EXHIBIT 99.2 L BRANDS, INC. AND SUBSIDIARIES RESULTS BY SEGMENT FISCAL YEAR 2020 Unaudited $ (In thousands) Effective in the third quarter of 2020, the Company now has two reporting segments: 1) Bath & Body Works and 2) Victoria's Secret. As a result, the following key reclassifications for segment reporting were made: - The Victoria's Secret and Bath & Body Works International segment results are now reported in their respective brand segment. - The Victoria's Secret and Bath & Body Works sourcing and production functions (formerly known as Mast Global) and certain other corporate functions that directly support a specific brand are now reported in their respective brand segment. May 2, 2020 August 1, 2020 YTD August 1, 2020 As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Bath & Body Works Comparable Store Sales 20% - 20% 87% - 87% 54% - 54% Comparable Sales 41% - 41% 123% - 123% 84% - 84% Net Sales $ 712,662 $ 47,940 $ 760,602 $ 1,196,688 $ 56,444 $ 1,253,132 $ 1,909,350 $ 104,384 $ 2,013,734 Operating Income (Loss) $ 69,093 $ 6,634 $ 75,727 $ 325,624 $ 11,329 $ 336,953 $ 394,716 $ 17,965 $ 412,681 % of Sales 9.7% 0.3% 10.0% 27.2% -0.3% 26.9% 20.7% -0.2% 20.5% Victoria's Secret Comparable Store Sales -15% -3% -18% -10% -2% -12% -13% -3% -16% Comparable Sales -13% -2% -15% 28% -4% 24% 6% -3% 3% Net Sales $ 821,542 $ 72,065 $ 893,607 $ 977,540 $ 88,794 $ 1,066,334 $ 1,799,082 $ 160,859 $ 1,959,941 Operating Income (Loss) $ (299,967) $ (53,888) $ (353,855) $ (140,396) $ (77,006) $ (217,402) $ (440,363) $ (130,894) $ (571,257) % of Sales -36.5% -3.1% -39.6% -14.4% -6.0% -20.4% -24.5% -4.6% -29.1% Victoria's Secret and Bath & Body Works International Comparable Store Sales -52% 52% - -28% 28% - -40% 40% - Comparable Sales -44% 44% - -22% 22% - -33% 33% - Net Sales $ 65,464 $ (65,464) $ - $ 79,922 $ (79,922) $ - $ 145,385 $ (145,385) $ - Operating Income (Loss) $ (35,264) $ 35,264 $ - $ (18,659) $ 18,659 $ - $ (53,923) $ 53,923 $ - % of Sales -53.9% 53.9% - -23.3% 23.3% - -37.1% 37.1% - Other Comparable Store Sales - - - - - - - - - Comparable Sales - - - - - - - - - Net Sales $ 54,541 $ (54,541) $ - $ 65,316 $ (65,316) $ - $ 119,858 $ (119,858) $ - Operating Income (Loss) $ (51,560) $ 11,989 $ (39,571) $ (122,529) $ 47,016 $ (75,513) $ (174,089) $ 59,007 $ (115,082) % of Sales -94.5% 94.5% 0.0% -187.6% 187.6% 0.0% -145.2% 145.2% 0.0% Total L Brands Comparable Store Sales -5% - -5% 33% - 33% 12% - 12% Comparable Sales 4% - 4% 63% - 63% 32% - 32% Net Sales $ 1,654,209 $ - $ 1,654,209 $ 2,319,466 $ - $ 2,319,466 $ 3,973,675 $ - $ 3,973,675 Operating Income (Loss) $ (317,698) $ - $ (317,698) $ 44,040 $ - $ 44,040 $ (273,659) $ - $ (273,659) % of Sales -19.2% - -19.2% 1.9% - 1.9% -6.9% - -6.9%

