Victoria’s Secret & Co. delivered a mixed-but-improving Q2 2024, with revenue of $1.417 billion, down 1% year-over-year, signaling the tailwind of a re-accelerating product cycle amid a promotional retail backdrop. Management flagged margin resilience through disciplined inventory and cost management, delivering an 80-bp year-over-year expansion in adjusted gross margin rate and a first YoY increase in quarterly operating income since 2021. The quarter showcased meaningful international strength, continued momentum in the VS and PINK banners, and the accelerating contribution from Adore Me, while domestic intimates market softness persisted. Management raised the full-year 2024 outlook, projecting roughly flat to down ~1% top-line with $275–300 million of adjusted operating income and $200–225 million of adjusted free cash flow, underscoring a path toward profitability improvements even as the company remains sensitive to promotional dynamics and freight-cost volatility. The upcoming third quarter features a calendar-driven lift, a major VSX Sport launch, and the return of the Victoria’s Secret Fashion Show, all of which are positioned to drive traffic and trial as the company works to reduce reliance on promotions and to capitalize on new product introductions.