Victoria's Secret reports $120M Adore Me impairment, 5% sales growth, $85M tariff hit

Filed March 20, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 21, 2025 · ~2 min read

Key Changes

• high

  Company wrote down $120M of Adore Me assets (acquired Dec 2022) and took $36M restructuring charge for fulfillment operations, signaling acquisition underperformance.

  MD&A: Adore Me Impairment verify on EDGAR →
• high

  Tariffs cost $85M in operating income after mitigation efforts; Supreme Court struck down IEEPA tariffs in Feb 2026, replaced by new 10% global tariff with unclear refund prospects.

  MD&A: Tariff Impact / Risk Factors verify on EDGAR →
• high

  International sales surged 27% to $967M (15% of total), driven by franchise/partner expansion from 505 to 562 stores across 70 countries.

  Business: International Growth verify on EDGAR →