second quarter earnings presentation august 18, 2021
23
Second Quarter Earnings Presentation August 18, 2021
TRANSCRIPT
Second Quarter Earnings PresentationAugust 18 2021
2
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this presentation or made by our Company orour management involve risks and uncertainties and are subject to change based on various factors many of which are beyond our control Accordingly our future performance andfinancial results may differ materially from those expressed or implied in any such forward-looking statements Words such as ldquoestimaterdquo ldquoprojectrdquo ldquoplanrdquo ldquobelieverdquo ldquoexpectrdquo ldquoanticipaterdquoldquointendrdquo ldquoplannedrdquo ldquopotentialrdquo and any similar expressions may identify forward-looking statements Risks associated with the following factors among others in some cases have affectedand in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-lookingstatements included in this presentation or otherwise made by our company or our management
the spin-off of Victoriarsquos Secret may not be tax-free for US federal income tax purposes a loss of synergies from separating the businesses that could negatively impact the balance sheet profit margins or earnings of Bath amp Body Works or that Bath amp Body
Works does not realize all of the expected benefits of the spin-off general economic conditions consumer confidence consumer spending patterns and market disruptions including pandemics or significant health hazards severe
weather conditions natural disasters terrorist activities financial crises political crises or other major events or the prospect of these events the novel coronavirus (COVID-19) global pandemic has had and is expected to continue to have an adverse effect on our business and results of operations the seasonality of our business divestitures or other dispositions and related operations and contingent liabilities from businesses that we have divested difficulties arising from turnover in company leadership or other key positions our ability to attract develop and retain qualified associates and manage labor-related costs the dependence on mall traffic and the availability of suitable store locations on appropriate terms our ability to grow through new store openings and existing store remodels and expansions our ability to successfully operate and expand internationally and related risks our independent franchise license and wholesale partners our direct channel businesses our ability to protect our reputation and our brand images our ability to attract customers with marketing advertising and promotional programs our ability to maintain enforce and protect our trade names trademarks and patents the highly competitive nature of the retail industry and the segments in which we operate consumer acceptance of our products and our ability to manage the life cycle of our brands keep up with fashion trends develop new merchandise and launch new
product lines successfully our ability to source distribute and sell goods and materials on a global basis including risks related to
o political instability environmental hazards or natural disasterso significant health hazards or pandemics which could result in closed factories reduced workforces scarcity of raw materials and scrutiny or embargoing of
goods produced in infected areas
3
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
o duties taxes and other chargeso legal and regulatory matterso volatility in currency exchange rateso local business practices and political issueso potential delays or disruptions in shipping and transportation and related pricing impactso disruption due to labor disputes ando changing expectations regarding product safety due to new legislation
our geographic concentration of vendor and distribution facilities in central Ohiobull fluctuations in foreign currency exchange ratesbull the ability of our vendors to deliver products in a timely manner meet quality standards and comply with applicable laws and regulationsbull fluctuations in product input costsbull our ability to adequately protect our assets from loss and theftbull fluctuations in energy costsbull increases in the costs of mailing paper printing or other order fulfillment logisticsbull claims arising from our self-insurancebull our and our third-party service providers ability to implement and maintain information technology systems and to protect associated databull our ability to maintain the security of customer associate third-party and company informationbull stock price volatilitybull our ability to pay dividends and related effectsbull shareholder activism mattersbull our ability to maintain our credit ratingbull our ability to service or refinance our debt and maintain compliance with our restrictive covenantsbull our ability to comply with laws regulations and technology platform rules or other obligations related to data privacy and securitybull our ability to comply with regulatory requirementsbull legal and compliance matters andbull tax trade and other regulatory matters
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this presentation to reflectcircumstances existing after the date of this presentation or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressedor implied by those forward-looking statements will not be realized
4
Increase Increase
(Decrease) (Decrease)
Net Sales 33175$ 23195$ 9980$ 43Comparable Store Sales -9 33Comparable Sales -16 63
Gross Profit 14980 7904 7076 90 of Sales 452 341 1110 bps
General Administrative andStore Operating Expenses 8989 5847 3142 54 of Sales 271 252 190 bps
Operating Income 5991 2057 3934 191 of Sales 181 89 920 bps
Interest Expense and Other 997 1043 (46) -4
Income Before Income Taxes 4994 1014 3980 393
Provision for Income Taxes 1252 324 928 286 of Pre-Tax Income 251 319
Net Income 3742$ 690$ 3052$ 442 of Sales 113 30 830 bps
Net Income Per Diluted Share 134$ 025$ 109$ 436
Weighted Average Shares Outstanding 2800 2799
20202021
BATH amp BODY WORKS INC
ADJUSTED CONSOLIDATED STATEMENTS OF INCOMETHIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions except per share amounts)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
5
Increase Increase
(Decrease) (Decrease)
Net Sales 63413$ 39737$ 23676$ 60Comparable Store Sales -2 12Comparable Sales -1 32
Gross Profit 29118 11759 17359 148 of Sales 459 296 1630 bps
General Administrative andStore Operating Expenses 17407 11911 5496 46 of Sales 274 300 (260 bps)
Operating Income (Loss) 11711 (152) 11863 7805 of Sales 185 -04 1890 bps
Interest Expense and Other 2133 1989 144 7
Income (Loss) Before Income Taxes 9578 (2141) 11719 547
Provision (Benefit) for Income Taxes 2269 (79) 2348 2972 of Pre-Tax Income 237 37
Net Income (Loss) 7309$ (2062)$ 9371$ 454 of Sales 115 -52 1670 bps
Net Income (Loss) Per Diluted Share 259$ (074)$ 333$ 450
Weighted Average Shares Outstanding 2822 2774
20202021
BATH amp BODY WORKS INC
ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS)TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions except per share amounts)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
6
Increase Increase
(Decrease) (Decrease)
Bath amp Body Works 4309$ 3486$ 823$ 24 of Sales 253 278 (250 bps)
Victorias Secret 2325 (866) 3191 368 of Sales 144 -81 225 bps
Other (643) (563) (80) -14 of Sales nm nm nm
Total Bath amp Body Works Inc 5991$ 2057$ 3934$ 191 of Sales 181 89 920 bps
20202021
BATH amp BODY WORKS INC
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENTTHIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
7
Increase Increase
(Decrease) (Decrease)
Bath amp Body Works 8108$ 4243$ 3865$ 91 of Sales 256 211 450 bps
Victorias Secret 4770 (3437) 8207 39 of Sales 151 -175 3260 bps
Other (1167) (959) (208) -22 of Sales nm nm nm
Total Bath amp Body Works Inc 11711$ (152)$ 11863$ 7805 of Sales 185 -04 1890 bps
20202021
BATH amp BODY WORKS INC
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENTTWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
8
BATH amp BODY WORKS INCCONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)(In thousands)
July 31 2021 August 1 2020ASSETS
Current AssetsCash and Cash Equivalents 1987767$ 2611440$ Cash in Escrow related to Victorias Secret amp Co Spin-Off 600000 - Accounts Receivable Net 229633 268348 Inventories 1472916 1476421 Other 223055 148886
Total Current Assets 4513371 4505095
Property and Equipment Net 2000536 2291624
Operating Lease Assets 2564371 2635157
Goodwill 628236 628236
Trade Names 411000 411000
Deferred Income Taxes 70410 74190
Other Assets 203969 334286
TOTAL ASSETS 10391893$ 10879588$
LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT)
Current LiabilitiesAccounts Payable 837600$ 957037$ Accrued Expenses and Other 1305235 1339998 Current Debt - 460253 Current Operating Lease Liabilities 480023 623551 Income Taxes 2459 52073
Total Current Liabilities 2625317 3432912
Deferred Income Taxes 250088 191479
Long-Term Debt 5937681 6268597
Long-Term Operating Lease Liabilities 2476158 2697835
Other Long-Term Liabilities 290491 192292
Shareholders Equity (Deficit) (1187842) (1903527)
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) 10391893$ 10879588$
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
9
Bath amp Body Works Victorias Secret Total BBWI
Comparable store sales (23) 16 (9)
Comparable sales (22) (9) (16)
Sales change 36 51 43
Sales $1704 $1614 $3318
Gross profit ( of sales) Up Significantly Up Significantly 452
Operating income ( of sales) 253 144 181
Operating income $431 $233 $599
Net income $374
Average shares outstanding 280
Earnings per share $134
(Unaudited)
BBWI 2ND QUARTER2nd Quarter 2021 versus 2020
($ amounts in millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
10
BBWI YEAR TO DATEYear to Date 2021 versus 2020
Bath amp Body Works Victorias Secret Total BBWI
Comparable store sales (10) 9 (2)
Comparable sales (8) 6 (1)
Sales change 58 62 60
Sales $3173 $3168 $6341
Gross profit ( of sales) Up Significantly Up Significantly 459
Operating income ( of sales) 256 151 185
Operating income $811 $477 $1171
Adjusted net income $731
Average shares outstanding 282
Adjusted earnings per share $259
($ amounts in millions)(Unaudited)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
11
Metric Third Quarter
Net Sales Up 40 to 45 compared to 2019 sales of $11 billion
Gross Margin Rate Up about 100 to 150 basis points compared to 2019rsquos rate of 438
SGampA Expense Dollars1 Down slightly compared to $427 million LY
Net Non-Operating Expense Approximately $100 million
Tax Rate (before discrete items) Approximately 27
Weighted Average Shares Outstanding Approximately 268 million
Earnings Per Share1 Between $055 and $060
1Excluding one-time costs related to the spin-off of Victoriarsquos Secret
Bath amp Body Works Inc2021 Outlook as of August 18 2021
12
Beginning of Year New Stores Closures
Total Reconstructions and Change in
SSF
End of Year
Bath amp Body WorksBath amp Body Works
Store Count 1633 54 (40) 74 1647 14 1Selling Sq Ft 000s 4344 164 (92) 61 4477 133 3
Bath amp Body Works - CanadaStore Count 103 1 - 5 104 1 1Selling Sq Ft 000s 262 3 - 5 270 8 3
Total BBW Company - OperatedStore Count 1736 55 (40) 79 1751 15 1Selling Sq Ft 000s 4606 167 (92) 66 4747 141 3
BATH amp BODY WORKS INCCOMPANY - OPERATED STORE COUNT AND SELLING SQ FT
2021 Forecast
Increase (Decrease)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
13
BATH amp BODY WORKS INCINTERNATIONAL STORE COUNT
2021 FORECAST
2020Year End
2021New Stores
2021Closures
2021FYear End
Bath amp Body Works International
Partner - Operated Stores
Bath amp Body Works - Local Market 270 54 to 58 (8 to 9) 315 to 320
Bath amp Body Works - Travel Retail 18 3 to 4 (0 to 2) 19 to 22
Bath amp Body Works Total 288 57 to 62 (8 to 11) 334 to 342
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
14
APPENDIX
15
BATH amp BODY WORKS INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In thousands except per share amounts)
2021 2020Net Sales 3317573$ 2319466$ Costs of Goods Sold Buying and Occupancy (1819608) (1607986) Gross Profit 1497965 711480 General Administrative and Store Operating Expenses (898888) (667440) Operating Income 599077 44040 Interest Expense (98569) (104245) Other Loss (1137) (56)
Income (Loss) Before Income Taxes 499371 (60261) Provision (Benefit) for Income Taxes 125178 (10664)
Net Income (Loss) 374193$ (49597)$
Net Income (Loss) Per Diluted Share 134$ (018)$
Weighted Average Shares Outstanding1 280002 277795
1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
16
BATH amp BODY WORKS INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In thousands except per share amounts)
2021 2020Net Sales 6341272$ 3973675$ Costs of Goods Sold Buying and Occupancy (3429469) (2973586) Gross Profit 2911803 1000089 General Administrative and Store Operating Expenses (1740666) (1273748) Operating Income (Loss) 1171137 (273659) Interest Expense (212275) (201044) Other Income (Loss) (106478) 2193
