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Stuart Burgdoerfer EVP & Stuart Burgdoerfer EVP & CFO 1 WHO WE ARE 50+ year history of creating, scaling and managing the lifecycle of successful specialty retail concepts Operating under 3 global brands, in categories with high emotional content: – Victoria's Secret – PINK – Bath & Body Works Long track record of successfully weathering macro-economic challenges and evolving our brands and portfolio of businesses Committed to meeting the needs of our customers, associates and communities, while delivering value to shareholders 3 WHERE WE ARE SHAREHOLDER RETURNS FOR SELECT RETAILERS 1-year Total Return 3-year Total Return 5-year Total Return 10-year Total Return 1 H&M 61.0 1 Home Depot 22.0 1 Home Depot 22.2 1 Home Depot 26.7 2 Target 26.9 2 Best Buy 21.0 2 Best Buy 18.6 2 TJX 21.5 Median of 3 Fast Retailing 22.0 Median of 3 Fast Retailing 20.7 Median of 3 Target 16.1 Median of 3 Fast Retailing 20.1 quartile: 4 Wal-Mart Stores 21.4 quartile: 4 Wal-Mart Stores 19.9 quartile: 4 Fast Retailing 14.9 quartile: 4 Inditex 16.1 21.7% 5 Home Depot 16.7 20.3% 5 Target 19.3 15.5% 5 TJX 14.7 18.1% 5 Foot Locker 15.9 6 Inditex 10.4 6 TJX 14.2 6 Children's Place 11.6 6 Children's Place 11.9 7 TJX 3.0 7 Tiffany & C o. 8.0 7 Wal-Mart Stores 11.4 7 Target 11.7 8 Buckle (13.6) 8 Children's Place 3.2 8 Inditex 6.9 8 Wal-Mart Stores 11.2 Median of 9 Best Buy (16.1) Median of 9 Buckle 0.9 Median of 9 American Eagle 6.9 Median of 9 Tiffany & Co. 11.0 quartile: 10 Walgreen Co. (22.3) quartile: 10 American Eagle (0.2) quartile: 10 Walgreen Co. (1.2) quartile: 10 Best Buy 8.8 (19.2%) 11 Foot Locker (23.7) 0.3% 11 Inditex (2.1) 2.8% 11 Tiffany & Co. (1.4) 9.9% 11 L Brands 8.2 12 Tiffany & Co. (29.5) 12 Abercrombie & Fitch (2.7) 12 H&M (4.9) 12 Giordano 7.4 13 American Eagle (29.5) 13 Ralph Lauren (3.4) 13 Giordano (5.4) 13 Walgreen Co. 6.5 14 Ralph Lauren (31.5) 14 H&M (6.3) 14 Foot Locker (6.4) 14 American Eagle 6.4 Median of 15 Abercrombie & Fitch (32.5) Median of 15 Giordano (10.8) Median of 15 Coach (7.7) Median of 15 Buckle 5.7 quartile: 16 L Brands (33.9) quartile: 16 Gap (11.3) quartile: 16 Buckle (8.8) quartile: 16 Ralph Lauren 4.3 (33.2%) 17 Children's Place (36.3) (11.1%) 17 Walgreen Co. (12.0) (8.3%) 17 Ralph Lauren (10.5) 5.0% 17 H&M 3.6 18 Giordano (39.3) 18 Foot Locker (15.9) 18 Abercrombie & Fitch (15.6) 18 Gap 0.5 19 Esprit Holdings (40.1) 19 Coach (16.1) 19 Gap (16.5) 19 Coach (0.5) 20 Bed Bath & Beyond (42.6) 20 Chico's (31.9) 20 L Brands (19.5) 20 Abercrombie & Fitch (4.9) Median of 21 Gap (45.5) Median of 21 Li & Fung (33.4) Median of 21 Chico's (25.1) Median of 21 Chico's (11.0) quartile: 22 Coach (57.7) quartile: 22 L Brands (36.5) quartile: 22 Bed Bath & Bey ond (30.3) quartile: 22 Bed Bath & Bey ond (11.6) (57.7%) 23 Li & Fung (58.5) (36.5%) 23 Bed Bath & Bey ond (38.8) (30.3%) 23 Li & Fung (32.9) (11.6%) 23 Li & Fung (17.6) 24 Chico's (60.8) 24 Esprit Holdings (44.0) 24 Esprit Holdings (37.6) 24 Esprit Holdings (29.4) 25 Ascena Retail Group (94.5) 25 Ascena Retail Group (68.5) 25 Ascena Retail Group (57.2) 25 Ascena Retail Group (29.4) Note: Total shareholder return data is current as of 8/30/2019; LB stock price closed at $16.51 4 WHERE WE ARE Over the last 5 years, enterprise sales growth has been driven by Bath & Body Works, while sales at the Victoria’s Secret segment grew slightly Revenue % $USD Billions 2014 2018 Inc/(Dec) Total L Brands $11.5 $13.2 16% Victoria's Secret Lingerie (Go-Forward) $3.2 $3.3 4% PINK $2.1 $2.8 32% Victoria's Secret Beauty $1.0 $1.1 9% Category Exits* $0.9 $0.1 nm Victoria's Secret $7.2 $7.4 2% Bath & Body Works $3.3 $4.6 38% International $0.3 $0.6 81% Note: Other Segment of L Brands not shown. *Victoria’s Secret category exits include apparel, swim and makeup 5 WHERE WE ARE Over the last 5 years, enterprise sales and operating income growth has been driven by Bath & Body Works. While sales at the Victoria’s Secret segment grew slightly, operating income has declined substantially. Sales Operating Income $14.0 $13.2 $1.3 $13.0 $2.0 $0.8 $12.0 $0.7 $11.5 $0.7 $0.3 $0.1 $1.4 $11.0 $0.1 $0.1 $0.3 $0.1 $USD in Billions $10.0 $USD in Billions $9.0 $8.0 2014 VS Category Other Victoria's Victoria's International PINK Bath & Body 2018 2014 Victoria's Secret International Bath & Body Works 2018 Exits* / Segment Secret Secret Works Other Beauty Lingerie* Note: Operating Income are depicted on a Non-GAAP reported basis. *Victoria’s Secret Lingerie Sales exclude Category exits. Category exits include apparel, swim and makeup. 