L BRANDS, INC. AND SUBSIDIARIES ADJUSTED RESULTS BY SEGMENT FISCAL YEAR 2020 Unaudited $ (In thousands) Effective in the third quarter of 2020, the Company now has two reporting segments: 1) Bath & Body Works and 2) Victoria's Secret. As a result, the following key reclassifications for segment reporting were made: - The Victoria's Secret and Bath & Body Works International segment results are now reported in their respective brand segment. - The Victoria's Secret and Bath & Body Works sourcing and production functions (formerly known as Mast Global) and certain other corporate functions that directly support a specific brand are now reported in their respective brand segment. May 2, 2020 August 1, 2020 YTD August 1, 2020 Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Bath & Body Works Comparable Store Sales 20% - 20% 87% - 87% 54% - 54% Comparable Sales 41% - 41% 123% - 123% 84% - 84% Net Sales $ 712,662 $ 47,940 $ 760,602 $ 1,196,688 $ 56,444 $ 1,253,132 $ 1,909,350 $ 104,384 $ 2,013,734 Operating Income (Loss) $ 69,093 $ 6,634 $ 75,727 $ 330,931 $ 17,676 $ 348,607 $ 400,023 $ 24,312 424,335 % of Sales 9.7% 0.3% 10.0% 27.7% 0.1% 27.8% 21.0% 0.1% 21.1% Victoria's Secret Comparable Store Sales -15% -3% -18% -10% -2% -12% -13% -3% -16% Comparable Sales -13% -2% -15% 28% -4% 24% 6% -3% 3% Net Sales $ 821,542 $ 72,065 $ 893,607 $ 977,540 $ 88,794 $ 1,066,334 $ 1,799,082 $ 160,859 $ 1,959,941 Operating Income (Loss) $ (203,123) $ (53,888) $ (257,011) $ (38,920) $ (46,424) $ (85,344) $ (242,043) $ (100,312) $ (342,355) % of Sales -24.7% -4.1% -28.8% -4.0% -4.0% -8.0% -13.5% -4.0% -17.5% Victoria's Secret and Bath & Body Works International Comparable Store Sales -52% 52% - -28% 28% - -40% 40% - Comparable Sales -44% 44% - -22% 22% - -33% 33% - Net Sales $ 65,464 $ (65,464) $ - $ 79,922 $ (79,922) $ - $ 145,385 $ (145,385) $ - Operating Income (Loss) $ (35,264) $ 35,264 $ - $ (12,894) $ 12,894 $ - $ (48,158) $ 48,158 $ - % of Sales -53.9% 53.9% - -16.1% 16.1% - -33.1% 33.1% - Other Comparable Store Sales - - - - - - - - - Comparable Sales - - - - - - - - - Net Sales $ 54,541 $ (54,541) $ - $ 65,316 $ (65,316) $ - $ 119,858 $ (119,858) $ - Operating Income (Loss) $ (51,560) $ 11,989 $ (39,571) $ (73,448) $ 15,852 $ (57,596) $ (125,008) $ 27,842 $ (97,166) % of Sales -94.5% 94.5% 0.0% -112.5% 112.5% 0.0% -104.3% 104.3% 0.0% Total L Brands Comparable Store Sales -5% - -5% 33% - 33% 12% - 12% Comparable Sales 4% - 4% 63% - 63% 32% - 32% Net Sales $ 1,654,209 $ - $ 1,654,209 $ 2,319,466 $ - $ 2,319,466 $ 3,973,675 $ - $ 3,973,675 Operating Income (Loss) $ (220,854) $ - $ (220,854) $ 205,669 $ - $ 205,669 $ (15,186) $ - $ (15,186) % of Sales -13.4% - -13.4% 8.9% - 8.9% -0.4% - -0.4%