Income (Loss) Before Income Taxes 852384 (472510) Provision (Benefit) for Income Taxes 201575 (126046)
Net Income (Loss) 650809$ (346464)$
Net Income (Loss) Per Basic Share 231$ (125)$
Weighted Average Shares Outstanding1 282232 277391
1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
17
2021
Reported Adjustments Adjusted Reported Adjustments AdjustedNet Sales 3317573$ -$ 3317573$ 2319466$ -$ 2319466$ Costs of Goods Sold Buying amp Occupancy (1819608) - (1819608) (1607986) 78962 (1529024) Gross Profit 1497965 - 1497965 711480 78962 790442 General Administrative and Store Operating Expenses (898888) - (898888) (667440) 82667 (584773) Operating Income 599077 - 599077 44040 161629 205669 Interest Expense (98569) - (98569) (104245) - (104245) Other Loss (1137) - (1137) (56) - (56)
Income (Loss) Before Income Taxes 499371 - 499371 (60261) 161629 101368 Provision (Benefit) for Income Taxes 125178 - 125178 (10664) 43000 32336
Net Income (Loss) 374193$ -$ 374193$ (49597)$ 118629$ 69032$
Net Income (Loss) Per Diluted Share 134$ 134$ (018)$ 025$
Weighted Average Shares Outstanding 1 280002 280002 277795 279880
1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss
BATH amp BODY WORKS INCADJUSTED FINANCIAL INFORMATION
THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020(Unaudited)
(In thousands except per share amounts)
See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
2020
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
18
TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020(Unaudited)
(In thousands except per share amounts)
2021 2020
Reported Adjustments Adjusted Reported Adjustments AdjustedNet Sales 6341272$ -$ 6341272$ 3973675$ -$ 3973675$ Costs of Goods Sold Buying amp Occupancy (3429469) - (3429469) (2973586) 175806 (2797780) Gross Profit 2911803 - 2911803 1000089 175806 1175895 General Administrative and Store Operating Expenses (1740666) - (1740666) (1273748) 82667 (1191081) Operating Income (Loss) 1171137 - 1171137 (273659) 258473 (15186) Interest Expense (212275) (212275) (201044) - (201044) Other Income (Loss) (106478) 105464 (1014) 2193 - 2193
Income (Loss) Before Income Taxes 852384 105464 957848 (472510) 258473 (214037) Provision (Benefit) for Income Taxes 201575 25337 226912 (126046) 118200 (7846)
Net Income (Loss) 650809$ 80127$ 730936$ (346464)$ 140273$ (206191)$
Net Income (Loss) Per Diluted Share 231$ 259$ (125)$ (074)$
Weighted Average Shares Outstanding 1 282232 282232 277391 277391
1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss
See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
ADJUSTED FINANCIAL INFORMATIONBATH amp BODY WORKS INC
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
19
BATH amp BODY WORKS INCNOTES TO RECONCILIATION OF GAAP FINANCIAL MEASURES
TO NON-GAAP FINANCIAL MEASURES(Unaudited)
The ldquoAdjusted Financial Informationrdquo provided in the attached reflects the following non-GAAP financial measures
Fiscal 2021
In the second quarter of 2021 there were no adjustments to results
In the first quarter of 2021 adjusted results exclude the following
A $1055 million pre-tax loss ($801 million net of tax of $254 million) included in other income (loss) associated with the early extinguishment of outstanding notes
Fiscal 2020
In the second quarter of 2020 adjusted results exclude the following
A $1171 million charge ($987 million net of tax of $185 million) included in buying and occupancy expenses related to the impairment of certain Victoriarsquos Secret lease and store assets
An $808 million charge ($652 million net of tax of $156 million) included in general administrative and store operating expenses related to previously announced restructuring actions
A $363 million gain ($247 million net of tax of $116 million) principally included in buying and occupancy expenses related to the closure and termination of our lease and the related liability for the Victoriarsquos Secret Hong Kong flagship store
A $205 million income tax benefit related to recent changes in tax legislation included in the CARES Act
In the first quarter of 2020 adjusted results exclude the following
A $968 million charge ($720 million net of tax of $248 million) included in buying and occupancy expenses related to the impairment of certain Victoriarsquos Secret store assets
A $504 million tax benefit related to the resolution of certain tax matters
The Adjusted Financial Information should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles Further the Companyrsquos definition of adjusted incomeinformation may differ from similarly titled measures used by other companies Management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of pastand present operations While it is not possible to predict future results management believes the adjusted information is useful for the assessment of the ongoing operations of the Company because the adjusted items are notindicative of our ongoing operations due to their size and nature Additionally management uses adjusted financial information as key performance measures of results of operations for the purpose of evaluating performance internallyThe Adjusted Financial Information should be read in conjunction with the Companyrsquos historical financial statements and notes thereto contained in the Companyrsquos quarterly reports on Form 10-Q and annual report on Form 10-K
20
BATH amp BODY WORKS INCCOMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE
At July 31 2021 and August 1 2020
StoresSelling
Sq Ft (000s) StoresSelling
Sq Ft (000s)
Bath amp Body Works US 1663 4472 1633 4308
Bath amp Body Works Canada 103 267 102 260
Total Bath amp Body Works Company - Operated 1766 4739 1735 4568
Victorias Secret US 695 5253 713 5427
PINK US 143 519 145 525
Victorias Secret Canada 24 245 24 249
PINK Canada 2 9 2 9
Victorias Secret UK Ireland - - 21 214
PINK UK - - 5 17
Victorias Secret Beauty and Accessories 36 31 39 35
Victorias Secret China 26 171 25 168
Total Victorias Secret Company - Operated 926 6228 974 6644
August 1 2020July 31 2021
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
21
BATH amp BODY WORKS INC2021 Selected Data
(Unaudited)(In thousands)
2021 2020
Capital ExpendituresFirst Quarter 64545$ 55221$ Second Quarter 113238 68788
Spring Season 177783 124009 Third Quarter - 76155 Fourth Quarter - 28176 Year 177783$ 228340$
Depreciation amp AmortizationFirst Quarter 128970$ 138547$ Second Quarter 128728 127595
Spring Season 257698 266142 Third Quarter - 127082 Fourth Quarter - 127387 Year 257698$ 520611$
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BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
22
Comparable Sales Increase (Decrease) (Stores and Direct)
Second Quarter
2021
Second Quarter
2020
Year-to-
Date 2021
Year-to-
Date 2020
Bath amp Body Works1 (22) 123 (8) 84
Victoriarsquos Secret1 (9) 24 6 3 Bath amp Body Works Inc2 (16) 63 (1) 32
NOTE Stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more Therefore comparable sales results exclude periods of time that stores were closed for four consecutive days or more as a result of the COVID-19 pandemic Refer to our SEC filings for further discussion regarding our comparable sales calculation 1 ndash Results include company-operated stores in the US and Canada and direct sales 2 ndash Results include company-operated stores in the US Canada the UK (pre-joint venture) and Greater China and direct sales
23
Comparable Sales Increase (Decrease) (Stores Only)
Second Quarter
2021
Second Quarter
2020
Year-to-
Date 2021
Year-to-
Date 2020
Bath amp Body Works1 (23) 87 (10) 54
Victoriarsquos Secret1 16 (12) 9 (16) Bath amp Body Works Inc2 (9) 33 (2) 12
NOTE Stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more Therefore comparable sales results exclude periods of time that stores were closed for four consecutive days or more as a result of the COVID-19 pandemic Refer to our SEC filings for further discussion regarding our comparable sales calculation 1 ndash Results include company-operated stores in the US and Canada 2 ndash Results include company-operated stores in the US Canada the UK (pre-joint venture) and Greater China
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| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4770 | (3437) | 8207 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1167) | (959) | (208) | -22 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
2
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this presentation or made by our Company orour management involve risks and uncertainties and are subject to change based on various factors many of which are beyond our control Accordingly our future performance andfinancial results may differ materially from those expressed or implied in any such forward-looking statements Words such as ldquoestimaterdquo ldquoprojectrdquo ldquoplanrdquo ldquobelieverdquo ldquoexpectrdquo ldquoanticipaterdquoldquointendrdquo ldquoplannedrdquo ldquopotentialrdquo and any similar expressions may identify forward-looking statements Risks associated with the following factors among others in some cases have affectedand in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-lookingstatements included in this presentation or otherwise made by our company or our management
the spin-off of Victoriarsquos Secret may not be tax-free for US federal income tax purposes a loss of synergies from separating the businesses that could negatively impact the balance sheet profit margins or earnings of Bath amp Body Works or that Bath amp Body
Works does not realize all of the expected benefits of the spin-off general economic conditions consumer confidence consumer spending patterns and market disruptions including pandemics or significant health hazards severe
weather conditions natural disasters terrorist activities financial crises political crises or other major events or the prospect of these events the novel coronavirus (COVID-19) global pandemic has had and is expected to continue to have an adverse effect on our business and results of operations the seasonality of our business divestitures or other dispositions and related operations and contingent liabilities from businesses that we have divested difficulties arising from turnover in company leadership or other key positions our ability to attract develop and retain qualified associates and manage labor-related costs the dependence on mall traffic and the availability of suitable store locations on appropriate terms our ability to grow through new store openings and existing store remodels and expansions our ability to successfully operate and expand internationally and related risks our independent franchise license and wholesale partners our direct channel businesses our ability to protect our reputation and our brand images our ability to attract customers with marketing advertising and promotional programs our ability to maintain enforce and protect our trade names trademarks and patents the highly competitive nature of the retail industry and the segments in which we operate consumer acceptance of our products and our ability to manage the life cycle of our brands keep up with fashion trends develop new merchandise and launch new
product lines successfully our ability to source distribute and sell goods and materials on a global basis including risks related to
o political instability environmental hazards or natural disasterso significant health hazards or pandemics which could result in closed factories reduced workforces scarcity of raw materials and scrutiny or embargoing of
goods produced in infected areas
3
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
o duties taxes and other chargeso legal and regulatory matterso volatility in currency exchange rateso local business practices and political issueso potential delays or disruptions in shipping and transportation and related pricing impactso disruption due to labor disputes ando changing expectations regarding product safety due to new legislation
our geographic concentration of vendor and distribution facilities in central Ohiobull fluctuations in foreign currency exchange ratesbull the ability of our vendors to deliver products in a timely manner meet quality standards and comply with applicable laws and regulationsbull fluctuations in product input costsbull our ability to adequately protect our assets from loss and theftbull fluctuations in energy costsbull increases in the costs of mailing paper printing or other order fulfillment logisticsbull claims arising from our self-insurancebull our and our third-party service providers ability to implement and maintain information technology systems and to protect associated databull our ability to maintain the security of customer associate third-party and company informationbull stock price volatilitybull our ability to pay dividends and related effectsbull shareholder activism mattersbull our ability to maintain our credit ratingbull our ability to service or refinance our debt and maintain compliance with our restrictive covenantsbull our ability to comply with laws regulations and technology platform rules or other obligations related to data privacy and securitybull our ability to comply with regulatory requirementsbull legal and compliance matters andbull tax trade and other regulatory matters
