$VSXY / $VSCO | Victoria Secret Q1’26 Earnings Highlight 🔹 Revenue: $1.560B (Est. $1.5B) 🟢; 15% YoY 🔹 Adj. EPS: $0.60 (Est. $0.3) 🟢 🔹 Comparable Sales: 13% 🔹 Adj Operating Income: $80M, above prior guide of $32M-$42M Raised FY Guide: 🔹 Revenue: $7.030B-$7.130B, up from prior $6.85B-$6.95B 🟢 🔹 Adjusted Operating Income: $550M-$580M, up from prior 🟢$430M-$460M 🔹 Adjusted EPS: $4.35-$4.60 Q2 Guide: 🔹 Revenue: $1.590B-$1.615B 🟢 🔹 Operating Income: $90M-$100M Segment Performance: 🔹 North America Stores Revenue: $802.8M; 11.3% YoY 🔹 Direct Revenue: $469.4M; 8.4% YoY 🔹 International Revenue: $287.4M; 44.9% YoY Other Metrics: 🔹 Stores & Direct Comps: 13% 🔹 Stores-Only Comps: 10% 🔹 Total Stores: 1,423 🔹 Victoria’s Secret, PINK, and Beauty: Double-digit sales growth 🔹 New Customer Acquisition: Double-digit growth Financials: 🔹 Operating Income: $76M vs $20M YoY 🔹 Adjusted Operating Income: $80M vs $32M YoY 🔹 Net Income: $48M 🔹 Adjusted Net Income: $51M 🔹 Gross Profit: $584.9M Capital Return: 🔹 Buybacks: 2.2M shares for $100M 🔹 Average Repurchase Price: $45.27/share 🔹 Remaining Authorization: $150M Commentary: 🔸 “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.” 🔸 “We drove double-digit sales growth across Victoria’s Secret, PINK, and Beauty, as well as our fourth consecutive quarter of positive comps.” 🔸 “Given our strong first quarter performance and continued momentum in the business, we are raising our fiscal 2026 outlook and remain confident in our ability to drive profitable growth.”

Its almost like all liquidity is trapped in crypto and as products like stables/gold/rwa grow, the flows move to those which makes bubble disinflate. Seems we are the exit liquidity for Tradfi products and not the opposite.