L BRANDS, INC. AND SUBSIDIARIES RESULTS BY SEGMENT FISCAL YEAR 2019 Unaudited $ (In thousands) Effective in the third quarter of 2020, the Company now has two reporting segments: 1) Bath & Body Works and 2) Victoria's Secret. As a result, the following key reclassifications for segment reporting were made: - The Victoria's Secret and Bath & Body Works International segment are now reported in their respective brand segment. - The Victoria's Secret and Bath & Body Works sourcing and production functions (formerly known as Mast Global) and certain other corporate functions that directly support a specific brand are now reported in their respective brand segment. May 4, 2019 August 3, 2019 November 2, 2019 February 1, 2020 Full Year February 1, 2020 As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Bath & Body Works Comparable Store Sales 7% - 7% 4% - 4% 5% - 5% 5% - 5% 5% - 5% Comparable Sales 13% - 13% 8% - 8% 9% - 9% 10% - 10% 10% - 10% Net Sales $ 870,734 $ 48,262 $ 918,996 $ 1,060,864 $ 45,896 $ 1,106,760 $ 1,064,146 $ 34,815 $ 1,098,961 $ 2,174,750 $ 56,197 $ 2,230,947 $ 5,170,493 $ 185,172 $ 5,355,665 Operating Income (Loss) $ 154,851 $ 12,870 $ 167,721 $ 180,234 $ 3,334 $ 183,568 $ 195,579 $ 13,181 $ 208,760 $ 660,606 $ 3,120 $ 663,726 $ 1,191,270 $ 32,505 $ 1,223,775 % of Sales 17.8% 0.5% 18.3% 17.0% -0.4% 16.6% 18.4% 0.6% 19.0% 30.4% -0.6% 29.8% 23.0% -0.1% 22.9% Victoria's Secret Comparable Store Sales -7% -1% -8% -9% - -9% -8% -1% -9% -10% -1% -11% -9% - -9% Comparable Sales -5% - -5% -6% - -6% -7% -1% -8% -10% - -10% -7% -1% -8% Net Sales $ 1,510,852 $ 159,551 $ 1,670,403 $ 1,605,632 $ 179,060 $ 1,784,692 $ 1,412,215 $ 165,271 $ 1,577,486 $ 2,275,817 $ 200,377 $ 2,476,194 $ 6,804,516 $ 704,258 $ 7,508,774 Operating Income (Loss) $ 32,720 $ (753) $ 31,967 $ 16,565 $ 18,811 $ 35,376 $ (122,202) $ (195,336) $ (317,538) $ (543,141) $ 11,794 $ (531,347) $ (616,057) $ (165,485) $ (781,542) % of Sales 2.2% -0.3% 1.9% 1.0% 1.0% 2.0% -8.7% -11.4% -20.1% -23.9% 2.4% -21.5% -9.1% -1.3% -10.4% Victoria's Secret and Bath & Body Works International Comparable Store Sales -10% 10% - -13% 13% - -19% 19% - -18% 18% - -16% 16% - Comparable Sales -5% 5% - -8% 8% - -18% 18% - -18% 18% - -13% 13% - Net Sales $ 134,955 $ (134,955) $ - $ 154,561 $ (154,561) $ - $ 133,349 $ (133,349) $ - $ 177,102 $ (177,102) $ - $ 599,967 $ (599,967) $ - Operating Income (Loss) $ (4,011) $ 4,011 $ - $ (1,280) $ 1,280 $ - $ (215,055) $ 215,055 $ - $ (15,270) $ 15,270 $ - $ (235,615) $ 235,615 $ - % of Sales -3.0% 3.0% - -0.8% 0.8% - -161.3% 161.3% - -8.6% 8.6% - -39.3% 39.3% - Other Comparable Store Sales - - - - - - - - - - - - - - - Comparable Sales - - - - - - - - - - - - - - - Net Sales $ 112,268 $ (72,857) $ 39,411 $ 80,481 $ (70,395) $ 10,086 $ 67,037 $ (66,737) $ 300 $ 79,472 $ (79,472) $ - $ 339,259 $ (289,462) $ 49,797 Operating Income (Loss) $ (30,216) $ (16,125) $ (46,341) $ (20,919) $ (23,424) $ (44,343) $ (9,537) $ (32,899) $ (42,436) $ (20,481) $ (30,185) $ (50,666) $ (81,153) $ (102,634) $ (183,787) % of Sales -26.9% -90.7% -117.6% -26.0% -413.7% -439.7% -14.2% -14131.1% -14145.3% -25.8% 25.8% 0.0% -23.9% -345.2% -369.1% Total L