Segment Information

9 Months Ended

Oct. 27, 2012

Segment Information [Abstract]

Segment Information

Segment Information

The Company has two reportable segments: Victoria’s Secret and Bath & Body Works. Prior to the fourth quarter of 2011, the Victoria’s Secret reportable segment consisted of the Victoria’s Secret and La Senza operating segments which were aggregated in accordance with the authoritative guidance included in ASC Topic 280, Segment Reporting. In the fourth quarter of 2011, the Company ceased aggregating La Senza with Victoria's Secret. While this reporting change did not impact the Company's consolidated results, segment data for previous years has been recast to be consistent with the current year presentation throughout the financial statements and the accompanying notes.

The Victoria’s Secret segment sells women’s intimate and other apparel, personal care and beauty products under the Victoria’s Secret and Victoria’s Secret Pink brand names. Victoria’s Secret merchandise is sold through retail stores, its website, www.VictoriasSecret.com, and its catalogue.

The Bath & Body Works segment sells personal care, beauty and home fragrance products under the Bath & Body Works, C.O. Bigelow, White Barn Candle Company and other brand names. Bath & Body Works merchandise is sold at retail stores and through its website, www.BathandBodyWorks.com.

Other consists of the following:

• Mast Global, a merchandise sourcing and production function serving the Company and its international partners;

• International retail, franchise, license and wholesale operations, which include the company-owned La Senza and Bath & Body Works stores in Canada and Victoria’s Secret stores in Canada and the United Kingdom;

• Henri Bendel, a chain of specialty stores which feature accessories and personal care products; and

• Corporate functions including non-core real estate, equity investments and other governance functions such as treasury and tax.

The following table provides the Company’s segment information for the third quarter and year-to-date 2012 and 2011. As discussed above, certain reclassifications have been made to amounts for prior periods to conform to the current year's presentation.

	Victoria’s Secret		Bath & Body Works		Other			Total
	(in millions)
2012
Third Quarter:
Net Sales	$	1,280	$	538	$	232		$	2,050
Operating Income (Loss)	158		58		(29		)	187
Year-to-Date:
Net Sales	$	4,327	$	1,652	$	624		$	6,603
Operating Income (Loss)	692		206		(113		)	785
2011
Third Quarter:
Net Sales	$	1,218	$	504	$	452		$	2,174
Operating Income (Loss)	150		41		(5		)	186
Year-to-Date:
Net Sales	$	4,031	$	1,547	$	1,271		$	6,849
Operating Income (Loss)	634		165		(202		)	597

In the fourth quarter of 2011, the Company divested 51% of our third-party apparel sourcing business, which was included in Other in the table above. For additional information, see Note 8, "Equity Investments and Other."

The Company’s international sales, consisting of La Senza, Victoria's Secret Canada, Bath & Body Works Canada and Victoria's Secret UK retail sales; non-U.S. franchise, license and wholesale operations; and direct sales shipped internationally, totaled $242 million and $207 million for the third quarter of 2012 and 2011, respectively. The Company's international sales totaled $684 million and $643 million for year-to-date 2012 and 2011, respectively.