Company turnarounds are usually slow, grinding affairs where paltry growth is grounds for celebration. Once in a great while, though, a comeback moves so fast that it leaves the doubters scrambling to explain what they missed—like Victoria’s Secret, which reported first-quarter 2026 sales growth of 15 percent two weeks ago, sending the stock soaring more than 40 percent. Revenue reached $1.5 billion, while net profits surged twentyfold to $57 million. I’m also told that during a post-earnings all-hands meeting, executives shared that revenue in China—still a tough market for most brands—jumped 63 percent during the quarter.