Brands Comparable Store Sales -3% - -3% -4% - -4% -3% - -3% -4% - -4% -3% - -3% Comparable Sales 0% - 0% -1% - -1% -2% - -2% -2% - -2% -1% - -1% Net Sales $ 2,628,809 $ - $ 2,628,809 $ 2,901,538 $ - $ 2,901,538 $ 2,676,747 $ - $ 2,676,747 $ 4,707,141 $ - $ 4,707,141 $ 12,914,236 $ - $ 12,914,236 Operating Income (Loss) $ 153,345 $ - $ 153,345 $ 174,601 $ - $ 174,601 $ (151,214) $ - $ (151,214) $ 81,714 $ - $ 81,714 $ 258,446 $ - $ 258,446 % of Sales 5.8% - 5.8% 6.0% - 6.0% -5.6% - -5.6% 1.7% - 1.7% 2.0% - 2.0%

L BRANDS, INC. AND SUBSIDIARIES ADJUSTED RESULTS BY SEGMENT FISCAL YEAR 2019 Unaudited $ (In thousands) Effective in the third quarter of 2020, the Company now has two reporting segments: 1) Bath & Body Works and 2) Victoria's Secret. As a result, the following key reclassifications for segment reporting were made: - The Victoria's Secret and Bath & Body Works International segment results are now reported in their respective brand segment. - The Victoria's Secret and Bath & Body Works sourcing and production functions (formerly known as Mast Global) and certain other corporate functions that directly support a specific brand are now reported in their respective brand segment. May 4, 2019 August 3, 2019 November 2, 2019 February 1, 2020 Full Year February 1, 2020 Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Bath & Body Works Comparable Store Sales 7% - 7% 4% - 4% 5% - 5% 5% - 5% 5% - 5% Comparable Sales 13% - 13% 8% - 8% 9% - 9% 10% - 10% 10% - 10% Net Sales $ 870,734 $ 48,262 $ 918,996 $ 1,060,864 $ 45,896 $ 1,106,760 $ 1,064,146 $ 34,815 $ 1,098,961 $ 2,174,750 $ 56,197 $ 2,230,947 $ 5,170,493 $ 185,172 $ 5,355,665 Operating Income (Loss) $ 154,851 $ 12,870 $ 167,721 $ 180,234 $ 3,334 $ 183,568 $ 195,579 $ 13,181 $ 208,760 $ 660,606 $ 3,120 $ 663,726 $ 1,191,270 $ 32,505 $ 1,223,775 % of Sales 17.8% 0.5% 18.3% 17.0% -0.4% 16.6% 18.4% 0.6% 19.0% 30.4% -0.6% 29.8% 23.0% -0.1% 22.9% Victoria's Secret Comparable Store Sales -7% -1% -8% -9% - -9% -8% -1% -9% -10% -1% -11% -9% - -9% Comparable Sales -5% - -5% -6% - -6% -7% -1% -8% -10% - -10% -7% -1% -8% Net Sales $ 1,510,852 $ 159,551 $ 1,670,403 $ 1,605,632 $ 179,060 $ 1,784,692 $ 1,412,215 $ 165,271 $ 1,577,486 $ 2,275,817 $ 200,377 $ 2,476,194 $ 6,804,516 $ 704,258 $ 7,508,774 Operating Income (Loss) $ 32,720 $ (753) $ 31,967 $ 16,565 $ 18,811 $ 35,376 $ (81,072) $ 11,067 $ (70,005) $ 146,435 $ 47,178 $ 193,613 $ 114,649 $ 76,302 $ 190,951 % of Sales 2.2% -0.3% 1.9% 1.0% 1.0% 2.0% -5.7% 1.3% -4.4% 6.4% 1.4% 7.8% 1.7% 0.8% 2.5% Victoria's Secret and Bath & Body Works International Comparable Store Sales -10% 10% - -13% 13% - -19% 19% - -18% 18% - -16% 16% - Comparable Sales -5% 5% - -8% 8% - -18% 18% - -18% 18% - -13% 13% - Net Sales $ 134,955 $ (134,955) $ - $ 154,561 $ (154,561) $ - $ 133,349 $ (133,349) $ - $ 177,102 $ (177,102) $ - $ 599,967 $ (599,967) $ - Operating