90 million settlement and led to reforms that were specifically directed at the Audit Committee she chaired. Stockholders are entitled to ask whether Ms. James’ Audit Committee fulfilled its risk-oversight responsibilities – and how the same Board now invoking 'reputational risk' against BBRC has determined it has no concerns about Ms. James' record. The Board’s announcement that Mariam Naficy – the director most responsible for failed M&A – will not stand for reelection validates our case for change but does not do enough to address stockholders’ concerns about weak management oversight and poor governance. For this reason, stockholders should vote against Ms. James at the 2026 annual meeting. We support the operational turnaround underway and believe governance reform is necessary to sustain it – starting with the appointment of a new, independent Chair who will bring a fresh perspective and relevant skill sets. We urge stockholders to vote AGAINST Ms. James at this year’s annual meeting.” *** White & Case LLP is serving as legal counsel, Saratoga Proxy Consulting LLC is serving as proxy solicitor and Longacre Square Partners LLC is serving as strategic advisor to BBRC. Cautionary Statement Regarding Forward-Looking Statements This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. The information herein contains “forward-looking statements”. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “potential,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if the underlying assumptions of any of the BBRC Parties (as defined below) prove to be incorrect, the actual results may vary from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by any of the BBRC Parties that the future plans, estimates or expectations contemplated will ever be achieved. Certain Information Concerning the Participants The BBRC Parties have filed a preliminary proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (the “SEC”) to be used to solicit proxies to vote AGAINST the reelection of a director nominee to the board of directors (“Board”) of Victoria’s Secret & Co. (“VSCO” or the “Company”) at the Company’s 2026 annual meeting of stockholders. Promptly after filing its definitive proxy statement with the SEC, BBRC expects to mail the BBRC Parties’ definitive proxy statement and accompanying GOLD proxy card to some or all of the stockholders entitled to vote at such meeting. The participants in the proxy solicitation are BBRC, The BB Family International Trust (“BB Family Trust”), BBFIT Investments PTE Limited (“BBFIT”) and Brett Blundy (all of the foregoing persons, together, the “BBRC Parties”). As of the date hereof, the BBRC Parties in the aggregate directly own 10,310,631 shares of common stock of VSCO, par value $0.01 per share (the “Common Stock”) as further detailed below. As of the date hereof, (i) BBRC as the trustee of the BB Family Trust, may be deemed to beneficially own the 10,310,631 shares of Common Stock owned in the aggregate by BBFIT and the BB Family Trust, (ii) the BB Family Trust beneficially owns 100 shares of Common Stock held in record name and, as the sole stockholder of BBFIT, may be deemed to beneficially own the 10,310,531 shares of Common Stock owned by BBFIT, (iii) BBFIT beneficially owns 10,310,531 shares of Common Stock, and (iv) Mr. Blundy, as a director and sole stockholder of BBRC, may be deemed to beneficially own the 10,310,631 shares of Common Stock owned in the aggregate by BBFIT and the BB Family Trust. IMPORTANT INFORMATION AND WHERE TO FIND IT THE BBRC PARTIES STRONGLY ADVISE ALL STOCKHOLDERS OF VSCO TO READ BOTH THE BBRC PARTIES’ PROXY STATEMENT AND VSCO’S PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT WWW.SEC.GOV. THE BBRC PARTIES’ DEFINITIVE PROXY STATEMENT, WHEN FILED, AND OTHER RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE ON THE SEC WEBSITE, FREE OF CHARGE. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THEIR PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR, SARATOGA PROXY CONSULTING LLC (STOCKHOLDERS CAN CALL TOLL-FREE: +1 (888) 368-0379). View source version on businesswire.com: https://www.businesswire.com/news/home/20260512318768/en/ For Stockholders:
Saratoga Proxy Consulting LLC
John Ferguson / Joseph Mills, 212-257-1311
info@saratogaproxy.com For Media:
Longacre Square Partners LLC
BBRC@longacresquare.com Original: BBRC Addresses Victoria’s Secret’s Latest Attempt to Divert Attention Away from Chair Donna James’ 25-Year Tenure and Record of Underperformance