6 VICTORIA’S SECRET – LEADER IN THE INTIMATES MARKET Victoria’s Secret has the largest share of the intimates market and maintains a large lead over the next closest competitor Source: The NPD Group / Consumer Tracking Service 12ME Dec ’18/Women’s Apparel 7 VICTORIA’S SECRET – HIGH BRAND AWARENESS Victoria’s Secret Social Media Followers (Millions) . Approximately $4 billion in global Lingerie retail sales 100 . More than 400 million store visits per year . Nearly 1 billion website visits per year – More than 68 million Instagram followers 80 – More than 29 million Facebook fans – More than 11 million Twitter followers 60 Victoria’s Secret PINK . Approximately $3 billion in global retail sales – 8 million Instagram followers 40 – 14.5 million Facebook fans – Approximately 13 million PINK Nation members 20 Victoria’s Secret Beauty . Approximately $1.5 billion in global retail sales 0 . 6 of the top 20 fragrances in the U.S. VS PINK Adore Me Aerie Third Love – Bombshell Twitter Facebook Instagram – Tease – Heavenly – Bombshell Seduction – Love – Very Sexy 8 WHERE WE ARE: VICTORIA’S SECRET SEGMENT $9,000 25% Net Sales & Operating Income ($M's) VS Segment 23% $8,000 $7,672 $7,781 $7,375 $7,207 $7,289 21% $7,000 $6,884 $6,652 $6,240 18.1% 19% $6,000 17.5% 17.7% 17.6% $5,576 16.7% 17% $5,112 16.0% $5,000 $4,888 15.5% 15% $4,000 12.4% 13% 11.9% 11.8% $3,000 11% $2,000 9% $1,271 $1,391 $1,095 $1,176 $1,153 $1,206 $890 $906 6.9% $1,000 7% $607 $578 $512 $‐ 5% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Net Sales Operating Income Op. Inc % 9 Note: Sales and Operating Income are depicted on a Non-GAAP reported basis. 2012 and 2017 are based on 52 weeks WHERE WE ARE: VICTORIA’S SECRET SEGMENT Victoria’s Secret Segment (includes PINK) Spring 2019 . Comps down 6%; merchandise margin dollars down low- double digits; operating income down substantially Fall 2019 . We are forecasting an improved trend in the business versus Spring, driven by a stronger merchandise assortment . Merchandise margin dollar decline forecasted to improve from down in the low-double digit range for Spring to down mid- to high-single digits in the third quarter and flat to down mid-single digits in the fourth quarter 10 FOCUSED FOR GROWTH: IMPROVING VS PERFORMANCE . Our #1 priority . New leadership driving change . John Mehas – CEO Victoria’s Secret Lingerie . Amy Hauk – CEO PINK . We are: . Repositioning product assortment and marketing . Rebalancing inventory breadth and depth and pricing architecture . Evolving our promotional strategy . Elevating in-store experience . Continuing to invest in digital 11 BATH & BODY WORKS – LEADER IN THE MARKET One of the largest specialty personal care and home fragrance brands in the world – Nearly $5 billion in global retail sales – More than 350 million store visits per year – More than 300 million website visits per year – In 2018, Bath & Body Works had ~150 million transactions – 235 stores outside North America with strong customer response #1 Brand in America for: – Three-wick candles – Electric fragrance diffuser for the home … Wallflower – Body moisturizer (lotion & body cream) – Fine fragrance mist – Men’s body moisturizer – Hand soap – Hand sanitizer #1 Home Fragrance Retailer in America 12 WHERE WE ARE: BATH & BODY WORKS 13 Note: Sales and Operating Income are depicted on a Non-GAAP reported basis. 2012 and 2017 are based on 52 weeks WHERE WE ARE: BATH & BODY WORKS Bath & Body Works Spring 2019 . Comps up 10%; operating income up 15% Fall 2019 . Lapping tougher comp and margin comparisons . On a one-year basis: a more moderate view of comps and merchandise margin dollar gains versus Spring . On a two-year basis: comp and merchandise margin dollar increases that are similar to the Spring result 14 FOCUSED FOR GROWTH: BATH & BODY WORKS Beauty and Home are excellent categories with strong market growth Growth opportunities in our core segments of fragrant body care, home fragrance and soaps, as well as emerging categories Continued opportunity for White Barn store remodels, with strong returns Continued investment in fulfillment capacity to support Direct business growth Enhancing close connection to our customers 15 WHERE WE ARE: INTERNATIONAL Franchise business is highly profitable; operating income decline driven by losses in the U.K.
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