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this presentation to reflectcircumstances existing after the date of this presentation or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressedor implied by those forward-looking statements will not be realized
4
Increase Increase
(Decrease) (Decrease)
Net Sales 33175$ 23195$ 9980$ 43Comparable Store Sales -9 33Comparable Sales -16 63
Gross Profit 14980 7904 7076 90 of Sales 452 341 1110 bps
General Administrative andStore Operating Expenses 8989 5847 3142 54 of Sales 271 252 190 bps
Operating Income 5991 2057 3934 191 of Sales 181 89 920 bps
Interest Expense and Other 997 1043 (46) -4
Income Before Income Taxes 4994 1014 3980 393
Provision for Income Taxes 1252 324 928 286 of Pre-Tax Income 251 319
Net Income 3742$ 690$ 3052$ 442 of Sales 113 30 830 bps
Net Income Per Diluted Share 134$ 025$ 109$ 436
Weighted Average Shares Outstanding 2800 2799
20202021
BATH amp BODY WORKS INC
ADJUSTED CONSOLIDATED STATEMENTS OF INCOMETHIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions except per share amounts)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
5
Increase Increase
(Decrease) (Decrease)
Net Sales 63413$ 39737$ 23676$ 60Comparable Store Sales -2 12Comparable Sales -1 32
Gross Profit 29118 11759 17359 148 of Sales 459 296 1630 bps
General Administrative andStore Operating Expenses 17407 11911 5496 46 of Sales 274 300 (260 bps)
Operating Income (Loss) 11711 (152) 11863 7805 of Sales 185 -04 1890 bps
Interest Expense and Other 2133 1989 144 7
Income (Loss) Before Income Taxes 9578 (2141) 11719 547
Provision (Benefit) for Income Taxes 2269 (79) 2348 2972 of Pre-Tax Income 237 37
Net Income (Loss) 7309$ (2062)$ 9371$ 454 of Sales 115 -52 1670 bps
Net Income (Loss) Per Diluted Share 259$ (074)$ 333$ 450
Weighted Average Shares Outstanding 2822 2774
20202021
BATH amp BODY WORKS INC
ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS)TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions except per share amounts)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
6
Increase Increase
(Decrease) (Decrease)
Bath amp Body Works 4309$ 3486$ 823$ 24 of Sales 253 278 (250 bps)
Victorias Secret 2325 (866) 3191 368 of Sales 144 -81 225 bps
Other (643) (563) (80) -14 of Sales nm nm nm
Total Bath amp Body Works Inc 5991$ 2057$ 3934$ 191 of Sales 181 89 920 bps
20202021
BATH amp BODY WORKS INC
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENTTHIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
7
Increase Increase
(Decrease) (Decrease)
Bath amp Body Works 8108$ 4243$ 3865$ 91 of Sales 256 211 450 bps
Victorias Secret 4770 (3437) 8207 39 of Sales 151 -175 3260 bps
Other (1167) (959) (208) -22 of Sales nm nm nm
Total Bath amp Body Works Inc 11711$ (152)$ 11863$ 7805 of Sales 185 -04 1890 bps
20202021
BATH amp BODY WORKS INC
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENTTWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
8
BATH amp BODY WORKS INCCONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)(In thousands)
July 31 2021 August 1 2020ASSETS
Current AssetsCash and Cash Equivalents 1987767$ 2611440$ Cash in Escrow related to Victorias Secret amp Co Spin-Off 600000 - Accounts Receivable Net 229633 268348 Inventories 1472916 1476421 Other 223055 148886
Total Current Assets 4513371 4505095
Property and Equipment Net 2000536 2291624
Operating Lease Assets 2564371 2635157
Goodwill 628236 628236
Trade Names 411000 411000
Deferred Income Taxes 70410 74190
Other Assets 203969 334286
TOTAL ASSETS 10391893$ 10879588$
LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT)
Current LiabilitiesAccounts Payable 837600$ 957037$ Accrued Expenses and Other 1305235 1339998 Current Debt - 460253 Current Operating Lease Liabilities 480023 623551 Income Taxes 2459 52073
Total Current Liabilities 2625317 3432912
Deferred Income Taxes 250088 191479
Long-Term Debt 5937681 6268597
Long-Term Operating Lease Liabilities 2476158 2697835
Other Long-Term Liabilities 290491 192292
Shareholders Equity (Deficit) (1187842) (1903527)
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) 10391893$ 10879588$
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
9
Bath amp Body Works Victorias Secret Total BBWI
Comparable store sales (23) 16 (9)
Comparable sales (22) (9) (16)
Sales change 36 51 43
Sales $1704 $1614 $3318
Gross profit ( of sales) Up Significantly Up Significantly 452
Operating income ( of sales) 253 144 181
Operating income $431 $233 $599
Net income $374
Average shares outstanding 280
Earnings per share $134
(Unaudited)
BBWI 2ND QUARTER2nd Quarter 2021 versus 2020
($ amounts in millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
10
BBWI YEAR TO DATEYear to Date 2021 versus 2020
Bath amp Body Works Victorias Secret Total BBWI
Comparable store sales (10) 9 (2)
Comparable sales (8) 6 (1)
Sales change 58 62 60
Sales $3173 $3168 $6341
Gross profit ( of sales) Up Significantly Up Significantly 459
Operating income ( of sales) 256 151 185
Operating income $811 $477 $1171
Adjusted net income $731
Average shares outstanding 282
Adjusted earnings per share $259
($ amounts in millions)(Unaudited)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
11
Metric Third Quarter
Net Sales Up 40 to 45 compared to 2019 sales of $11 billion
Gross Margin Rate Up about 100 to 150 basis points compared to 2019rsquos rate of 438
SGampA Expense Dollars1 Down slightly compared to $427 million LY
Net Non-Operating Expense Approximately $100 million
Tax Rate (before discrete items) Approximately 27
Weighted Average Shares Outstanding Approximately 268 million
Earnings Per Share1 Between $055 and $060
1Excluding one-time costs related to the spin-off of Victoriarsquos Secret
Bath amp Body Works Inc2021 Outlook as of August 18 2021
12
Beginning of Year New Stores Closures
Total Reconstructions and Change in
SSF
End of Year
Bath amp Body WorksBath amp Body Works
Store Count 1633 54 (40) 74 1647 14 1Selling Sq Ft 000s 4344 164 (92) 61 4477 133 3
Bath amp Body Works - CanadaStore Count 103 1 - 5 104 1 1Selling Sq Ft 000s 262 3 - 5 270 8 3
Total BBW Company - OperatedStore Count 1736 55 (40) 79 1751 15 1Selling Sq Ft 000s 4606 167 (92) 66 4747 141 3
BATH amp BODY WORKS INCCOMPANY - OPERATED STORE COUNT AND SELLING SQ FT
2021 Forecast
Increase (Decrease)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
13
BATH amp BODY WORKS INCINTERNATIONAL STORE COUNT
2021 FORECAST
2020Year End
2021New Stores
2021Closures
2021FYear End
Bath amp Body Works International
Partner - Operated Stores
Bath amp Body Works - Local Market 270 54 to 58 (8 to 9) 315 to 320
Bath amp Body Works - Travel Retail 18 3 to 4 (0 to 2) 19 to 22
Bath amp Body Works Total 288 57 to 62 (8 to 11) 334 to 342
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
14
APPENDIX
15
BATH amp BODY WORKS INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In thousands except per share amounts)
2021 2020Net Sales 3317573$ 2319466$ Costs of Goods Sold Buying and Occupancy (1819608) (1607986) Gross Profit 1497965 711480 General Administrative and Store Operating Expenses (898888) (667440) Operating Income 599077 44040 Interest Expense (98569) (104245) Other Loss (1137) (56)
Income (Loss) Before Income Taxes 499371 (60261) Provision (Benefit) for Income Taxes 125178 (10664)
Net Income (Loss) 374193$ (49597)$
Net Income (Loss) Per Diluted Share 134$ (018)$
Weighted Average Shares Outstanding1 280002 277795
1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
16
BATH amp BODY WORKS INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In thousands except per share amounts)
2021 2020Net Sales 6341272$ 3973675$ Costs of Goods Sold Buying and Occupancy (3429469) (2973586) Gross Profit 2911803 1000089 General Administrative and Store Operating Expenses (1740666) (1273748) Operating Income (Loss) 1171137 (273659) Interest Expense (212275) (201044) Other Income (Loss) (106478) 2193
Income (Loss) Before Income Taxes 852384 (472510) Provision (Benefit) for Income Taxes 201575 (126046)
Net Income (Loss) 650809$ (346464)$
Net Income (Loss) Per Basic Share 231$ (125)$
Weighted Average Shares Outstanding1 282232 277391
1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
17
2021
Reported Adjustments Adjusted Reported Adjustments AdjustedNet Sales 3317573$ -$ 3317573$ 2319466$ -$ 2319466$ Costs of Goods Sold Buying amp Occupancy (1819608) - (1819608) (1607986) 78962 (1529024) Gross Profit 1497965 - 1497965 711480 78962 790442 General Administrative and Store Operating Expenses (898888) - (898888) (667440) 82667 (584773) Operating Income 599077 - 599077 44040 161629 205669 Interest Expense (98569) - (98569) (104245) - (104245) Other Loss (1137) - (1137) (56) - (56)
Income (Loss) Before Income Taxes 499371 - 499371 (60261) 161629 101368 Provision (Benefit) for Income Taxes 125178 - 125178 (10664) 43000 32336
Net Income (Loss) 374193$ -$ 374193$ (49597)$ 118629$ 69032$
Net Income (Loss) Per Diluted Share 134$ 134$ (018)$ 025$
Weighted Average Shares Outstanding 1 280002 280002 277795 279880
1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss
BATH amp BODY WORKS INCADJUSTED FINANCIAL INFORMATION
THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020(Unaudited)
(In thousands except per share amounts)
See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
2020
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
18
TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020(Unaudited)
(In thousands except per share amounts)
2021 2020
Reported Adjustments Adjusted Reported Adjustments AdjustedNet Sales 6341272$ -$ 6341272$ 3973675$ -$ 3973675$ Costs of Goods Sold Buying amp Occupancy (3429469) - (3429469) (2973586) 175806 (2797780) Gross Profit 2911803 - 2911803 1000089 175806 1175895 General Administrative and Store Operating Expenses (1740666) - (1740666) (1273748) 82667 (1191081) Operating Income (Loss) 1171137 - 1171137 (273659) 258473 (15186) Interest Expense (212275) (212275) (201044) - (201044) Other Income (Loss) (106478) 105464 (1014) 2193 - 2193
Income (Loss) Before Income Taxes 852384 105464 957848 (472510) 258473 (214037) Provision (Benefit) for Income Taxes 201575 25337 226912 (126046) 118200 (7846)
Net Income (Loss) 650809$ 80127$ 730936$ (346464)$ 140273$ (206191)$
Net Income (Loss) Per Diluted Share 231$ 259$ (125)$ (074)$
Weighted Average Shares Outstanding 1 282232 282232 277391 277391
1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss
See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
ADJUSTED FINANCIAL INFORMATIONBATH amp BODY WORKS INC
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
19
BATH amp BODY WORKS INCNOTES TO RECONCILIATION OF GAAP FINANCIAL MEASURES
TO NON-GAAP FINANCIAL MEASURES(Unaudited)
The ldquoAdjusted Financial Informationrdquo provided in the attached reflects the following non-GAAP financial measures
Fiscal 2021
In the second quarter of 2021 there were no adjustments to results
In the first quarter of 2021 adjusted results exclude the following
A $1055 million pre-tax loss ($801 million net of tax of $254 million) included in other income (loss) associated with the early extinguishment of outstanding notes
Fiscal 2020
In the second quarter of 2020 adjusted results exclude the following
A $1171 million charge ($987 million net of tax of $185 million) included in buying and occupancy expenses related to the impairment of certain Victoriarsquos Secret lease and store assets
An $808 million charge ($652 million net of tax of $156 million) included in general administrative and store operating expenses related to previously announced restructuring actions
A $363 million gain ($247 million net of tax of $116 million) principally included in buying and occupancy expenses related to the closure and termination of our lease and the related liability for the Victoriarsquos Secret Hong Kong flagship store
A $205 million income tax benefit related to recent changes in tax legislation included in the CARES Act
In the first quarter of 2020 adjusted results exclude the following
A $968 million charge ($720 million net of tax of $248 million) included in buying and occupancy expenses related to the impairment of certain Victoriarsquos Secret store assets
A $504 million tax benefit related to the resolution of certain tax matters
