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Segment Information
 6 Months Ended
Aug. 01, 2020
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has three reportable segments: Bath & Body Works, Victoria's Secret and Victoria's Secret and Bath & Body Works International.
The Bath & Body Works segment sells body care, home fragrance products, soaps and sanitizers under the Bath & Body Works, White Barn, C.O. Bigelow and other brand names. Bath & Body Works merchandise is sold online and at retail stores located in the U.S. and Canada.
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 online and through retail stores located in the U.S. and Canada.
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, as well as the online business in Greater China. This segment includes the following:
•
Victoria's Secret International, comprised of company-owned stores in the U.K., Ireland and Greater China, as well as stores operated by partners under franchise and license arrangements;
•
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 in travel retail and other locations; and
•
Bath & Body Works International, comprised of stores operated by partners under franchise, license and wholesale arrangements.
Other includes Mast Global, a merchandise sourcing and production function serving the Company and its international partners, 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 second quarter and year-to-date 2020 and 2019:
 
Bath & Body
Works
 
Victoria’s
Secret
 
Victoria’s Secret
and
Bath &
Body Works
International
 
Other
 
Total
 
(in millions)
2020
 
 
 
 
 
 
 
 
 
Second Quarter:
 
 
 
 
 
 
 
 
 
Net Sales
$
1,197

 
$
978

 
$
80

 
$
64

 
$
2,319

Operating Income (Loss) (a)
326

 
(140
)
 
(19
)
 
(123
)
 
44

Year-to-Date:
 
 
 
 
 
 
 
 
 
Net Sales
$
1,909

 
$
1,799

 
$
146

 
$
120

 
$
3,974

Operating Income (Loss) (a)
395

 
(440
)
 
(54
)
 
(175
)
 
(274
)
2019
 
 
 
 
 
 
 
 
 
Second Quarter:
 
 
 
 
 
 
 
 
 
Net Sales
$
1,061

 
$
1,606

 
$
155

 
$
80

 
$
2,902

Operating Income (Loss)
180

 
17

 
(1
)
 
(21
)
 
175

Year-to-Date:
 
 
 
 
 
 
 
 


Net Sales
$
1,932

 
$
3,116

 
$
289

 
$
193

 
$
5,530

Operating Income (Loss)
335

 
49

 
(5
)
 
(51
)
 
328


 _______________
(a)
Victoria's Secret includes store and lease asset impairment charges of $75 million and $172 million for the second quarter and year-to-date 2020, respectively. Victoria's Secret and Bath & Body Works International includes lease asset impairment charges of $42 million. Additionally, Victoria's Secret and Bath & Body Works International includes a $36 million net gain related to the closure and lease termination of the Hong Kong flagship store. For additional information, see Note 7, “Long-Lived Assets." Bath & Body Works, Victoria's Secret and Other includes severance and related charges of $5 million, $26 million and $50 million, respectively. For additional information, see Note 4, “Restructuring."
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 totaled $238 million and $357 million for the second quarter of 2020 and 2019, respectively. The Company's international net sales across all segments totaled $418 million and $706 million for year-to-date 2020 and 2019, respectively.