Segment Information

12 Months Ended

Jan. 28, 2012

Segment Information [Abstract]

Segment Information

Segment Information

The Company has two reportable segments: Victoria’s Secret and Bath & Body Works. Prior to the fourth quarter of 2011, the Victoria’s Secret reportable segment consisted of the Victoria’s Secret and La Senza operating segments which were aggregated in accordance with the authoritative guidance included in ASC Topic 280, Segment Reporting. In the fourth quarter of 2011, the Company ceased aggregating La Senza with Victoria's Secret. While this reporting change did not impact the Company's consolidated results, segment data for previous years has been recast to be consistent with the current year presentation throughout the financial statements and the accompanying notes.

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:

• Mast Global, a merchandise sourcing and production function serving our internal brands;

• International retail, franchise and wholesale operations, which include the company-owned La Senza, Bath & Body Works and Victoria’s Secret stores in Canada;

• Henri Bendel, operator of 19 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 January 28, 2012, January 29, 2011 and January 30, 2010. As discussed above, certain reclassifications have been made to amounts for prior periods to conform to the current year's presentation.

	Victoria’s Secret		Bath & Body Works		Other			Total
	(in millions)
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
January 30, 2010
Net Sales	$	4,884	$	2,383	$	1,365		$	8,632
Depreciation and Amortization	130		58		169			357
Operating Income (Loss) (a)	578		358		(68		)	868
Total Assets	2,471		1,350		3,352			7,173
Capital Expenditures	105		24		73			202

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

(i) 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.

(ii) In 2009, a $9 million pre-tax gain, $14 million net of related tax benefits, associated with the reversal of an accrued contractual liability as a result of the divestiture of a joint venture.

The Company’s international sales, consisting of La Senza, Victoria's Secret Canada and Bath & Body Works Canada retail sales; non-U.S. franchise, license and wholesale operations; and direct sales shipped internationally, totaled $943 million in 2011, $762 million in 2010 and $638 million in 2009. The Company’s internationally based long-lived assets were $277 million as of January 28, 2012 and $471 million as of January 29, 2011.