The Adjusted Financial Information should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles Further the Companyrsquos definition of adjusted incomeinformation may differ from similarly titled measures used by other companies Management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of pastand present operations While it is not possible to predict future results management believes the adjusted information is useful for the assessment of the ongoing operations of the Company because the adjusted items are notindicative of our ongoing operations due to their size and nature Additionally management uses adjusted financial information as key performance measures of results of operations for the purpose of evaluating performance internallyThe Adjusted Financial Information should be read in conjunction with the Companyrsquos historical financial statements and notes thereto contained in the Companyrsquos quarterly reports on Form 10-Q and annual report on Form 10-K
20
BATH amp BODY WORKS INCCOMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE
At July 31 2021 and August 1 2020
StoresSelling
Sq Ft (000s) StoresSelling
Sq Ft (000s)
Bath amp Body Works US 1663 4472 1633 4308
Bath amp Body Works Canada 103 267 102 260
Total Bath amp Body Works Company - Operated 1766 4739 1735 4568
Victorias Secret US 695 5253 713 5427
PINK US 143 519 145 525
Victorias Secret Canada 24 245 24 249
PINK Canada 2 9 2 9
Victorias Secret UK Ireland - - 21 214
PINK UK - - 5 17
Victorias Secret Beauty and Accessories 36 31 39 35
Victorias Secret China 26 171 25 168
Total Victorias Secret Company - Operated 926 6228 974 6644
August 1 2020July 31 2021
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
21
BATH amp BODY WORKS INC2021 Selected Data
(Unaudited)(In thousands)
2021 2020
Capital ExpendituresFirst Quarter 64545$ 55221$ Second Quarter 113238 68788
Spring Season 177783 124009 Third Quarter - 76155 Fourth Quarter - 28176 Year 177783$ 228340$
Depreciation amp AmortizationFirst Quarter 128970$ 138547$ Second Quarter 128728 127595
Spring Season 257698 266142 Third Quarter - 127082 Fourth Quarter - 127387 Year 257698$ 520611$
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
22
Comparable Sales Increase (Decrease) (Stores and Direct)
Second Quarter
2021
Second Quarter
2020
Year-to-
Date 2021
Year-to-
Date 2020
Bath amp Body Works1 (22) 123 (8) 84
Victoriarsquos Secret1 (9) 24 6 3 Bath amp Body Works Inc2 (16) 63 (1) 32
NOTE Stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more Therefore comparable sales results exclude periods of time that stores were closed for four consecutive days or more as a result of the COVID-19 pandemic Refer to our SEC filings for further discussion regarding our comparable sales calculation 1 ndash Results include company-operated stores in the US and Canada and direct sales 2 ndash Results include company-operated stores in the US Canada the UK (pre-joint venture) and Greater China and direct sales
23
Comparable Sales Increase (Decrease) (Stores Only)
Second Quarter
2021
Second Quarter
2020
Year-to-
Date 2021
Year-to-
Date 2020
Bath amp Body Works1 (23) 87 (10) 54
Victoriarsquos Secret1 16 (12) 9 (16) Bath amp Body Works Inc2 (9) 33 (2) 12
NOTE Stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more Therefore comparable sales results exclude periods of time that stores were closed for four consecutive days or more as a result of the COVID-19 pandemic Refer to our SEC filings for further discussion regarding our comparable sales calculation 1 ndash Results include company-operated stores in the US and Canada 2 ndash Results include company-operated stores in the US Canada the UK (pre-joint venture) and Greater China
- 13
- Slide Number 2
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- Slide Number 7
- Slide Number 8
- Slide Number 9
- Slide Number 10
- Slide Number 11
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- Slide Number 21
- Slide Number 22
- Slide Number 23
-
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4770 | (3437) | 8207 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1167) | (959) | (208) | -22 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
3
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
o duties taxes and other chargeso legal and regulatory matterso volatility in currency exchange rateso local business practices and political issueso potential delays or disruptions in shipping and transportation and related pricing impactso disruption due to labor disputes ando changing expectations regarding product safety due to new legislation
our geographic concentration of vendor and distribution facilities in central Ohiobull fluctuations in foreign currency exchange ratesbull the ability of our vendors to deliver products in a timely manner meet quality standards and comply with applicable laws and regulationsbull fluctuations in product input costsbull our ability to adequately protect our assets from loss and theftbull fluctuations in energy costsbull increases in the costs of mailing paper printing or other order fulfillment logisticsbull claims arising from our self-insurancebull our and our third-party service providers ability to implement and maintain information technology systems and to protect associated databull our ability to maintain the security of customer associate third-party and company informationbull stock price volatilitybull our ability to pay dividends and related effectsbull shareholder activism mattersbull our ability to maintain our credit ratingbull our ability to service or refinance our debt and maintain compliance with our restrictive covenantsbull our ability to comply with laws regulations and technology platform rules or other obligations related to data privacy and securitybull our ability to comply with regulatory requirementsbull legal and compliance matters andbull tax trade and other regulatory matters
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this presentation to reflectcircumstances existing after the date of this presentation or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressedor implied by those forward-looking statements will not be realized
4
Increase Increase
(Decrease) (Decrease)
Net Sales 33175$ 23195$ 9980$ 43Comparable Store Sales -9 33Comparable Sales -16 63
Gross Profit 14980 7904 7076 90 of Sales 452 341 1110 bps
General Administrative andStore Operating Expenses 8989 5847 3142 54 of Sales 271 252 190 bps
Operating Income 5991 2057 3934 191 of Sales 181 89 920 bps
Interest Expense and Other 997 1043 (46) -4
Income Before Income Taxes 4994 1014 3980 393
Provision for Income Taxes 1252 324 928 286 of Pre-Tax Income 251 319
Net Income 3742$ 690$ 3052$ 442 of Sales 113 30 830 bps
Net Income Per Diluted Share 134$ 025$ 109$ 436
Weighted Average Shares Outstanding 2800 2799
20202021
BATH amp BODY WORKS INC
ADJUSTED CONSOLIDATED STATEMENTS OF INCOMETHIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions except per share amounts)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
5
Increase Increase
(Decrease) (Decrease)
Net Sales 63413$ 39737$ 23676$ 60Comparable Store Sales -2 12Comparable Sales -1 32
Gross Profit 29118 11759 17359 148 of Sales 459 296 1630 bps
General Administrative andStore Operating Expenses 17407 11911 5496 46 of Sales 274 300 (260 bps)
Operating Income (Loss) 11711 (152) 11863 7805 of Sales 185 -04 1890 bps
Interest Expense and Other 2133 1989 144 7
Income (Loss) Before Income Taxes 9578 (2141) 11719 547
Provision (Benefit) for Income Taxes 2269 (79) 2348 2972 of Pre-Tax Income 237 37
Net Income (Loss) 7309$ (2062)$ 9371$ 454 of Sales 115 -52 1670 bps
Net Income (Loss) Per Diluted Share 259$ (074)$ 333$ 450
Weighted Average Shares Outstanding 2822 2774
20202021
BATH amp BODY WORKS INC
ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS)TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions except per share amounts)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
6
Increase Increase
(Decrease) (Decrease)
Bath amp Body Works 4309$ 3486$ 823$ 24 of Sales 253 278 (250 bps)
Victorias Secret 2325 (866) 3191 368 of Sales 144 -81 225 bps
Other (643) (563) (80) -14 of Sales nm nm nm
Total Bath amp Body Works Inc 5991$ 2057$ 3934$ 191 of Sales 181 89 920 bps
20202021
BATH amp BODY WORKS INC
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENTTHIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
7
Increase Increase
(Decrease) (Decrease)
Bath amp Body Works 8108$ 4243$ 3865$ 91 of Sales 256 211 450 bps
Victorias Secret 4770 (3437) 8207 39 of Sales 151 -175 3260 bps
Other (1167) (959) (208) -22 of Sales nm nm nm
Total Bath amp Body Works Inc 11711$ (152)$ 11863$ 7805 of Sales 185 -04 1890 bps
20202021
BATH amp BODY WORKS INC
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENTTWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
8
BATH amp BODY WORKS INCCONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)(In thousands)
July 31 2021 August 1 2020ASSETS
Current AssetsCash and Cash Equivalents 1987767$ 2611440$ Cash in Escrow related to Victorias Secret amp Co Spin-Off 600000 - Accounts Receivable Net 229633 268348 Inventories 1472916 1476421 Other 223055 148886
Total Current Assets 4513371 4505095
Property and Equipment Net 2000536 2291624
Operating Lease Assets 2564371 2635157
Goodwill 628236 628236
Trade Names 411000 411000
Deferred Income Taxes 70410 74190
Other Assets 203969 334286
TOTAL ASSETS 10391893$ 10879588$
LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT)
Current LiabilitiesAccounts Payable 837600$ 957037$ Accrued Expenses and Other 1305235 1339998 Current Debt - 460253 Current Operating Lease Liabilities 480023 623551 Income Taxes 2459 52073
Total Current Liabilities 2625317 3432912
Deferred Income Taxes 250088 191479
Long-Term Debt 5937681 6268597
Long-Term Operating Lease Liabilities 2476158 2697835
Other Long-Term Liabilities 290491 192292
Shareholders Equity (Deficit) (1187842) (1903527)
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) 10391893$ 10879588$
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
9
Bath amp Body Works Victorias Secret Total BBWI
Comparable store sales (23) 16 (9)
Comparable sales (22) (9) (16)
Sales change 36 51 43
Sales $1704 $1614 $3318
Gross profit ( of sales) Up Significantly Up Significantly 452
Operating income ( of sales) 253 144 181
Operating income $431 $233 $599
Net income $374
Average shares outstanding 280
Earnings per share $134
(Unaudited)
BBWI 2ND QUARTER2nd Quarter 2021 versus 2020
($ amounts in millions)
QTD Adj New MP
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QTD op inc New MP
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YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
10
BBWI YEAR TO DATEYear to Date 2021 versus 2020
Bath amp Body Works Victorias Secret Total BBWI
Comparable store sales (10) 9 (2)
Comparable sales (8) 6 (1)
Sales change 58 62 60
Sales $3173 $3168 $6341
Gross profit ( of sales) Up Significantly Up Significantly 459
Operating income ( of sales) 256 151 185
Operating income $811 $477 $1171
Adjusted net income $731
Average shares outstanding 282
Adjusted earnings per share $259
($ amounts in millions)(Unaudited)
QTD Adj New MP
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QTD op inc New MP
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YTD Adj New MP
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ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
11
Metric Third Quarter
Net Sales Up 40 to 45 compared to 2019 sales of $11 billion
Gross Margin Rate Up about 100 to 150 basis points compared to 2019rsquos rate of 438
SGampA Expense Dollars1 Down slightly compared to $427 million LY
Net Non-Operating Expense Approximately $100 million
Tax Rate (before discrete items) Approximately 27
Weighted Average Shares Outstanding Approximately 268 million
Earnings Per Share1 Between $055 and $060
1Excluding one-time costs related to the spin-off of Victoriarsquos Secret
Bath amp Body Works Inc2021 Outlook as of August 18 2021
12
Beginning of Year New Stores Closures
Total Reconstructions and Change in
SSF
End of Year
Bath amp Body WorksBath amp Body Works
Store Count 1633 54 (40) 74 1647 14 1Selling Sq Ft 000s 4344 164 (92) 61 4477 133 3
Bath amp Body Works - CanadaStore Count 103 1 - 5 104 1 1Selling Sq Ft 000s 262 3 - 5 270 8 3
Total BBW Company - OperatedStore Count 1736 55 (40) 79 1751 15 1Selling Sq Ft 000s 4606 167 (92) 66 4747 141 3
BATH amp BODY WORKS INCCOMPANY - OPERATED STORE COUNT AND SELLING SQ FT
2021 Forecast
Increase (Decrease)
QTD Adj New MP
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QTD op inc New MP
ampP
YTD Adj New MP
ampP
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YTD op inc New MP
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BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
