Segment Information

3 Months Ended

Apr. 30, 2011

Segment Information

Segment Information

15. 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 and accessories under the Victoria's Secret, Victoria's Secret Pink and La Senza brand names. Victoria's Secret merchandise is sold through retail stores, its website, www.VictoriasSecret.com, and its catalogue. Through its website and catalogue, certain Victoria's Secret's merchandise may be purchased worldwide. La Senza sells merchandise through retail stores located throughout Canada and stores with licensing arrangements or franchise relationships in 42 other countries. La Senza products may also be purchased through its website, www.LaSenza.com.

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:

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

• Mast Global, a merchandise sourcing and production function serving the Company's internal brands as well as third-party customers;

• International retail, franchise and wholesale operations (excluding La Senza), which include the Company's Bath & Body Works and Victoria's Secret stores in Canada; 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 first quarter 2011 and 2010:

	Victoria's Secret		Bath & Body  Works		Other			Total
	(in millions)
2011
Net Sales	$	1,444	$	480	$	293		$	2,217
Operating Income (Loss)		240		54		(77	)		217
2010
Net Sales	$	1,264	$	430	$	238		$	1,932
Operating Income (Loss)		167		38		(20	)		185

The Company's international sales, including La Senza, Bath & Body Works Canada, Victoria's Secret Canada and direct sales shipped internationally, totaled $190 million and $146 million for first quarter of 2011 and 2010, respectively.