Income (Loss) $ (4,011) $ 4,011 $ - $ (1,280) $ 1,280 $ - $ (8,653) $ 8,653 $ - $ 20,114 $ (20,114) $ - $ 6,172 $ (6,172) $ - % of Sales -3.0% -3.0% - -0.8% -0.8% - -6.5% -6.5% - 11.4% 11.4% - 1.0% 1.0% - Other Comparable Store Sales - - - - - - - - - - - - - - - Comparable Sales - - - - - - - - - - - - - - - Net Sales $ 112,268 $ (72,857) $ 39,411 $ 80,481 $ (70,395) $ 10,086 $ 67,037 $ (66,737) $ 300 $ 79,472 $ (79,472) $ - $ 339,259 $ (289,462) $ 49,797 Operating Income (Loss) $ (30,216) $ (16,125) $ (46,341) $ (20,919) $ (23,424) $ (44,343) $ (9,537) $ (32,899) $ (42,436) $ (20,481) $ (30,185) $ (50,666) $ (81,153) $ (102,634) $ (183,787) % of Sales -26.9% -90.7% -117.6% -26.0% -413.7% -439.7% -14.2% -14131.1% -14145.3% -25.8% 25.8% 0.0% -23.9% -345.2% -369.1% Total L Brands Comparable Store Sales -3% - -3% -4% - -4% -3% - -3% -4% - -4% -3% - -3% Comparable Sales 0% - 0% -1% - -1% -2% - -2% -2% - -2% -1% - -1% Net Sales $ 2,628,809 $ - $ 2,628,809 $ 2,901,538 $ - $ 2,901,538 $ 2,676,747 $ - $ 2,676,747 $ 4,707,141 $ - $ 4,707,141 $ 12,914,236 $ - $ 12,914,236 Operating Income (Loss) $ 153,345 $ - $ 153,345 $ 174,601 $ - $ 174,601 $ 96,318 $ - $ 96,318 $ 806,674 $ - $ 806,674 $ 1,230,939 $ - $ 1,230,939 % of Sales 5.8% - 5.8% 6.0% - 6.0% 3.6% - 3.6% 17.1% - 17.1% 9.5% - 9.5%

L BRANDS, INC. AND SUBSIDIARIES RESULTS BY SEGMENT FISCAL YEAR 2018 Unaudited $ (In thousands) Effective in the third quarter of 2020, the Company now has two reporting segments: 1) Bath & Body Works and 2) Victoria's Secret. As a result, the following key reclassifications for segment reporting were made: - The Victoria's Secret and Bath & Body Works International segment results are now reported in their respective brand segment. - The Victoria's Secret and Bath & Body Works sourcing and production functions (formerly known as Mast Global) and certain other corporate functions that directly support a specific brand are now reported in their respective brand segment. May 5, 2018 August 4, 2018 November 3, 2018 February 2, 2019 Full Year February 2, 2019 As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Bath & Body Works Comparable Store Sales 5% - 5% 7% - 7% 10% - 10% 8% - 8% 8% - 8% Comparable Sales 8% - 8% 10% - 10% 13% - 13% 12% - 12% 11% - 11% Net Sales $ 760,434 $ 27,582 $ 788,016 $ 963,586 $ 38,235 $ 1,001,821 $ 956,202 $ 34,357 $ 990,559 $ 1,950,798 $ 44,337 $ 1,995,135 $ 4,631,020 $ 144,512 $ 4,775,532 Operating Income (Loss) $ 123,660 $ 5,691 $ 129,351 $ 168,766 $ 3,787 $ 172,553 $ 177,845 $ 13,082 $ 190,927 $ 607,183 $ 3,070 $ 610,253 $ 1,077,454 $ 25,632 $ 1,103,086 % of Sales 16.3% 0.1% 16.4% 17.5% -0.3% 17.2% 18.6% 0.7% 19.3% 31.1% -0.5% 30.6% 23.3% -0.2% 23.1% Victoria's Secret Comparable Store Sales -5% - -5% -5% - -5% -6% - -6% -7% - -7% -6% - -6% Comparable Sales 1% -1% 0% -1% - -1% -2% 1% -1% -3% - -3% -2% - -2% Net Sales $ 1,589,427 $ 169,825 $ 1,759,252 $ 1,724,803 $ 172,876 $ 1,897,679 $ 1,528,799 $ 166,907 $ 1,695,706 $ 2,531,836 $ 218,285 $ 2,750,121 $ 7,374,864 $ 727,894 $ 8,102,758 Operating Income (Loss) $ 83,170 $ 6,736 $ 89,906 $ 114,250 $ 8,450 $ 122,700 $ (35,872) $ (19,855) $ (55,727) $ 300,739 $ 60,164 $ 360,903 $ 462,288 $ 55,495 $ 517,783 % of Sales 5.2% -0.1% 5.1% 6.6% -0.1% 6.5% -2.3% -1.0% -3.3% 11.9% 1.2% 13.1% 6.3% 0.1% 6.4% Victoria's Secret and Bath & Body Works International Comparable Store Sales -20% 20% - -14% 14% - -10% 10% - -9% 9% - -13% 13% - Comparable Sales -6% 6% - 2% -2% - -1% 1% - 0% - - -1% 1% - Net Sales $ 135,117 $ (135,117) $ - $ 145,489 $ (145,489) $ - $ 134,004 $ (134,004) $ - $ 190,673 $ (190,673) $ - $ 605,284 $ (605,284) $ - Operating Income (Loss) $ (4,803) $ 4,803 $ - $ (9,392) $ 9,392 $ - $ (41,806) $ 41,806 $ - $ 18,666 $ (18,666) $ - $ (37,335) $ 37,335 $ - % of Sales -3.6% 3.6% - -6.5% 6.5% - -31.2% 31.2% - 9.8% -9.8% - -6.2% 6.2% - Other Comparable Store Sales -1% - -1% -2% - -2% 5% - 5% 8% - 8% 3% - 3% Comparable Sales 3% - 3% 1% - 1% 10% - 10% 13% - 13% 7% - 7% Net Sales $ 140,868 $ (62,291) $ 78,577 $ 149,972 $ (65,623) $ 84,349 $ 155,868 $ (67,259) $ 88,609 $ 179,003 $ (71,949) $ 107,054 $ 625,710 $ (267,121) $ 358,589 Operating Income (Loss) $ (47,220) $ (17,232) $ (64,452) $ (45,488) $ (21,628) $ (67,116) $ (45,772) $ (35,033) $ (80,805) $ (127,141) $ (44,565) $ (171,706) $ (265,620) $ (118,462) $ (384,082) % of Sales -33.5% -48.5% -82.0% -30.3% -49.3% -79.6% -29.4% -61.8% -91.2% -71.0% -89.4% -160.4% -42.5% -64.6% -107.1% Total L Brands Comparable Store Sales -2% - -2% -1% - -1% 0% - 0% -1% - -1% -1% - -1% Comparable Sales 3% - 3% 3% - 3% 4% - 4% 3% - 3% 3% - 3% Net Sales $ 2,625,846 $ - $ 2,625,846 $ 2,983,849 $ - $ 2,983,849 $ 2,774,874 $ - $ 2,774,874 $ 4,852,309 $ - $ 4,852,309 $ 13,236,878 $ - $ 13,236,878 Operating Income (Loss) $ 154,807 $ - $ 154,807 $ 228,137 $ - $ 228,137 $ 54,396 $ - $ 54,396 $ 799,448 $ - $ 799,448 $ 1,236,787 $ - $ 1,236,787 % of Sales 5.9% - 5.9% 7.6% - 7.6% 2.0% - 2.0% 16.5% - 16.5% 9.3% - 9.3%

L BRANDS, INC. AND SUBSIDIARIES ADJUSTED RESULTS BY SEGMENT FISCAL YEAR 2018 Unaudited $ (In thousands) Effective in the third quarter of 2020, the Company now has two reporting segments: 1) Bath & Body Works and 2) Victoria's Secret. As a result, the following key reclassifications for segment reporting were made: - The Victoria's Secret and Bath & Body Works International segment results are now reported in their respective brand segment. - The Victoria's Secret and Bath & Body Works sourcing and production functions (formerly known as Mast Global) and certain other corporate functions that directly support a specific brand are now reported in their respective brand segment. May 5, 2018 August 4, 2018 November 3, 2018 February 2, 2019 Full Year February 2, 2019 Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Bath & Body Works Comparable Store Sales 5% - 5% 7% - 7% 10% - 10% 8% - 8% 8% - 8% Comparable Sales 8% - 8% 10% - 10% 13% - 13% 12% - 12% 11% - 11% Net Sales $ 760,434 $ 27,582 $ 788,016 $ 963,586 $ 38,235 $ 1,001,821 $ 956,202 $ 34,357 $ 990,559 $ 1,950,798 $ 44,337 $ 1,995,135 $ 4,631,020 $ 144,512 $ 4,775,532 Operating Income (Loss) $ 123,660 $ 5,691 $ 129,351 $ 168,766 $ 3,787 $ 172,553 $ 177,845 $ 13,082 $ 190,927 $ 607,183 $ 3,070 $ 610,253 $ 1,077,454 $ 25,632 $ 1,103,086 % of Sales 16.3% 0.1% 16.4% 17.5% -0.3% 17.2% 18.6% 0.7% 19.3% 31.1% -0.5% 30.6% 23.3% -0.2% 23.1% Victoria's Secret Comparable Store Sales -5% - -5% -5% - -5% -6% - -6% -7% - -7% -6% - -6% Comparable Sales 1% -1% 0% -1% - -1% -2% 1% -1% -3% - -3% -2% - -2% Net Sales $ 1,589,427 $ 169,825 $ 1,759,252 $ 1,724,803 $ 172,876 $ 1,897,679 $ 1,528,799 $ 166,907 $ 1,695,706 $ 2,531,836 $ 218,285 $ 2,750,121 $ 7,374,864 $ 727,894 $ 8,102,758 Operating Income (Loss) $ 83,170 $ 6,736 $ 89,906 $ 114,250 $ 8,450 $ 122,700 $ 14,248 $ 10,903 $ 25,151 $ 300,739 $ 60,164 $ 360,903 $ 512,408 $ 86,253 $ 598,661 % of Sales 5.2% -0.1% 5.1% 6.6% -0.1% 6.5% 0.9% 0.6% 1.5% 11.9% 1.2% 13.1% 6.9% 0.5% 7.4% Victoria's Secret and Bath & Body Works International Comparable Store Sales -20% 20% - -14% 14% - -10% 10% - -9% 9% - -13% 13% - Comparable Sales -6% 6% - 2% -2% - -1% 1% - 0% - - -1% 1% - Net Sales $ 135,117 $ (135,117) $ - $ 145,489 $ (145,489) $ - $ 134,004 $ (134,004) $ - $ 190,673 $ (190,673) $ - $ 605,284 $ (605,284) $ - Operating Income (Loss) $ (4,803) $ 4,803 $ - $ (9,392) $ 9,392 $ - $ (11,048) $ 11,048 $ - $ 18,666 $ (18,666) $ - $ (6,577) $ 6,577 $ - % of Sales -3.6% 3.6% - -6.5% 6.5% - -8.2% 8.2% - 9.8% -9.8% - -1.1% 1.1% - Other Comparable Store Sales -1% - -1% -2% - -2% 5% - 5% 8% - 8% 3% - 3% Comparable Sales 3% - 3% 1% - 1% 10% - 10% 13% - 13% 7% - 7% Net Sales $ 140,868 $ (62,291) $ 78,577 $ 149,972 $ (65,623) $ 84,349 $ 155,868 $ (67,259) $ 88,609 $ 179,003 $ (71,949) $ 107,054 $ 625,710 $ (267,121) $ 358,589 Operating Income (Loss) $ (47,220) $ (17,232) $ (64,452) $ (45,488) $ (21,628) $ (67,116) $ (25,462) $ (35,033) $ (60,495) $ (27,899) $ (44,565) $ (72,464) $ (146,068) $ (118,462) $ (264,530) % of Sales -33.5% -48.5% -82.0% -30.3% -49.3% -79.6% -16.3% -52.0% -68.3% -15.6% -52.1% -67.7% -23.3% -50.5% -73.8% Total L Brands Comparable Store Sales -2% - -2% -1% - -1% 0% - 0% -1% - -1% -1% - -1% Comparable Sales 3% - 3% 3% - 3% 4% - 4% 3% - 3% 3% - 3% Net Sales $ 2,625,846 $ - $ 2,625,846 $ 2,983,849 $ - $ 2,983,849 $ 2,774,874 $ - $ 2,774,874 $ 4,852,309 $ - $ 4,852,309 $ 13,236,878 $ - $ 13,236,878 Operating Income (Loss) $ 154,807 $ - $ 154,807 $ 228,137 $ - $ 228,137 $ 155,584 $ - $ 155,584 $ 898,689 $ - $ 898,689 $ 1,437,217 $ - $ 1,437,217 % of Sales 5.9% - 5.9% 7.6% - 7.6% 5.6% - 5.6% 18.5% - 18.5% 10.9% - 10.9%