13
BATH amp BODY WORKS INCINTERNATIONAL STORE COUNT
2021 FORECAST
2020Year End
2021New Stores
2021Closures
2021FYear End
Bath amp Body Works International
Partner - Operated Stores
Bath amp Body Works - Local Market 270 54 to 58 (8 to 9) 315 to 320
Bath amp Body Works - Travel Retail 18 3 to 4 (0 to 2) 19 to 22
Bath amp Body Works Total 288 57 to 62 (8 to 11) 334 to 342
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
14
APPENDIX
15
BATH amp BODY WORKS INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In thousands except per share amounts)
2021 2020Net Sales 3317573$ 2319466$ Costs of Goods Sold Buying and Occupancy (1819608) (1607986) Gross Profit 1497965 711480 General Administrative and Store Operating Expenses (898888) (667440) Operating Income 599077 44040 Interest Expense (98569) (104245) Other Loss (1137) (56)
Income (Loss) Before Income Taxes 499371 (60261) Provision (Benefit) for Income Taxes 125178 (10664)
Net Income (Loss) 374193$ (49597)$
Net Income (Loss) Per Diluted Share 134$ (018)$
Weighted Average Shares Outstanding1 280002 277795
1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
16
BATH amp BODY WORKS INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In thousands except per share amounts)
2021 2020Net Sales 6341272$ 3973675$ Costs of Goods Sold Buying and Occupancy (3429469) (2973586) Gross Profit 2911803 1000089 General Administrative and Store Operating Expenses (1740666) (1273748) Operating Income (Loss) 1171137 (273659) Interest Expense (212275) (201044) Other Income (Loss) (106478) 2193
Income (Loss) Before Income Taxes 852384 (472510) Provision (Benefit) for Income Taxes 201575 (126046)
Net Income (Loss) 650809$ (346464)$
Net Income (Loss) Per Basic Share 231$ (125)$
Weighted Average Shares Outstanding1 282232 277391
1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss
QTD - Both
YTD - Both
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QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
17
2021
Reported Adjustments Adjusted Reported Adjustments AdjustedNet Sales 3317573$ -$ 3317573$ 2319466$ -$ 2319466$ Costs of Goods Sold Buying amp Occupancy (1819608) - (1819608) (1607986) 78962 (1529024) Gross Profit 1497965 - 1497965 711480 78962 790442 General Administrative and Store Operating Expenses (898888) - (898888) (667440) 82667 (584773) Operating Income 599077 - 599077 44040 161629 205669 Interest Expense (98569) - (98569) (104245) - (104245) Other Loss (1137) - (1137) (56) - (56)
Income (Loss) Before Income Taxes 499371 - 499371 (60261) 161629 101368 Provision (Benefit) for Income Taxes 125178 - 125178 (10664) 43000 32336
Net Income (Loss) 374193$ -$ 374193$ (49597)$ 118629$ 69032$
Net Income (Loss) Per Diluted Share 134$ 134$ (018)$ 025$
Weighted Average Shares Outstanding 1 280002 280002 277795 279880
1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss
BATH amp BODY WORKS INCADJUSTED FINANCIAL INFORMATION
THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020(Unaudited)
(In thousands except per share amounts)
See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
2020
QTD - Both
YTD - Both
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QTD Adj - Analyst Pack
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YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
18
TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020(Unaudited)
(In thousands except per share amounts)
2021 2020
Reported Adjustments Adjusted Reported Adjustments AdjustedNet Sales 6341272$ -$ 6341272$ 3973675$ -$ 3973675$ Costs of Goods Sold Buying amp Occupancy (3429469) - (3429469) (2973586) 175806 (2797780) Gross Profit 2911803 - 2911803 1000089 175806 1175895 General Administrative and Store Operating Expenses (1740666) - (1740666) (1273748) 82667 (1191081) Operating Income (Loss) 1171137 - 1171137 (273659) 258473 (15186) Interest Expense (212275) (212275) (201044) - (201044) Other Income (Loss) (106478) 105464 (1014) 2193 - 2193
Income (Loss) Before Income Taxes 852384 105464 957848 (472510) 258473 (214037) Provision (Benefit) for Income Taxes 201575 25337 226912 (126046) 118200 (7846)
Net Income (Loss) 650809$ 80127$ 730936$ (346464)$ 140273$ (206191)$
Net Income (Loss) Per Diluted Share 231$ 259$ (125)$ (074)$
Weighted Average Shares Outstanding 1 282232 282232 277391 277391
1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss
See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
ADJUSTED FINANCIAL INFORMATIONBATH amp BODY WORKS INC
QTD - Both
YTD - Both
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QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
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19
BATH amp BODY WORKS INCNOTES TO RECONCILIATION OF GAAP FINANCIAL MEASURES
TO NON-GAAP FINANCIAL MEASURES(Unaudited)
The ldquoAdjusted Financial Informationrdquo provided in the attached reflects the following non-GAAP financial measures
Fiscal 2021
In the second quarter of 2021 there were no adjustments to results
In the first quarter of 2021 adjusted results exclude the following
A $1055 million pre-tax loss ($801 million net of tax of $254 million) included in other income (loss) associated with the early extinguishment of outstanding notes
Fiscal 2020
In the second quarter of 2020 adjusted results exclude the following
A $1171 million charge ($987 million net of tax of $185 million) included in buying and occupancy expenses related to the impairment of certain Victoriarsquos Secret lease and store assets
An $808 million charge ($652 million net of tax of $156 million) included in general administrative and store operating expenses related to previously announced restructuring actions
A $363 million gain ($247 million net of tax of $116 million) principally included in buying and occupancy expenses related to the closure and termination of our lease and the related liability for the Victoriarsquos Secret Hong Kong flagship store
A $205 million income tax benefit related to recent changes in tax legislation included in the CARES Act
In the first quarter of 2020 adjusted results exclude the following
A $968 million charge ($720 million net of tax of $248 million) included in buying and occupancy expenses related to the impairment of certain Victoriarsquos Secret store assets
A $504 million tax benefit related to the resolution of certain tax matters
The Adjusted Financial Information should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles Further the Companyrsquos definition of adjusted incomeinformation may differ from similarly titled measures used by other companies Management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of pastand present operations While it is not possible to predict future results management believes the adjusted information is useful for the assessment of the ongoing operations of the Company because the adjusted items are notindicative of our ongoing operations due to their size and nature Additionally management uses adjusted financial information as key performance measures of results of operations for the purpose of evaluating performance internallyThe Adjusted Financial Information should be read in conjunction with the Companyrsquos historical financial statements and notes thereto contained in the Companyrsquos quarterly reports on Form 10-Q and annual report on Form 10-K
20
BATH amp BODY WORKS INCCOMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE
At July 31 2021 and August 1 2020
StoresSelling
Sq Ft (000s) StoresSelling
Sq Ft (000s)
Bath amp Body Works US 1663 4472 1633 4308
Bath amp Body Works Canada 103 267 102 260
Total Bath amp Body Works Company - Operated 1766 4739 1735 4568
Victorias Secret US 695 5253 713 5427
PINK US 143 519 145 525
Victorias Secret Canada 24 245 24 249
PINK Canada 2 9 2 9
Victorias Secret UK Ireland - - 21 214
PINK UK - - 5 17
Victorias Secret Beauty and Accessories 36 31 39 35
Victorias Secret China 26 171 25 168
Total Victorias Secret Company - Operated 926 6228 974 6644
August 1 2020July 31 2021
QTD Adj New MP
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QTD op inc New MP
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YTD Adj New MP
ampP
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YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
21
BATH amp BODY WORKS INC2021 Selected Data
(Unaudited)(In thousands)
2021 2020
Capital ExpendituresFirst Quarter 64545$ 55221$ Second Quarter 113238 68788
Spring Season 177783 124009 Third Quarter - 76155 Fourth Quarter - 28176 Year 177783$ 228340$
Depreciation amp AmortizationFirst Quarter 128970$ 138547$ Second Quarter 128728 127595
Spring Season 257698 266142 Third Quarter - 127082 Fourth Quarter - 127387 Year 257698$ 520611$
QTD Adj New MP
ampP
QTD op inc New MP
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YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
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ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
22
Comparable Sales Increase (Decrease) (Stores and Direct)
Second Quarter
2021
Second Quarter
2020
Year-to-
Date 2021
Year-to-
Date 2020
Bath amp Body Works1 (22) 123 (8) 84
Victoriarsquos Secret1 (9) 24 6 3 Bath amp Body Works Inc2 (16) 63 (1) 32
NOTE Stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more Therefore comparable sales results exclude periods of time that stores were closed for four consecutive days or more as a result of the COVID-19 pandemic Refer to our SEC filings for further discussion regarding our comparable sales calculation 1 ndash Results include company-operated stores in the US and Canada and direct sales 2 ndash Results include company-operated stores in the US Canada the UK (pre-joint venture) and Greater China and direct sales
23
Comparable Sales Increase (Decrease) (Stores Only)
Second Quarter
2021
Second Quarter
2020
Year-to-
Date 2021
Year-to-
Date 2020
Bath amp Body Works1 (23) 87 (10) 54
Victoriarsquos Secret1 16 (12) 9 (16) Bath amp Body Works Inc2 (9) 33 (2) 12
NOTE Stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more Therefore comparable sales results exclude periods of time that stores were closed for four consecutive days or more as a result of the COVID-19 pandemic Refer to our SEC filings for further discussion regarding our comparable sales calculation 1 ndash Results include company-operated stores in the US and Canada 2 ndash Results include company-operated stores in the US Canada the UK (pre-joint venture) and Greater China
- 13
- Slide Number 2
- Slide Number 3
- Slide Number 4
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| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4770 | (3437) | 8207 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1167) | (959) | (208) | -22 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
4
Increase Increase
(Decrease) (Decrease)
Net Sales 33175$ 23195$ 9980$ 43Comparable Store Sales -9 33Comparable Sales -16 63
Gross Profit 14980 7904 7076 90 of Sales 452 341 1110 bps
General Administrative andStore Operating Expenses 8989 5847 3142 54 of Sales 271 252 190 bps
Operating Income 5991 2057 3934 191 of Sales 181 89 920 bps
Interest Expense and Other 997 1043 (46) -4
Income Before Income Taxes 4994 1014 3980 393
Provision for Income Taxes 1252 324 928 286 of Pre-Tax Income 251 319
Net Income 3742$ 690$ 3052$ 442 of Sales 113 30 830 bps
Net Income Per Diluted Share 134$ 025$ 109$ 436
Weighted Average Shares Outstanding 2800 2799
20202021
BATH amp BODY WORKS INC
ADJUSTED CONSOLIDATED STATEMENTS OF INCOMETHIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions except per share amounts)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
5
Increase Increase
(Decrease) (Decrease)
Net Sales 63413$ 39737$ 23676$ 60Comparable Store Sales -2 12Comparable Sales -1 32
Gross Profit 29118 11759 17359 148 of Sales 459 296 1630 bps
General Administrative andStore Operating Expenses 17407 11911 5496 46 of Sales 274 300 (260 bps)
Operating Income (Loss) 11711 (152) 11863 7805 of Sales 185 -04 1890 bps
Interest Expense and Other 2133 1989 144 7
Income (Loss) Before Income Taxes 9578 (2141) 11719 547
Provision (Benefit) for Income Taxes 2269 (79) 2348 2972 of Pre-Tax Income 237 37
Net Income (Loss) 7309$ (2062)$ 9371$ 454 of Sales 115 -52 1670 bps
Net Income (Loss) Per Diluted Share 259$ (074)$ 333$ 450
Weighted Average Shares Outstanding 2822 2774
20202021
BATH amp BODY WORKS INC
ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS)TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions except per share amounts)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
6
Increase Increase
(Decrease) (Decrease)
Bath amp Body Works 4309$ 3486$ 823$ 24 of Sales 253 278 (250 bps)
Victorias Secret 2325 (866) 3191 368 of Sales 144 -81 225 bps
Other (643) (563) (80) -14 of Sales nm nm nm
Total Bath amp Body Works Inc 5991$ 2057$ 3934$ 191 of Sales 181 89 920 bps
