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Segment Information
 9 Months Ended
Nov. 02, 2019
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Victoria’s Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International.
The Victoria’s Secret segment sells women’s intimate and other apparel, personal care and beauty products under the Victoria’s Secret and PINK brand names. Victoria’s Secret merchandise is sold online and through retail stores located in the U.S. and Canada.
The Bath & Body Works segment sells body care, home fragrance products, soaps and sanitizers under the Bath & Body Works, White Barn, C.O. Bigelow and other brand names. Bath & Body Works merchandise is sold online and at retail stores located in the U.S. and Canada.
The Victoria's Secret and Bath & Body Works International segment includes the Victoria's Secret and Bath & Body Works company-owned and partner-operated stores located outside of the U.S. and Canada, as well as the online business in Greater China. This segment includes the following:
•
Victoria's Secret International, comprised of company-owned stores in the U.K., Ireland and Greater China, as well as stores operated by partners under franchise and license arrangements;
•
Victoria's Secret Beauty and Accessories, comprised of company-owned stores in Greater China, as well as stores operated by partners under franchise, license and wholesale arrangements, which feature Victoria's Secret branded beauty and accessories products in travel retail and other locations; and
•
Bath & Body Works International stores operated by partners under franchise, license and wholesale arrangements.
Other includes Mast Global, a merchandise sourcing and production function serving the Company and its international partners, and Corporate functions, including non-core real estate, equity investments and other governance functions such as treasury and tax. Results for 2018 also include La Senza and Henri Bendel.
The following table provides the Company’s segment information for the third quarter and year-to-date 2019 and 2018:
 
Victoria’s
Secret
 
Bath &
Body Works
 
Victoria’s Secret
and
Bath & Body Works International
 
Other
 
Total
 
(in millions)
2019
 
 
 
 
 
 
 
 
 
Third Quarter:
 
 
 
 
 
 
 
 
 
Net Sales
$
1,412

 
$
1,064

 
$
134

 
$
67

 
$
2,677

Operating Income (Loss) (a)
(122
)
 
196

 
(215
)
 
(10
)
 
$
(151
)
Year-to-Date:
 
 
 
 
 
 
 
 
 
Net Sales
$
4,529

 
$
2,996

 
$
423

 
$
259

 
$
8,207

Operating Income (Loss) (a)
(73
)
 
531

 
(220
)
 
(61
)
 
177

2018
 
 
 
 
 
 
 
 
 
Third Quarter:
 
 
 
 
 
 
 
 
 
Net Sales
$
1,529

 
$
956

 
$
134

 
$
156

 
$
2,775

Operating Income (Loss) (b)
(36
)
 
178

 
(42
)
 
(46
)
 
54

Year-to-Date:
 
 
 
 
 
 
 
 


Net Sales
$
4,843

 
$
2,680

 
$
415

 
$
447

 
$
8,385

Operating Income (Loss) (b)
162

 
470

 
(56
)
 
(139
)
 
437


 _______________
(a)
Victoria's Secret and Victoria's Secret and Bath & Body Works International includes store asset impairment charges of $41 million and $177 million, respectively. Additionally, Victoria's Secret and Bath & Body Works International includes a goodwill impairment charge of $30 million. For additional information see Note 7, “Property and Equipment, Net" and Note 8, "Goodwill and Trade Names."
(b)
Victoria's Secret and Victoria's Secret and Bath & Body Works International includes store asset impairment charges of $50 million and $31 million, respectively, and Other includes Henri Bendel closure costs of $20 million. For additional information see Note 7, “Property and Equipment, Net" and Note 5, “Restructuring Activities."
The Company's international net sales include sales from company-owned stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s international net sales across all segments totaled $318 million and $387 million for the third quarter of 2019 and 2018, respectively. The Company's international net sales across all segments totaled $1.024 billion and $1.146 billion for year-to-date 2019 and 2018, respectively.