BBRC Calls on Victoria’s Secret Stockholders to Support Turnaround by Voting Against the Directors That Necessitated ItMay 4, 2026 4:15 PM
Business Wire 13% Stockholder Will Solicit Votes Against Chair Donna James Following 25-Year Tenure and Director Mariam Naficy for Failure to Oversee Synergies from the $591 Million Adore Me Acquisition at the 2026 Annual Meeting Issues Open Letter Documenting the Financial Failures That Demand Board Accountability and the Governance Changes Needed to Accelerate the Turnaround Do Not Vote Until You Have Received BBRC's Gold Proxy Card BBRC International PTE Limited (together with its affiliates, “BBRC” or “we”) is a global, retail-focused investment firm with more than $3 billion in retail assets and over 45 years of experience building, scaling and operating consumer brands across the intimate apparel, fashion and specialty retail sectors. We own approximately 13% of the outstanding shares of Victoria’s Secret & Co. (NYSE: VSCO) (“VS” or the “Company”), making us the Company’s second-largest stockholder. Today, we have filed a preliminary proxy statement with the U.S. Securities and Exchange Commission to solicit votes AGAINST the reelection of two members of the Board of Directors (the “Board”) – Chair Donna James and Mariam Naficy – at the Company’s 2026 Annual Meeting of Stockholders (the “Annual Meeting”). BBRC also issued the following open letter to stockholders detailing why Ms. James’ and Ms. Naficy's continued Board service is incompatible with good corporate governance and appropriate oversight. *** May 4, 2026 Fellow Stockholders, BBRC invested in VS four years ago, after the Company separated from L Brands, Inc. (“L Brands”), based on our belief in the long-term potential of the business. Today, we own approximately 13% of the Company, making us VS’ second-largest stockholder. In contrast, the non-executive members of the Board own less than 1% of the outstanding shares and seven of the nine non-executive directors have never purchased a share while serving on the Board.1 We are concerned that the Board’s interests are not aligned with shareholders because of its limited financial exposure to the decisions it makes. Over the duration of our investment, the Company’s shares have underperformed the S&P 500 Consumer Discretionary Distribution & Retail Index by approximately 92 percentage points.2 We believe this underperformance has been driven by the Board’s ineffective oversight of management, which led to the misallocation of $1.2 billion for poorly executed buybacks and M&A with little demonstrable return. Chair Donna James has been a director of VS and its predecessor entities for 25 years. Excessive director tenure is incompatible with good governance – for example, more than 75% of S&P 500 companies with tenure limits have a cap of 15 years or less3 and the National Association of Corporate Directors has recommended that public companies adopt a 10-year term limit for directors.4 Unfortunately, the specific consequence of excessive tenure that governance experts warn about has already occurred at VS: lacking the independence to challenge management and the fortitude to make hard decisions, the Board waited too long to transition away from the prior CEO it appointed. The result was years of underperformance that eroded stockholder value and necessitated the current turnaround. Recent stock price performance does not resolve the Board’s yearslong oversight failures and governance shortcomings. This is not about the past – it is about improving governance and the Board’s oversight to protect the progress now underway. Despite extensive engagement, the Board has been unable to provide BBRC with a satisfactory explanation for its resistance to change. We are therefore bringing this matter directly to stockholders. BBRC has filed a preliminary proxy statement seeking votes AGAINST two directors at the 2026 Annual Meeting: Ms. James and Mariam Naficy. After 25 years, Ms. James' continued presence as a director is incompatible with the independent leadership this Company requires. Ms. Naficy’s presence on the Board does not meet the standard of Board-level capital allocation oversight that we believe stockholders should expect – the Company’s own proxy materials describe her as "a key partner in overseeing acquisitions, including the acquisition of Adore Me… and the realization of synergies and other benefits from that acquisition"5 – because stockholders paid $591 million for Adore Me and have endured $155 million in impairments and charges6 with no meaningful synergies, earnings or cash flow accretion to show for it. Under Ms. James and Ms. Naficy, VS Stockholders Have Suffered Years of Value Destruction, Misallocated Capital and Anti-Stockholder Governance Excessive Tenure Leads to Weakened Objectivity: Ms. James’ 25-year tenure at the Company includes 20 years working alongside Les Wexner on the boards of Intimate Brands, The Limited and L Brands, the former parent companies of VS. As Chair of the Audit Committee at L Brands, Ms. James was named as a defendant in litigation that resulted in $90 million in governance reforms,7 including mandated changes to the committee she led for 15 years. VS replaced its CEO