20202021
BATH amp BODY WORKS INC
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENTTHIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
7
Increase Increase
(Decrease) (Decrease)
Bath amp Body Works 8108$ 4243$ 3865$ 91 of Sales 256 211 450 bps
Victorias Secret 4770 (3437) 8207 39 of Sales 151 -175 3260 bps
Other (1167) (959) (208) -22 of Sales nm nm nm
Total Bath amp Body Works Inc 11711$ (152)$ 11863$ 7805 of Sales 185 -04 1890 bps
20202021
BATH amp BODY WORKS INC
ADJUSTED OPERATING INCOME (LOSS) BY SEGMENTTWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In millions)
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
8
BATH amp BODY WORKS INCCONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)(In thousands)
July 31 2021 August 1 2020ASSETS
Current AssetsCash and Cash Equivalents 1987767$ 2611440$ Cash in Escrow related to Victorias Secret amp Co Spin-Off 600000 - Accounts Receivable Net 229633 268348 Inventories 1472916 1476421 Other 223055 148886
Total Current Assets 4513371 4505095
Property and Equipment Net 2000536 2291624
Operating Lease Assets 2564371 2635157
Goodwill 628236 628236
Trade Names 411000 411000
Deferred Income Taxes 70410 74190
Other Assets 203969 334286
TOTAL ASSETS 10391893$ 10879588$
LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT)
Current LiabilitiesAccounts Payable 837600$ 957037$ Accrued Expenses and Other 1305235 1339998 Current Debt - 460253 Current Operating Lease Liabilities 480023 623551 Income Taxes 2459 52073
Total Current Liabilities 2625317 3432912
Deferred Income Taxes 250088 191479
Long-Term Debt 5937681 6268597
Long-Term Operating Lease Liabilities 2476158 2697835
Other Long-Term Liabilities 290491 192292
Shareholders Equity (Deficit) (1187842) (1903527)
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) 10391893$ 10879588$
QTD Adj New MP
ampP
QTD op inc New MP
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YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
9
Bath amp Body Works Victorias Secret Total BBWI
Comparable store sales (23) 16 (9)
Comparable sales (22) (9) (16)
Sales change 36 51 43
Sales $1704 $1614 $3318
Gross profit ( of sales) Up Significantly Up Significantly 452
Operating income ( of sales) 253 144 181
Operating income $431 $233 $599
Net income $374
Average shares outstanding 280
Earnings per share $134
(Unaudited)
BBWI 2ND QUARTER2nd Quarter 2021 versus 2020
($ amounts in millions)
QTD Adj New MP
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QTD op inc New MP
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YTD Adj New MP
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ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
10
BBWI YEAR TO DATEYear to Date 2021 versus 2020
Bath amp Body Works Victorias Secret Total BBWI
Comparable store sales (10) 9 (2)
Comparable sales (8) 6 (1)
Sales change 58 62 60
Sales $3173 $3168 $6341
Gross profit ( of sales) Up Significantly Up Significantly 459
Operating income ( of sales) 256 151 185
Operating income $811 $477 $1171
Adjusted net income $731
Average shares outstanding 282
Adjusted earnings per share $259
($ amounts in millions)(Unaudited)
QTD Adj New MP
ampP
QTD op inc New MP
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YTD Adj New MP
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ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
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ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
11
Metric Third Quarter
Net Sales Up 40 to 45 compared to 2019 sales of $11 billion
Gross Margin Rate Up about 100 to 150 basis points compared to 2019rsquos rate of 438
SGampA Expense Dollars1 Down slightly compared to $427 million LY
Net Non-Operating Expense Approximately $100 million
Tax Rate (before discrete items) Approximately 27
Weighted Average Shares Outstanding Approximately 268 million
Earnings Per Share1 Between $055 and $060
1Excluding one-time costs related to the spin-off of Victoriarsquos Secret
Bath amp Body Works Inc2021 Outlook as of August 18 2021
12
Beginning of Year New Stores Closures
Total Reconstructions and Change in
SSF
End of Year
Bath amp Body WorksBath amp Body Works
Store Count 1633 54 (40) 74 1647 14 1Selling Sq Ft 000s 4344 164 (92) 61 4477 133 3
Bath amp Body Works - CanadaStore Count 103 1 - 5 104 1 1Selling Sq Ft 000s 262 3 - 5 270 8 3
Total BBW Company - OperatedStore Count 1736 55 (40) 79 1751 15 1Selling Sq Ft 000s 4606 167 (92) 66 4747 141 3
BATH amp BODY WORKS INCCOMPANY - OPERATED STORE COUNT AND SELLING SQ FT
2021 Forecast
Increase (Decrease)
QTD Adj New MP
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QTD op inc New MP
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YTD Adj New MP
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ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
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ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
13
BATH amp BODY WORKS INCINTERNATIONAL STORE COUNT
2021 FORECAST
2020Year End
2021New Stores
2021Closures
2021FYear End
Bath amp Body Works International
Partner - Operated Stores
Bath amp Body Works - Local Market 270 54 to 58 (8 to 9) 315 to 320
Bath amp Body Works - Travel Retail 18 3 to 4 (0 to 2) 19 to 22
Bath amp Body Works Total 288 57 to 62 (8 to 11) 334 to 342
QTD Adj New MP
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QTD op inc New MP
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YTD Adj New MP
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ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
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ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
14
APPENDIX
15
BATH amp BODY WORKS INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In thousands except per share amounts)
2021 2020Net Sales 3317573$ 2319466$ Costs of Goods Sold Buying and Occupancy (1819608) (1607986) Gross Profit 1497965 711480 General Administrative and Store Operating Expenses (898888) (667440) Operating Income 599077 44040 Interest Expense (98569) (104245) Other Loss (1137) (56)
Income (Loss) Before Income Taxes 499371 (60261) Provision (Benefit) for Income Taxes 125178 (10664)
Net Income (Loss) 374193$ (49597)$
Net Income (Loss) Per Diluted Share 134$ (018)$
Weighted Average Shares Outstanding1 280002 277795
1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
16
BATH amp BODY WORKS INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020
(Unaudited)
(In thousands except per share amounts)
2021 2020Net Sales 6341272$ 3973675$ Costs of Goods Sold Buying and Occupancy (3429469) (2973586) Gross Profit 2911803 1000089 General Administrative and Store Operating Expenses (1740666) (1273748) Operating Income (Loss) 1171137 (273659) Interest Expense (212275) (201044) Other Income (Loss) (106478) 2193
Income (Loss) Before Income Taxes 852384 (472510) Provision (Benefit) for Income Taxes 201575 (126046)
Net Income (Loss) 650809$ (346464)$
Net Income (Loss) Per Basic Share 231$ (125)$
Weighted Average Shares Outstanding1 282232 277391
1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss
QTD - Both
YTD - Both
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
17
2021
Reported Adjustments Adjusted Reported Adjustments AdjustedNet Sales 3317573$ -$ 3317573$ 2319466$ -$ 2319466$ Costs of Goods Sold Buying amp Occupancy (1819608) - (1819608) (1607986) 78962 (1529024) Gross Profit 1497965 - 1497965 711480 78962 790442 General Administrative and Store Operating Expenses (898888) - (898888) (667440) 82667 (584773) Operating Income 599077 - 599077 44040 161629 205669 Interest Expense (98569) - (98569) (104245) - (104245) Other Loss (1137) - (1137) (56) - (56)
Income (Loss) Before Income Taxes 499371 - 499371 (60261) 161629 101368 Provision (Benefit) for Income Taxes 125178 - 125178 (10664) 43000 32336
Net Income (Loss) 374193$ -$ 374193$ (49597)$ 118629$ 69032$
Net Income (Loss) Per Diluted Share 134$ 134$ (018)$ 025$
Weighted Average Shares Outstanding 1 280002 280002 277795 279880
1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss
BATH amp BODY WORKS INCADJUSTED FINANCIAL INFORMATION
THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020(Unaudited)
(In thousands except per share amounts)
See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
2020
QTD - Both
YTD - Both
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QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
18
TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020(Unaudited)
(In thousands except per share amounts)
2021 2020
Reported Adjustments Adjusted Reported Adjustments AdjustedNet Sales 6341272$ -$ 6341272$ 3973675$ -$ 3973675$ Costs of Goods Sold Buying amp Occupancy (3429469) - (3429469) (2973586) 175806 (2797780) Gross Profit 2911803 - 2911803 1000089 175806 1175895 General Administrative and Store Operating Expenses (1740666) - (1740666) (1273748) 82667 (1191081) Operating Income (Loss) 1171137 - 1171137 (273659) 258473 (15186) Interest Expense (212275) (212275) (201044) - (201044) Other Income (Loss) (106478) 105464 (1014) 2193 - 2193
Income (Loss) Before Income Taxes 852384 105464 957848 (472510) 258473 (214037) Provision (Benefit) for Income Taxes 201575 25337 226912 (126046) 118200 (7846)
Net Income (Loss) 650809$ 80127$ 730936$ (346464)$ 140273$ (206191)$
Net Income (Loss) Per Diluted Share 231$ 259$ (125)$ (074)$
Weighted Average Shares Outstanding 1 282232 282232 277391 277391
1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss
See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
ADJUSTED FINANCIAL INFORMATIONBATH amp BODY WORKS INC
QTD - Both
YTD - Both
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QTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD Adj - Analyst Pack
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - Press Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
Non-GAAP - 511 Release
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
19
BATH amp BODY WORKS INCNOTES TO RECONCILIATION OF GAAP FINANCIAL MEASURES
TO NON-GAAP FINANCIAL MEASURES(Unaudited)
The ldquoAdjusted Financial Informationrdquo provided in the attached reflects the following non-GAAP financial measures
Fiscal 2021
In the second quarter of 2021 there were no adjustments to results
In the first quarter of 2021 adjusted results exclude the following
A $1055 million pre-tax loss ($801 million net of tax of $254 million) included in other income (loss) associated with the early extinguishment of outstanding notes
Fiscal 2020
In the second quarter of 2020 adjusted results exclude the following
A $1171 million charge ($987 million net of tax of $185 million) included in buying and occupancy expenses related to the impairment of certain Victoriarsquos Secret lease and store assets
An $808 million charge ($652 million net of tax of $156 million) included in general administrative and store operating expenses related to previously announced restructuring actions
A $363 million gain ($247 million net of tax of $116 million) principally included in buying and occupancy expenses related to the closure and termination of our lease and the related liability for the Victoriarsquos Secret Hong Kong flagship store
A $205 million income tax benefit related to recent changes in tax legislation included in the CARES Act
In the first quarter of 2020 adjusted results exclude the following
A $968 million charge ($720 million net of tax of $248 million) included in buying and occupancy expenses related to the impairment of certain Victoriarsquos Secret store assets
A $504 million tax benefit related to the resolution of certain tax matters
The Adjusted Financial Information should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles Further the Companyrsquos definition of adjusted incomeinformation may differ from similarly titled measures used by other companies Management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of pastand present operations While it is not possible to predict future results management believes the adjusted information is useful for the assessment of the ongoing operations of the Company because the adjusted items are notindicative of our ongoing operations due to their size and nature Additionally management uses adjusted financial information as key performance measures of results of operations for the purpose of evaluating performance internallyThe Adjusted Financial Information should be read in conjunction with the Companyrsquos historical financial statements and notes thereto contained in the Companyrsquos quarterly reports on Form 10-Q and annual report on Form 10-K
20
BATH amp BODY WORKS INCCOMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE
At July 31 2021 and August 1 2020
StoresSelling
Sq Ft (000s) StoresSelling
Sq Ft (000s)
Bath amp Body Works US 1663 4472 1633 4308
