Segment Information

12 Months Ended

Feb. 02, 2013

Segment Information [Abstract]

Segment Information

Segment Information

The Company has two reportable segments: Victoria’s Secret and Bath & Body Works.

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:

• 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;

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

• Henri Bendel, operator of 29 specialty stores, which features 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 as of and for the fiscal years ended February 2, 2013, January 28, 2012 and January 29, 2011:

	Victoria’s Secret		Bath & Body Works		Other			Total
	(in millions)
February 2, 2013
Net Sales	$	6,574	$	2,902	$	983		$	10,459
Depreciation and Amortization	148		53		153			354
Operating Income (Loss) (a)	1,188		604		(219		)	1,573
Total Assets	2,428		1,286		2,305			6,019
Capital Expenditures	268		71		249			588
January 28, 2012
Net Sales	$	6,121	$	2,674	$	1,569		$	10,364
Depreciation and Amortization	142		52		162			356
Operating Income (Loss) (a)	1,081		513		(356		)	1,238
Total Assets	2,346		1,273		2,489			6,108
Capital Expenditures	161		60		205			426
January 29, 2011
Net Sales	$	5,520	$	2,515	$	1,578		$	9,613
Depreciation and Amortization	135		55		169			359
Operating Income (Loss)	888		464		(68		)	1,284
Total Assets	2,357		1,330		2,764			6,451
Capital Expenditures	82		39		153			274

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(a) Operating Loss for the Other segment includes the effect of the following items:

(i) In 2012, a $93 million impairment charge related to goodwill and other intangible assets for our La Senza business; a $27 million impairment charge related to long-lived store assets for our Henri Bendel business; and $14 million of expense associated with the store closure initiative at La Senza.

(ii) In 2011, a $232 million impairment charge related to goodwill and other intangible assets for our La Senza business; a $111 million gain related to the divestiture of 51% of our third-party apparel sourcing business; $163 million of expense related to the charitable contribution of our remaining shares of Express, Inc. to The Limited Brands Foundation; and $24 million of restructuring expenses at La Senza.

In the fourth quarter of 2011, we divested 51% of our third-party apparel sourcing business, which was included in Other in the table above. For additional information, see Note 9, "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 $1.060 billion in 2012, $943 million in 2011 and $762 million in 2010. The Company’s internationally based long-lived assets were $220 million as of February 2, 2013 and $277 million as of January 28, 2012.