Segment Information

12 Months Ended

Jan. 31, 2015

Segment Information [Abstract]

Segment Information

Segment Information

In the first quarter of 2014, the Company announced a change in its reportable segments. Results from company-owned Victoria's Secret and Bath & Body Works stores in Canada were reclassified from Other into the corresponding Victoria's Secret and Bath & Body Works segments. Additionally, a new segment called Victoria's Secret and Bath & Body Works International was created which includes the Victoria's Secret and Bath & Body Works company-owned and partner-operated stores outside of the U.S. and Canada. Therefore, beginning in 2014, the Company has three reportable segments: Victoria’s Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International. While this reporting change did not impact the Company's consolidated results, the segment data has been recast to be consistent for all periods presented throughout the financial statements and accompanying footnotes.

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 through retail stores located in the U.S. and Canada and its website, www.VictoriasSecret.com.

The Bath & Body Works segment sells personal care, soaps, sanitizers and home fragrance products under the Bath & Body Works, White Barn Candle Company, C.O. Bigelow and other brand names. Bath & Body Works merchandise is sold at retail stores located in the U.S. and Canada and through its website, www.BathandBodyWorks.com.

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. These businesses include the following:

• Victoria's Secret Beauty and Accessories stores operated by partners under franchise, license and wholesale arrangements, which feature Victoria's Secret branded beauty and accessories products;

• Victoria's Secret International stores, comprised of company-owned stores in the U.K., as well as stores operated by partners under franchise, license and wholesale arrangements; and

• Bath & Body Works International stores operated by partners under franchise, license and wholesale arrangements.

Other consists of the following:

• Mast Global, a merchandise sourcing and production function serving the Company and its international partners;

• La Senza, comprised of company-owned stores in Canada, as well as stores operated by partners under franchise, license and wholesale arrangements, which feature women's intimate apparel;

• Henri Bendel, operator of 29 specialty stores, which feature handbags, jewelry and other accessory 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 31, 2015, February 1, 2014 and February 2, 2013:

	Victoria’s Secret		Bath & Body Works		Victoria’s Secret and Bath & Body Works International		Other			Total
	(in millions)
January 31, 2015
Net Sales	$	7,207	$	3,350	$	336	$	561		$	11,454
Depreciation and Amortization	198		65		16		119			398
Operating Income (Loss)	1,271		737		78		(133		)	1,953
Total Assets (a)	2,950		1,365		369		2,860			7,544
Capital Expenditures	446		77		37		155			715
February 1, 2014
Net Sales	$	6,884	$	3,118	$	222	$	549		$	10,773
Depreciation and Amortization	175		65		9		119			368
Operating Income (Loss)	1,153		648		38		(96		)	1,743
Total Assets (a)	2,811		1,369		290		2,728			7,198
Capital Expenditures	444		80		33		134			691
February 2, 2013
Net Sales	$	6,740	$	3,074	$	132	$	513		$	10,459
Depreciation and Amortization	153		58		3		140			354
Operating Income (Loss) (b)	1,207		629		4		(267		)	1,573
Total Assets (a)	2,521		1,372		213		1,913			6,019
Capital Expenditures	290		74		44		180			588

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(a) Assets are allocated to the operating segments based on decision making authority relevant to the applicable assets.

(b) Operating Loss for the Other segment includes a $93 million impairment charge related to goodwill and other intangible assets for our La Senza business; a $27 million impairment charge related to long-lived store assets for our Henri Bendel business; and $14 million of expense associated with the store closure initiative at La Senza.

The Company’s international sales include sales from company-owned stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. The Company's international sales across all segments totaled $1.349 billion in 2014, $1.212 billion in 2013 and $1.060 billion in 2012. The Company’s internationally based long-lived assets were $293 million as of January 31, 2015 and $280 million as of February 1, 2014.