Victoria’s Secret & Co reported QQ1 2024 results that reflect a continued North America turnaround alongside meaningful international momentum. Revenue of $1.359B rose about 7.4% year over year, with gross margin of approximately 36.9% and operating margin near 2.45%. Management underscored sequential improvement in North America for both Victoria’s Secret and PINK, led by merchandise freshness, better customer experience, and ongoing cost discipline. International sales rose 16% year over year, supported by a strengthened franchise/travel retail network and China partnerships. Despite a modest net loss of about $3.6 million in the quarter, the company generated positive EBITDA of roughly $32 million and continued to invest in strategic growth initiatives, including loyalty, digital enhancements, and new product introductions such as Body by Victoria relaunch and PINK x Frankies Bikinis collaborations. Management reaffirmed full-year guidance, highlighted a $250–$275 million adjusted operating income target, and emphasized ongoing operational efficiencies (SG&A and buying/occupancy) to support margin resiliency in a promotional environment. The near-term outlook cites a low-single-digit anticipated decline in Q2 sales versus Q2 2023, with a path to improving trends in the back half of 2024, contingent on market conditions and execution of strategic initiatives (merchandise innovations, customer experience enhancements, and loyalty-driven engagement). The trajectory remains sensitive to promotional intensity and macro consumer momentum, but the company is progressing on its three strategic priorities: accelerate the core, ignite growth, and transform the foundation of the business.