Bath amp Body Works Canada 103 267 102 260
Total Bath amp Body Works Company - Operated 1766 4739 1735 4568
Victorias Secret US 695 5253 713 5427
PINK US 143 519 145 525
Victorias Secret Canada 24 245 24 249
PINK Canada 2 9 2 9
Victorias Secret UK Ireland - - 21 214
PINK UK - - 5 17
Victorias Secret Beauty and Accessories 36 31 39 35
Victorias Secret China 26 171 25 168
Total Victorias Secret Company - Operated 926 6228 974 6644
August 1 2020July 31 2021
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
21
BATH amp BODY WORKS INC2021 Selected Data
(Unaudited)(In thousands)
2021 2020
Capital ExpendituresFirst Quarter 64545$ 55221$ Second Quarter 113238 68788
Spring Season 177783 124009 Third Quarter - 76155 Fourth Quarter - 28176 Year 177783$ 228340$
Depreciation amp AmortizationFirst Quarter 128970$ 138547$ Second Quarter 128728 127595
Spring Season 257698 266142 Third Quarter - 127082 Fourth Quarter - 127387 Year 257698$ 520611$
QTD Adj New MP
ampP
QTD op inc New MP
ampP
YTD Adj New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
YTD op inc New MP
ampP
ltrootgtltcolor rgb=12632256 index=1gtltcolor rgb=15194827 index=2gtltcolor rgb=13754062 index=3gtltrootgt
BS
2021 Forecast
2021 Intl Store Count Forec
Key Data
Stores
Store Reports
LTD Q
LTD Y
22
Comparable Sales Increase (Decrease) (Stores and Direct)
Second Quarter
2021
Second Quarter
2020
Year-to-
Date 2021
Year-to-
Date 2020
Bath amp Body Works1 (22) 123 (8) 84
Victoriarsquos Secret1 (9) 24 6 3 Bath amp Body Works Inc2 (16) 63 (1) 32
NOTE Stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more Therefore comparable sales results exclude periods of time that stores were closed for four consecutive days or more as a result of the COVID-19 pandemic Refer to our SEC filings for further discussion regarding our comparable sales calculation 1 ndash Results include company-operated stores in the US and Canada and direct sales 2 ndash Results include company-operated stores in the US Canada the UK (pre-joint venture) and Greater China and direct sales
23
Comparable Sales Increase (Decrease) (Stores Only)
Second Quarter
2021
Second Quarter
2020
Year-to-
Date 2021
Year-to-
Date 2020
Bath amp Body Works1 (23) 87 (10) 54
Victoriarsquos Secret1 16 (12) 9 (16) Bath amp Body Works Inc2 (9) 33 (2) 12
NOTE Stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more Therefore comparable sales results exclude periods of time that stores were closed for four consecutive days or more as a result of the COVID-19 pandemic Refer to our SEC filings for further discussion regarding our comparable sales calculation 1 ndash Results include company-operated stores in the US and Canada 2 ndash Results include company-operated stores in the US Canada the UK (pre-joint venture) and Greater China
- 13
- Slide Number 2
- Slide Number 3
- Slide Number 4
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- Slide Number 7
- Slide Number 8
- Slide Number 9
- Slide Number 10
- Slide Number 11
- Slide Number 12
- Slide Number 13
- Slide Number 14
- Slide Number 15
- Slide Number 16
- Slide Number 17
- Slide Number 18
- Slide Number 19
- Slide Number 20
- Slide Number 21
- Slide Number 22
- Slide Number 23
-
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| L BRANDS INC AND SUBSIDIARIES | ||||||||||||||||
| ESTIMATED ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||||
| First Quarter | Year-to-Date | |||||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (96844) | $ - | $ (96844) | ||||||||||||
| Special Items included in Operating Income (Loss) | - | (96844) | - | (96844) | ||||||||||||
| Loss on Extinguishment of Debt | (105464) | - | (105464) | - | ||||||||||||
| Special Items included in Other Income (Loss) | (105464) | - | (105464) | - | ||||||||||||
| Net Tax Benefit from the Resolution of Certain Tax Matters | - | 50360 | - | 50360 | ||||||||||||
| Tax Effect of Special Items included in Other Income (Loss) | 25337 | 24840 | 25337 | 24840 | ||||||||||||
| Special Items included in Net Income | $ (80127) | $ (21644) | $ (80127) | $ (21644) | ||||||||||||
| Special Items included in Earnings Per Diluted Share | $ (028) | $ (008) | $ (028) | $ (008) | ||||||||||||
| Reconciliation of Estimated Operating Income to Estimated Adjusted Operating Income | ||||||||||||||||
| Estimated Operating Income | $ 572060 | $ (317698) | $ 572060 | $ (317698) | ||||||||||||
| Special Items included in Operating Income | - | 96844 | - | 96844 | ||||||||||||
| Estimated Adjusted Operating Income | $ 572060 | $ (220854) | $ 572060 | $ (220854) | ||||||||||||
| Reconciliation of Estimated Net Income to Estimated Adjusted Net Income | ||||||||||||||||
| Estimated Net Income | $ 276616 | $ (296867) | $ 276616 | $ (296867) | ||||||||||||
| Special Items included in Net Income | 80127 | 21644 | 80127 | 21644 | ||||||||||||
| Estimated Adjusted Net Income | $ 356743 | $ (275223) | $ 356743 | $ (275223) | ||||||||||||
| Reconciliation of Estimated Earnings Per Diluted Share to Estimated Adjusted Earnings Per Diluted Share | ||||||||||||||||
| Estimated Earnings Per Diluted Share | $093 to $095 | $ (107) | $ 097 | $ (107) | Actual is $097 Included estimated range to align with release | |||||||||||
| Special Items included in Earnings Per Diluted Share | 028 | 008 | 028 | 008 | ||||||||||||
| Estimated Adjusted Earnings Per Diluted Share | $121 to $123 | $ (099) | $ 125 | $ (099) | Actual is $125 Included estimated range to align with release | |||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||||
| Included in Press Release only | ||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| (In thousands except per share amounts) | ||||||||||||||
| Second Quarter | Year-to-Date | |||||||||||||
| 20210 | 20200 | 20210 | 20200 | |||||||||||
| Details of Special Items - Income (Expense) | ||||||||||||||
| Victorias Secret Asset Impairment | $ - | $ (117109) | $ - | $ (213953) | ||||||||||
| Restructuring Charges | - | (80807) | - | (80807) | ||||||||||
| Hong Kong Closure | - | 36287 | - | 36287 | ||||||||||
| Special Items included in Operating Income (Loss) | - | (161629) | - | (258473) | ||||||||||
| Loss on Extinguishment of Debt | - | - | (105464) | - | ||||||||||
| Special Items included in Other Income (Loss) | - | - | (105464) | - | ||||||||||
| Tax Benefit from the Resolution of Certain Tax Matters | - | 20544 | - | 70904 | ||||||||||
| Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | - | 22456 | 25337 | 47296 | ||||||||||
| Special Items included in Net Income (Loss) | $ - | $ (118629) | $ (80127) | $ (140273) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | $ - | $ (042) | $ (028) | $ (050) | ||||||||||
| Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income (Loss) | ||||||||||||||
| Reported Operating Income (Loss) | $ 599077 | $ 44040 | $ 1171137 | $ (273659) | ||||||||||
| Special Items included in Operating Income (Loss) | - | 161629 | - | 258473 | ||||||||||
| Adjusted Operating Income (Loss) | $ 599077 | $ 205669 | $ 1171137 | $ (15186) | ||||||||||
| Reconciliation of Reported Net Income (Loss) to Adjusted Net Income (Loss) | ||||||||||||||
| Reported Net Income (Loss) | $ 374193 | $ (49597) | $ 650809 | $ (346464) | ||||||||||
| Special Items included in Net Income (Loss) | - | 118629 | 80127 | 140273 | ||||||||||
| Adjusted Net Income (Loss) | $ 374193 | $ 69032 | $ 730936 | $ (206191) | ||||||||||
| Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings (Loss) Per Diluted Share | ||||||||||||||
| Reported Earnings (Loss) Per Diluted Share | $ 134 | $ (018) | $ 231 | $ (125) | ||||||||||
| Special Items included in Earnings (Loss) Per Diluted Share | - | 042 | 028 | 050 | ||||||||||
| Adjusted Earnings (Loss) Per Diluted Share | $ 134 | $ 025 | $ 259 | $ (074) | ||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | ||||||||||||||
| Included in Press Release only | ||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 6341272 | $ - | $ 6341272 | $ 3973675 | $ - | $ 3973675 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (3429469) | - | (3429469) | (2973586) | 175806 | (2797780) | |||||||||||||
| Gross Profit | 2911803 | - | 2911803 | 1000089 | 175806 | 1175895 | |||||||||||||
| General Administrative and Store Operating Expenses | (1740666) | - | (1740666) | (1273748) | 82667 | (1191081) | |||||||||||||
| Operating Income (Loss) | 1171137 | - | 1171137 | (273659) | 258473 | (15186) | |||||||||||||
| Interest Expense | (212275) | (212275) | (201044) | - | (201044) | ||||||||||||||
| Other Income (Loss) | (106478) | 105464 | (1014) | 2193 | - | 2193 | |||||||||||||
| Income (Loss) Before Income Taxes | 852384 | 105464 | 957848 | (472510) | 258473 | (214037) | |||||||||||||
| Provision (Benefit) for Income Taxes | 201575 | 25337 | 226912 | (126046) | 118200 | (7846) | |||||||||||||
| Net Income (Loss) | $ 650809 | $ 80127 | $ 730936 | $ (346464) | $ 140273 | $ (206191) | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 231 | $ 259 | $ (125) | $ (074) | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 282232 | 282232 | 277391 | 277391 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only | |||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||||
| ADJUSTED FINANCIAL INFORMATION | |||||||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||
| Reported | Adjustments | Adjusted | Reported | Adjustments | Adjusted | ||||||||||||||
| Net Sales | $ 3317573 | $ - | $ 3317573 | $ 2319466 | $ - | $ 2319466 | |||||||||||||
| Costs of Goods Sold Buying amp Occupancy | (1819608) | - | (1819608) | (1607986) | 78962 | (1529024) | |||||||||||||
| Gross Profit | 1497965 | - | 1497965 | 711480 | 78962 | 790442 | |||||||||||||
| General Administrative and Store Operating Expenses | (898888) | - | (898888) | (667440) | 82667 | (584773) | |||||||||||||
| Operating Income | 599077 | - | 599077 | 44040 | 161629 | 205669 | |||||||||||||
| Interest Expense | (98569) | - | (98569) | (104245) | - | (104245) | |||||||||||||
| Other Loss | (1137) | - | (1137) | (56) | - | (56) | |||||||||||||
| Income (Loss) Before Income Taxes | 499371 | - | 499371 | (60261) | 161629 | 101368 | |||||||||||||
| Provision (Benefit) for Income Taxes | 125178 | - | 125178 | (10664) | 43000 | 32336 | |||||||||||||
| Net Income (Loss) | $ 374193 | $ - | $ 374193 | $ (49597) | $ 118629 | $ 69032 | |||||||||||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ 134 | $ (018) | $ 025 | |||||||||||||||
| Weighted Average Shares Outstanding 1 | 280002 | 280002 | 277795 | 279880 | |||||||||||||||
| See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures | |||||||||||||||||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||||||||||||||
| Included in Analyst Package only |
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 6341272 | $ 3973675 | |||||
| Costs of Goods Sold Buying and Occupancy | (3429469) | (2973586) | |||||
| Gross Profit | 2911803 | 1000089 | |||||
| General Administrative and Store Operating Expenses | (1740666) | (1273748) | |||||
| Impairment of Victorias Secret Goodwill | - | ||||||
| Loss on Divestiture of La Senza | - | - | |||||
| Operating Income (Loss) | 1171137 | (273659) | |||||
| Interest Expense | (212275) | (201044) | |||||
| Other Income (Loss) | (106478) | 2193 | |||||
| Income (Loss) Before Income Taxes | 852384 | (472510) | |||||
| Provision (Benefit) for Income Taxes | 201575 | (126046) | |||||
| Net Loss | 650809 | (346464) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (44) | 406 | |||||
| Net Income (Loss) | $ 650809 | $ (346464) | |||||
| Net Income (Loss) Per Basic Share | $ 231 | $ (125) | |||||
| Weighted Average Shares Outstanding1 | 282232 | 277391 | |||||
| 1 - Reported Weighted Average Shares Outstanding in 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BATH amp BODY WORKS INC | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||
| (Unaudited) | |||||||
| (In thousands except per share amounts) | |||||||
| 20210 | 20200 | ||||||
| Net Sales | $ 3317573 | $ 2319466 | |||||
| Costs of Goods Sold Buying and Occupancy | (1819608) | (1607986) | |||||
| Gross Profit | 1497965 | 711480 | |||||
| General Administrative and Store Operating Expenses | (898888) | (667440) | |||||
| Impairment of Victorias Secret Goodwill | - | - | |||||
| Operating Income | 599077 | 44040 | |||||
| Interest Expense | (98569) | (104245) | |||||
| Other Loss | (1137) | (56) | |||||
| Income (Loss) Before Income Taxes | 499371 | (60261) | |||||
| Provision (Benefit) for Income Taxes | 125178 | (10664) | |||||
| Net Income (Loss) | 374193 | (49597) | |||||
| Less Net Income (Loss) Attributable to Noncontrolling Interest | (21) | 263 | |||||
| Net Income (Loss) | $ 374193 | $ (49597) | |||||
| Net Income (Loss) Per Diluted Share | $ 134 | $ (018) | |||||
| Weighted Average Shares Outstanding1 | 280002 | 277795 | |||||