and CFO in recent years, at the cost of $13 million in severance and related expenses.8 The Board's November 4, 2025 press release, issued under Ms. James’ leadership, claimed credit for that replacement while ignoring the poor succession decisions, failed strategic initiatives and ineffective allocation of capital that preceded it. Nearly five years after separating from L Brands, it is time for the Board to select another director as Chair. While the Company has refreshed its director bench since the 2021 spin-off, the Chair position has not turned over – Ms. James has held the Chair role throughout the entire period of these oversight failures. Months of Turnaround Do Not Make Up for Years of Underperformance: Since spinning off from L Brands in August 2021, VS has destroyed stockholder value under the Board's watch: Net income fell from $646 million to $161 million, a 75.1% decline, between fiscal year 2021 and fiscal year 2025. Diluted EPS fell from $7.18 to $1.93. The Board repurchased 14.0 million shares for $625 million, generating a negligible $0.28 per share of EPS improvement. Operating margins collapsed from 12.8% to 4.1%. Guidance for fiscal year 2026 falls well short of targets set at the 2023 Investor Day. Revenue guided to $6.85–$6.95 billion versus a $7.4 billion target – a shortfall of nearly half a billion dollars. Operating margin guided to approximately 6.5% – roughly 40% below the 10%–12% target range. Failed Adore Me Acquisition: VS spent approximately $591 million9 to acquire Adore Me and told stockholders it would be earnings and cash flow accretive within the same year it closed.10 Three years later, Adore Me failed to meet its EBITDA and net revenue targets, with performance so underwhelming that the Company calculated that zero dollars were owed under the performance-based earnout.11 The Company has taken write-downs and restructuring charges against DailyLook while the search continues for its strategic purpose, and management continues to explore ways "to optimize [Adore Me] within the broader portfolio."12 The Company announced more than $155 million of impairments and restructuring charges in the latest fiscal quarter. Stockholders deserve accountability from both Ms. James as Chair and Ms. Naficy as the director the Company's own proxy described as a key partner in overseeing that acquisition. Ineffective Buyback Execution: The Board has authorized the identical amount of cash for repurchase programs with every renewal from 2021 to 2024 (totaling $1 billion authorized, of which $625 million has been spent), regardless of changes in profitability, cash flow and forecasts.13 In addition, the Board has not properly overseen the deployment of the capital it authorized. VS repurchased 14.0 million shares at an average price that was 47% above the Company’s volume-weighted average stock price14 because the Board failed to accelerate deployment of already-authorized capital as the stock price fell. This is not a record of considered capital allocation – it is a record of capital allocation that did not reflect the trajectory of the stock price or the Company's operating performance. Unresponsiveness to Stockholders: Replacing the CEO in 2024 was the right decision. Our question is: why did it take three years and 70%+ stockholder value destruction for this Board to reach that conclusion? A board that learns from its mistakes acts on them promptly – this Board takes credit for belatedly correcting them. That pattern of unresponsiveness extends to executive compensation: approximately 25% of votes cast at the 2025 Annual Meeting opposed the compensation of named executive officers – a significant dissent signal that the Board has yet to meaningfully address. It extends to board composition as well: despite BBRC's repeated calls for a stockholder representative, the Board's most recent director addition was not independently sourced – its own proxy discloses he was "initially identified as a potential director nominee by our CEO.”15 Poison Pill and Other Anti-Stockholder Governance: On May 20, 2025, the VS Board determined to entrench itself by unilaterally adopting a restrictive poison pill without first giving stockholders an opportunity to vote on it. In addition, just two of the independent directors have purchased stock since the Company’s 2021 spin-off. Total compensation to independent Board members to date is $10.6 million, but the total value of shares purchased by these independent Board members is approximately $0.15 million. The Board has extracted $70 in compensation for every $1 personally invested. We believe a Board that earns more from fees than it does from its stock ownership will prioritize protecting its seats over stockholder value. These failures – a $591 million acquisition gone wrong, $625 million in poorly timed buybacks, a poison pill adopted without stockholder approval and the refusal to add a stockholder representative to the Board – will not be fixed by the directors who presided over them. The Upcoming Annual Meeting Is an Opportunity to Upgrade the Board by Voting Against Ms. James and Ms. Naficy Ms. Super is building a new VS. She deserves a Board that matches her ambition. Voting AGAINST Ms. James’ and Ms. Naficy’s reelection is akin to “addition by subtraction” – we believe that a Board without them will bring fresh judgment to capital allocation, free management to focus on the core business rather than optimizing a failed acquisition and attract directors with the expertise this next phase demands. These are not changes that disrupt the turnaround. They are changes that accelerate it. Sincerely, Brett Blundy
