Segment Information

9 Months Ended

Oct. 29, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company has three reportable segments: Victoria’s Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International.

The Victoria’s Secret segment sells women’s intimate and other apparel and 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, 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, comprised of company-owned stores in Greater China, as well as stores operated by partners under franchise, license and wholesale arrangements, which feature Victoria's Secret branded beauty and accessories products;

• Victoria's Secret International, 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 the U.S. and 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 for the third quarter and year-to-date 2016 and 2015:

	Victoria’s Secret		Bath & Body Works		Victoria’s Secret and Bath & Body Works International		Other			Total
	(in millions)
2016
Third Quarter:
Net Sales	$	1,584	$	770	$	104	$	123		$	2,581
Operating Income (Loss)	164		145		9		(34		)	284
Year-to-Date:
Net Sales	$	5,192	$	2,232	$	299	$	362		$	8,085
Operating Income (Loss)	679		405		30		(99		)	1,015
2015
Third Quarter:
Net Sales	$	1,567	$	705	$	93	$	117		$	2,482
Operating Income (Loss)	211		136		18		(26		)	339
Year-to-Date:
Net Sales	$	5,058	$	2,067	$	273	$	361		$	7,759
Operating Income (Loss)	797		371		60		(114		)	1,114

The Company's international net sales include sales from company-owned stores, royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s international net sales across all segments totaled $330 million and $295 million for the third quarter of 2016 and 2015, respectively. The Company’s international net sales across all segments totaled $958 million and $901 million for year-to-date 2016 and 2015, respectively.