| 1 - Reported Weighted Average Shares Outstanding in the second quarter of 2020 reflects basic shares due to the Net Loss | |||||||
| Included in Analyst Package amp Press Release | |||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4770 | (3437) | 8207 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1167) | (959) | (208) | -22 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Adjusted gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Adjusted operating income ( of sales) | 256 | 151 | 185 | |||||||
| Adjusted operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Adjusted Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Adjusted Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | -7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | -547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | -2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | -454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | -450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
| BBWI YEAR TO DATE | ||||||||||
| Year to Date 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (10) | 9 | (2) | |||||||
| Comparable sales | (8) | 6 | (1) | |||||||
| Sales change | 58 | 62 | 60 | |||||||
| Sales | $3173 | $3168 | $6341 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 459 | |||||||
| Operating income ( of sales) | 256 | 151 | 185 | |||||||
| Operating income | $811 | $477 | $1171 | |||||||
| Adjusted net income | $731 | |||||||||
| Average shares outstanding | 282 | |||||||||
| Adjusted earnings per share | $259 | |||||||||
| BBWI 2ND QUARTER | ||||||||||
| 2nd Quarter 2021 versus 2020 | ||||||||||
| ($ amounts in millions) | ||||||||||
| (Unaudited) | ||||||||||
| Bath amp Body Works | Victorias Secret | Total BBWI | ||||||||
| Comparable store sales | (23) | 16 | (9) | |||||||
| Comparable sales | (22) | (9) | (16) | |||||||
| Sales change | 36 | 51 | 43 | |||||||
| Sales | $1704 | $1614 | $3318 | |||||||
| Gross profit ( of sales) | Up Significantly | Up Significantly | 452 | |||||||
| Operating income ( of sales) | 253 | 144 | 181 | |||||||
| Operating income | $431 | $233 | $599 | |||||||
| Net income | $374 | |||||||||
| Average shares outstanding | 280 | |||||||||
| Earnings per share | $134 | |||||||||
| L BRANDS INC AND SUBSIDIARIES | |||||||||
| TOTAL STORES | |||||||||
| At August 1 2020 and February 1 2020 | |||||||||
| Total Company-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works | |||||||||
| Bath amp Body Works | 1637 | 10 | (14) | 1633 | |||||
| Bath amp Body Works Canada | 102 | - | - | 102 | |||||
| Total Bath and Body Works | 1739 | 10 | (14) | 1735 | |||||
| Victorias Secret | |||||||||
| Victorias Secret US | 909 | 2 | (198) | 713 | |||||
| PINK US | 144 | 1 | 0 | 145 | |||||
| Victorias Secret Canada | 33 | 0 | (9) | 24 | |||||
| PINK Canada | 5 | - | -3 | 2 | |||||
| Total Victorias Secret North America | 1091 | 3 | (210) | 884 | |||||
| Victorias Secret UKIreland | 21 | - | - | 21 | |||||
| PINK UK | 5 | - | - | 5 | |||||
| Victorias Secret Beauty amp Accessories | 41 | 1 | (3) | 39 | |||||
| Victorias Secret Greater China | 23 | 3 | -1 | 25 | |||||
| Total Victorias Secret International | 90 | 4 | (4) | 90 | |||||
| Total Victorias Secret | 1181 | 7 | (214) | 974 | |||||
| Total Noncompany-Owned Stores | |||||||||
| Stores Operating at 2120 | Opened | Closed | Stores Operating at 8120 | ||||||
| Bath amp Body Works International | |||||||||
| Bath amp Body Works | 262 | 6 | (1) | 267 | |||||
| Bath amp Body Works - Travel Retail | 16 | 1 | - | 17 | |||||
| Total Bath and Body Works International | 278 | 7 | (1) | 284 | |||||
| Victorias Secret International | |||||||||
| Victorias Secret Beauty amp Accessories | 207 | 1 | (8) | 200 | |||||
| Victorias Secret Beauty amp Accessories - Travel Retail | 153 | 1 | (5) | 149 | |||||
| Victorias Secret | 72 | 3 | - | 75 | |||||
| PINK | 12 | 1 | - | 13 | |||||
| Total Victorias Secret International | 444 | 6 | (13) | 437 | |||||
| BATH amp BODY WORKS INC | ||||||||||||||
| COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE | ||||||||||||||
| At July 31 2021 and August 1 2020 | ||||||||||||||
| July 31 2021 | August 1 2020 | |||||||||||||
| Stores | Selling Sq Ft (000s) | Stores | Selling Sq Ft (000s) | |||||||||||
| Bath amp Body Works US | 1663 | 4472 | 1633 | 4308 | ||||||||||
| Bath amp Body Works Canada | 103 | 267 | 102 | 260 | ||||||||||
| Total Bath amp Body Works Company - Operated | 1766 | 4739 | 1735 | 4568 | ||||||||||
| Victorias Secret US | 695 | 5253 | 713 | 5427 | ||||||||||
| PINK US | 143 | 519 | 145 | 525 | ||||||||||
| Victorias Secret Canada | 24 | 245 | 24 | 249 | ||||||||||
| PINK Canada | 2 | 9 | 2 | 9 | ||||||||||
| Victorias Secret UK Ireland | - | - 0 | 21 | 214 | ||||||||||
| PINK UK | - | - 0 | 5 | 17 | ||||||||||
| Victorias Secret Beauty and Accessories | 36 | 31 | 39 | 35 | ||||||||||
| Victorias Secret China | 26 | 171 | 25 | 168 | ||||||||||
| Total Victorias Secret Company - Operated | 926 | 6228 | 974 | 6644 | ||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| 2021 Selected Data | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| 20210 | 20200 | ||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| First Quarter | $ 64545 | $ 55221 | |||||||||||||||
| Second Quarter | 113238 | 68788 | |||||||||||||||
| Spring Season | 177783 | 124009 | Q3 2011 | ||||||||||||||
| Third Quarter | - | 76155 | LSG | 430 | planes | ||||||||||||
| Fourth Quarter | - | 28176 | LTS | 130 | normal activity | ||||||||||||
| Year | $ 177783 | $ 228340 | Intl | 180 | normal activity | ||||||||||||
| Diff | 860 | ||||||||||||||||
| Depreciation amp Amortization | |||||||||||||||||
| First Quarter | $ 128970 | $ 138547 | Jan | Jan | |||||||||||||
| Second Quarter | 128728 | 127595 | 20110 | 20100 | |||||||||||||
| Spring Season | 257698 | 266142 | - 0 | 305 | |||||||||||||
| Third Quarter | - | 127082 | LZ depamor | LZ fixed asset impairmentPout | |||||||||||||
| Fourth Quarter | - | 127387 | 16323 | 9500 | |||||||||||||
| Year | $ 257698 | $ 520611 | |||||||||||||||
| INPUT | INPUT | INPUT | INPUT | |||||||||||||||||||||||||||||||
| BATH amp BODY WORKS INC | ||||||||||||||||||||||||||||||||||
| INTERNATIONAL STORE COUNT | ||||||||||||||||||||||||||||||||||
| 2021 FORECAST | ||||||||||||||||||||||||||||||||||
| New Stores | Closures | YE Fcst | ||||||||||||||||||||||||||||||||
| 2020Year End | 2021New Stores | 2021Closures | 2021FYear End | Low | High | Low | High | Low | High | Mid Point | ||||||||||||||||||||||||
| Low | Low | |||||||||||||||||||||||||||||||||
| Bath amp Body Works International | ||||||||||||||||||||||||||||||||||
| Partner - Operated Stores | ||||||||||||||||||||||||||||||||||
| Bath amp Body Works - Local Market | 270 | 54 to 58 | (8 to 9) | 315 to 320 | 10 | 12 | (7) | (4) | 265 | 270 | 268 | |||||||||||||||||||||||
| Bath amp Body Works - Travel Retail | 18 | 3 to 4 | (0 to 2) | 19 to 22 | 1 | 2 | 0 | 0 | 17 | 18 | 18 | |||||||||||||||||||||||
| Bath amp Body Works Total | 288 | 57 to 62 | (8 to 11) | 334 to 342 | 11 | 14 | (7) | (4) | 282 | 288 | 285 | |||||||||||||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||||
| COMPANY - OPERATED STORE COUNT AND SELLING SQ FT | |||||||||||||||||
| 2021 Forecast | |||||||||||||||||
| Beginning of Year | New Stores | Closures | Total Reconstructions and Change in SSF | End of Year | Increase (Decrease) | ||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Bath amp Body Works | |||||||||||||||||
| Store Count | 1633 | 54 | (40) | 74 | 1647 | 14 | 1 | ||||||||||
| Selling Sq Ft 000s | 4344 | 164 | (92) | 61 | 4477 | 133 | 3 | ||||||||||
| Bath amp Body Works - Canada | |||||||||||||||||
| Store Count | 103 | 1 | - | 5 | 104 | 1 | 1 | ||||||||||
| Selling Sq Ft 000s | 262 | 3 | - | 5 | 270 | 8 | 3 | ||||||||||
| Total BBW Company - Operated | |||||||||||||||||
| Store Count | 1736 | 55 | (40) | 79 | 1751 | 15 | 1 | ||||||||||
| Selling Sq Ft 000s | 4606 | 167 | (92) | 66 | 4747 | 141 | 3 | ||||||||||
| BATH amp BODY WORKS INC | ||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| July 31 2021 | August 1 2020 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $ 1987767 | $ 2611440 | ||||||
| Cash in Escrow related to Victorias Secret amp Co Spin-Off | 600000 | - | ||||||
| Accounts Receivable Net | 229633 | 268348 | ||||||
| Inventories | 1472916 | 1476421 | ||||||
| Other | 223055 | 148886 | ||||||
| Total Current Assets | 4513371 | 4505095 | ||||||
| Property and Equipment Net | 2000536 | 2291624 | ||||||
| Operating Lease Assets | 2564371 | 2635157 | ||||||
| Goodwill | 628236 | 628236 | ||||||
| Trade Names | 411000 | 411000 | ||||||
| Deferred Income Taxes | 70410 | 74190 | ||||||
| Other Assets | 203969 | 334286 | ||||||
| TOTAL ASSETS | $ 10391893 | $ 10879588 | ||||||
| LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ 837600 | $ 957037 | ||||||
| Accrued Expenses and Other | 1305235 | 1339998 | ||||||
| Current Debt | - | 460253 | ||||||
| Current Operating Lease Liabilities | 480023 | 623551 | ||||||
| Income Taxes | 2459 | 52073 | ||||||
| Total Current Liabilities | 2625317 | 3432912 | ||||||
| Deferred Income Taxes | 250088 | 191479 | ||||||
| Long-Term Debt | 5937681 | 6268597 | ||||||
| Long-Term Operating Lease Liabilities | 2476158 | 2697835 | ||||||
| Other Long-Term Liabilities | 290491 | 192292 | ||||||
| Shareholders Equity (Deficit) | (1187842) | (1903527) | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIT) | $ 10391893 | $ 10879588 | ||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 8108 | $ 4243 | $ 3865 | 91 | |||||||||||
| of Sales | 256 | 211 | 450 bps | ||||||||||||
| Victorias Secret | 4769 | (3437) | 8206 | 39 | |||||||||||
| of Sales | 151 | -175 | 3260 bps | ||||||||||||
| Other | (1165) | (959) | (206) | -21 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 11711 | $ (152) | $ 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||
| TWENTY-SIX WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 63413 | $ 39737 | $ 23676 | 60 | |||||||||||
| Comparable Store Sales | -2 | 12 | |||||||||||||
| Comparable Sales | -1 | 32 | |||||||||||||
| Gross Profit | 29118 | 11759 | 17359 | 148 | |||||||||||
| of Sales | 459 | 296 | 1630 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 17407 | 11911 | 5496 | 46 | |||||||||||
| of Sales | 274 | 300 | (260 bps) | ||||||||||||
| Operating Income (Loss) | 11711 | (152) | 11863 | 7805 | |||||||||||
| of Sales | 185 | -04 | 1890 bps | ||||||||||||
| Interest Expense and Other | 2133 | 1989 | 144 | 7 | |||||||||||
| Income (Loss) Before Income Taxes | 9578 | (2141) | 11719 | 547 | |||||||||||
| Provision (Benefit) for Income Taxes | 2269 | (79) | 2348 | 2972 | |||||||||||
| of Pre-Tax Income | 237 | 37 | |||||||||||||
| Net Income (Loss) | $ 7309 | $ (2062) | $ 9371 | 454 | |||||||||||
| of Sales | 115 | -52 | 1670 bps | ||||||||||||
| Net Income (Loss) Per Diluted Share | $ 259 | $ (074) | $ 333 | 450 | |||||||||||
| Weighted Average Shares Outstanding | 2822 | 2774 | |||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Bath amp Body Works | $ 4309 | $ 3486 | $ 823 | 24 | |||||||||||
| of Sales | 253 | 278 | (250 bps) | ||||||||||||
| Victorias Secret | 2325 | (866) | 3191 | 368 | |||||||||||
| of Sales | 144 | -81 | 225 bps | ||||||||||||
| Other | (643) | (563) | (80) | -14 | |||||||||||
| of Sales | nm | nm | nm | ||||||||||||
| Total Bath amp Body Works Inc | $ 5991 | $ 2057 | $ 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| BATH amp BODY WORKS INC | |||||||||||||||
| ADJUSTED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| THIRTEEN WEEKS ENDED JULY 31 2021 AND AUGUST 1 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions except per share amounts) | |||||||||||||||
| Increase | Increase | ||||||||||||||
| 20210 | 20200 | (Decrease) | (Decrease) | ||||||||||||
| Net Sales | $ 33175 | $ 23195 | $ 9980 | 43 | |||||||||||
| Comparable Store Sales | -9 | 33 | |||||||||||||
| Comparable Sales | -16 | 63 | |||||||||||||
| Gross Profit | 14980 | 7904 | 7076 | 90 | |||||||||||
| of Sales | 452 | 341 | 1110 bps | ||||||||||||
| General Administrative and | |||||||||||||||
| Store Operating Expenses | 8989 | 5847 | 3142 | 54 | |||||||||||
| of Sales | 271 | 252 | 190 bps | ||||||||||||
| Operating Income | 5991 | 2057 | 3934 | 191 | |||||||||||
| of Sales | 181 | 89 | 920 bps | ||||||||||||
| Interest Expense and Other | 997 | 1043 | (46) | -4 | |||||||||||
| Income Before Income Taxes | 4994 | 1014 | 3980 | 393 | |||||||||||
| Provision for Income Taxes | 1252 | 324 | 928 | 286 | |||||||||||
| of Pre-Tax Income | 251 | 319 | |||||||||||||
| Net Income | $ 3742 | $ 690 | $ 3052 | 442 | |||||||||||
| of Sales | 113 | 30 | 830 bps | ||||||||||||
| Net Income Per Diluted Share | $ 134 | $ 025 | $ 109 | 436 | |||||||||||
| Weighted Average Shares Outstanding | 2800 | 2799 | |||||||||||||