Founder *** White & Case LLP is serving as legal counsel, Saratoga Proxy Consulting LLC is serving as proxy solicitor and Longacre Square Partners LLC is serving as strategic advisor to BBRC. Cautionary Statement Regarding Forward-Looking Statements This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. The information herein contains “forward-looking statements”. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “potential,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if the underlying assumptions of any of the BBRC Parties (as defined below) prove to be incorrect, the actual results may vary from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by any of the BBRC Parties that the future plans, estimates or expectations contemplated will ever be achieved. Certain Information Concerning the Participants The BBRC Parties have filed a preliminary proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (the “SEC”) to be used to solicit proxies to vote AGAINST the reelection of certain director nominees to the board of directors (“Board”) of Victoria’s Secret & Co. (“VSCO” or the “Company”) at the Company’s 2026 annual meeting of stockholders. Promptly after filing its definitive proxy statement with the SEC, BBRC expects to mail the BBRC Parties’ definitive proxy statement and accompanying GOLD proxy card to each stockholder entitled to vote at such meeting. The participants in the proxy solicitation are BBRC, The BB Family International Trust (“BB Family Trust”), BBFIT Investments PTE Limited (“BBFIT”) and Brett Blundy (all of the forgoing persons, together, the “BBRC Parties”). As of the date hereof, the BBRC Parties in the aggregate directly own 10,310,631 shares of common stock of VSCO, par value $0.01 per share (the “Common Stock”) as further detailed below. As of the date hereof, (i) BBRC as the trustee of the BB Family Trust, may be deemed to beneficially own the 10,310,631 shares of Common Stock owned in the aggregate by BBFIT and the BB Family Trust, (ii) the BB Family Trust beneficially owns 100 shares of Common Stock held in record name and, as the sole shareholder of BBFIT, may be deemed to beneficially own the 10,310,531 shares of Common Stock owned by BBFIT, (iii) BBFIT beneficially owns 10,310,531 shares of Common Stock, and (iv) Mr. Blundy, as a director and sole shareholder of BBRC, may be deemed to beneficially own the 10,310,631 shares of Common Stock owned in the aggregate by BBFIT and the BB Family Trust. IMPORTANT INFORMATION AND WHERE TO FIND IT THE BBRC PARTIES STRONGLY ADVISE ALL STOCKHOLDERS OF VSCO TO READ BOTH THE BBRC PARTIES’ PROXY STATEMENT AND VSCO’S PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT WWW.SEC.GOV. THE BBRC PARTIES’ DEFINITIVE PROXY STATEMENT, WHEN FILED, AND OTHER RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE ON THE SEC WEBSITE, FREE OF CHARGE. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THEIR PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR, SARATOGA PROXY CONSULTING LLC (STOCKHOLDERS CAN CALL TOLL-FREE: +1 (888) 368-0379). 1 Company filings.
2 FactSet. Total stockholder return measured from May 20, 2022 (the date of BBRC share purchases that required our Schedule 13G filing) through May 1, 2026. The S&P 500 Consumer Discretionary Distribution & Retail Index is the peer group used by the Company in its 2026 proxy statement to calculate its relative total stockholder return.
3 The Conference Board, Board Practices and Composition in the Russell 3000 and S&P 500: 2025 Edition, dated November 17, 2025.
4 Fortune, How to Embrace Board Turnover and Do It The Right Way, dated October 17, 2023.
5 The Company’s 2025 proxy statement.
6 The Company’s press release dated March 5, 2026.
7 United States District Court for the Southern District of Ohio, Rudi v. Wexner, et al., Case No. 2:20-cv-3068.
8 The Company’s Form 10-K for the fiscal year ended January 31, 2026.
9 The Company’s Form 10-K dated March 21, 2025 disclosed that the Company made an upfront cash payment of $391 million at closing and then made additional payments related to Adore Me totaling $200 million during 2024.
10 The Company’s press release dated January 3, 2023.
11 The Company's Form 10-K dated March 21, 2025, Note 2.
12 The Company’s FY 2025 results press release and earnings call dated March 5, 2026.
13 The Company’s Form 8-K filings.
14 The Company’s filings, FactSet.
15 The Company’s 2025 proxy statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504347305/en/ For Stockholders:
Saratoga Proxy Consulting LLC
John Ferguson / Joseph Mills, 212-257-1311
info@saratogaproxy.com For Media:
Longacre Square Partners LLC
Greg Marose / Casie Connolly
BBRC@longacresquare.com Original: BBRC Calls on Victoria’s Secret Stockholders to Support Turnaround by Voting Against the Directors That Necessitated It

