During the company's latest quarter, which ended Jan. 28, Victoria's Secret year-on-year same-store sales rose 3%, driven mainly by Pink. However, the 1,000-store chain's operating income "missed expectations" at just over $389 million, say executives.

The Bath & Body Works chain, with just over 1,500 units, fared worse, with year-over-year comps inching up 1%. In part, the low same-store sales and a $20-million operating income drop were due to the rollout of holiday merchandise too early, says Neil Fiske, chief executive of the chain. "By November and December, our stores looked largely the same to the customer," he says. "We missed our plan significantly." Executives now have a "very cautious view" on the chain's upcoming performance.

One surprise was the 743-store Express chain, which had been struggling during the last few quarters but managed to pull out a 6% same-store sales increase. Executives attributed the jump to a decrease in markdowns on items.