Earnings Per Share and Shareholders’ Equity (Deficit) (Tables)

3 Months Ended

Apr. 30, 2022

Earnings Per Share And Shareholders' Equity [Abstract]

Shares Utilized for the Calculation of Basic and Diluted Earnings Per Share

The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings per share for the first quarters of 2022 and 2021:

	First Quarter
	2022	2021
	(in millions)
Common Shares	255	288
Treasury Shares	(15)	(9)
Basic Shares	240	279
Effect of Dilutive Awards	3	5
Diluted Shares	243	284
Anti-dilutive Awards (a)	—	1

 _______________

(a)The awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Schedule of Repurchase of Common Stock

The Company repurchased the following shares of its common stock during the first quarter of 2021 under the March 2021 Program:

Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
March 2021 (a)	$	500	2,608	$	165	$	63.31

 _______________

(a)Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co.

The Company repurchased the following shares of its common stock during the first quarter of 2022 under the February 2022 Program:

Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
February 2022	$	1,500	4,721	$	235	$	49.81
February 2022 - Accelerated Share Repurchase Program (a)			13,624	800		58.72
Total			18,345	$	1,035

_______________

(a)Repurchased amounts exclude the shares received at final settlement subsequent to April 30, 2022, as well as the $200 million paid during the first quarter related to those shares.

Schedule of Dividends Paid

Under the authority and declaration of the Board, the Company paid the following dividend during the first quarter of 2022:

	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2022
First Quarter	$	0.20	$	48