VICTORIA'S SECRET AND TWO-TIME WNBA ALL-STAR, ANGEL REESE, LAUNCH THE SEASON OF STRAPLESS CAMPAIGN & COLLECTIONApril 7, 2026 11:19 AM
PR Newswire (US)

The mega-watt star makes history as the first WNBA player to star in a Victoria's Secret campaign, featuring the brand's new summer collection that brings the heat across strapless bras, swim, and beauty.NEW YORK, April 7, 2026 /PRNewswire/ -- Today, Victoria's Secret unveils its global brand campaign, 'The Season of Strapless,' starring trailblazing professional athlete and model, Angel Reese. Lensed by renowned photographer, Renell Medrano, and styled by Carlos Nazario, the campaign shot in Barbados introduces new seasonal styles and beauty, including the new Invisible by Victoria Strapless Collection and Bombshell Bronze Eau de Parfum.







Following her groundbreaking 2025 debut at the Victoria's Secret Fashion Show as one of the first professional athletes to walk the runway, Angel Reese continues to push the boundaries of the traditional playbook for athletes. Expanding her global partnership with Victoria's Secret, she makes history once again as the first WNBA player to star in a Victoria's Secret campaign – a milestone celebrated today in New York City, where she arrived at the Victoria's Secret 5th Avenue Flagship Store for the unveiling of her first-ever Victoria's Secret campaign."I'm so excited to continue my partnership with Victoria's Secret for their new campaign. I've loved the brand for years, so seeing my first VS campaign in the same city where I made my runway debut was a full-circle moment and surreal milestone in my Victoria's Secret journey. The campaign is all about that golden hour glow and the confidence to own your shine – and I'm so grateful to have the amazing opportunity to inspire others to dominate in their field while unapologetically chasing their dreams outside of it," said Angel Reese.The collection introduces the Invisible by Victoria's Secret Strapless Collection, featuring an innovative and wear-tested, no-slip grip technology that provides a supportive, comfortable and reliable fit – complemented by the Summer Swim Collection with new pieces made for taking the plunge. A fresh, seasonal take on America's #1 fragrance, the new Bombshell Bronze Eau de Parfum captures the exuberance of an endless summer, from sun-kissed days to bronzed nights."Partnering with Angel Reese – a true cultural force and boundary pusher who embodies both power and grace – was the perfect way to bring our new campaign to life. As the face of our Summer season, Angel leads with impact across Bombshell Bronze Fine Fragrance, our Summer Swim collection, and the new Invisible by Victoria's Secret Strapless collection. This moment reflects the breadth of what we have to offer at Victoria's Secret, and we're excited to share it with our customers and brand fans in a way that sparks joy. This isn't just Angel's dream realized – it's ours as well," said Adam Selman, EVP, Chief Creative Officer at Victoria's Secret & Co.The full collection includes bras, panties, swim, casual sleep, apparel and beauty, with prices starting at $16.95 and up, as well as sizes ranging from XS-XXL, and bra sizes in bands 30-44 and cups AA-DDD.The new Victoria's Secret Season of Strapless collection will be available to shop in retail locations nationwide and internationally, as well as at VictoriasSecret.com beginning on Wednesday, April 8.Notes to Editors: Stay Connected:
Victoria's Secret: https://www.victoriassecret.com
Victoria's Secret App: https://vsapp.io/vsapp
Instagram: https://instagram.com/VictoriasSecret
Twitter: https://x.com/VictoriasSecret
Facebook: https://www.facebook.com/victoriassecret
TikTok: https://www.tiktok.com@victoriassecretVictoria's Secret & Co. (NYSE: VSCO) is a specialty retailer of modern, fashion-inspired collections including signature bras, panties, lingerie, sleepwear, apparel, sport and swim as well as award-winning prestige fragrances and body care. VS&Co is comprised of market leading brands, Victoria's Secret and PINK, that strive to inspire confidence, spark joy and celebrate sexy. Additionally, Adore Me, our digital intimates brand serves women across budgets and lifestyles. We are committed to empowering our more than 30,000 associates across a global footprint of 1,420 retail stores in approximately 70 countries.Victoria's Secret: The Victoria's Secret brand is a global leader in intimate apparel, renowned for its innovative, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear, swim, lounge and sport, as well as award-winning prestige fragrances and body care. Victoria's Secret is a timeless staple for sexy, glamorous and affordable luxury for women around the world.


















