Victoria's Secret grossed $500,000 in its first year of business,[15] enough to finance the expansion from a headquarters and warehouse to four new store locations[16] and a mail-order operation.[9]
By 1980, Raymond had added two more San Francisco stores at 2246 Union Street and 115 Wisconsin Street.
By 1982, the fourth store (still in the San Francisco area) was added at 395 Sutter Street.[17] Victoria's Secret stayed at that 395 Sutter Street location until 1991, when it moved to the larger Powell Street frontage of the Westin St. Francis.[18]
In April 1982, Raymond sent out his 12th catalogue; each catalogue cost $3 (equivalent to $7.33 in 2015).[17] Catalogue sales now accounted for 55% of the company's $7 million annual sales.[17]
The Victoria's Secret stores at this time were "a niche player" in the underwear market. The business was described as "more burlesque than Main Street