View original content to download multimedia:https://www.prnewswire.com/news-releases/victorias-secret-and-two-time-wnba-all-star-angel-reese-launch-the-season-of-strapless-campaign--collection-302735950.htmlSOURCE Victoria's Secret

Original: VICTORIA'S SECRET AND TWO-TIME WNBA ALL-STAR, ANGEL REESE, LAUNCH THE SEASON OF STRAPLESS CAMPAIGN & COLLECTION

Victoria’s Secret shares slip despite Q4 earnings beat and strong outlookMarch 5, 2026 10:36 AM
IH Market News
Victoria’s Secret & Co (NYSE:VSCO) reported fourth-quarter results that exceeded Wall Street expectations and issued an optimistic forecast, but the company’s shares declined in premarket trading.The retailer posted earnings per share of $2.77 for the fourth quarter, surpassing analysts’ forecasts of $2.47. Revenue reached $2.27 billion, also topping the consensus estimate of $2.22 billion.Comparable sales rose 8% during the quarter, while comparable sales for the full year increased 5%.Adjusted operating income for the fourth quarter of 2025 totaled $316 million, coming in above the company’s previously issued guidance.“We delivered an exceptional fourth quarter and a standout year, exceeding top- and bottom-line guidance with broad based outperformance across brands, channels and geographies,” said Hillary Super, CEO of Victoria’s Secret.“We enter fiscal 2026 from a position of strength,” she added.Looking ahead, Victoria’s Secret expects first-quarter revenue to range between $1.49 billion and $1.525 billion, ahead of the consensus estimate of $1.42 billion. At those sales levels, the company projects operating income for the first quarter of fiscal 2026 between $32 million and $42 million.For the full fiscal year, the company forecast revenue of $6.85 billion to $6.95 billion, compared with analysts’ expectations of $6.77 billion. Victoria’s Secret also said it anticipates operating income for fiscal 2026 to fall between $430 million and $460 million.

Original: Victoria’s Secret shares slip despite Q4 earnings beat and strong outlook

VSCO reports Thursday 6/5 according to Seeking Alpha

VSCO new 52 week high

Ka-ching ! 💰. Will continue to hold. 🍷

I've been buying bits here & there. Added more this am. The new CEO will straighten out this company.💰 Did you know an ant can carry up to 20 times there weight?

Shhhh

hi. earnings this week. nobody's here. nobody cares. nobody will ever read this. do boards like this even have mods? i don't even know who I'm asking. because nobody's here. and nobody cares.

how long has this stock been trading? and not a single person ever posted here? i find that fascinating. you know what else is fascinating? a leopard can carry five times its weight UP A TREE. tell me that's not fascinating. oh wait, you can't. why?

because nobody's here. and nobody cares.