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L BRANDS, INC. (Exact Name of Registrant As Specified in Its Charter) (Formerly Known As Limited Brands, Inc.) ______

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L BRANDS, INC. (Exact Name of Registrant As Specified in Its Charter) (Formerly Known As Limited Brands, Inc.) ______ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ______________________________________________________ FORM 10-K ______________________________________________________ (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 1, 2014 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission file number 1-8344 ______________________________________________________ L BRANDS, INC. (Exact name of registrant as specified in its charter) (Formerly known as Limited Brands, Inc.) _________________________________________________ Delaware (State or other jurisdiction 31-1029810 of incorporation or organization) (I.R.S. Employer Identification No.) Three Limited Parkway, Columbus, Ohio 43230 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (614) 415-7000 ______________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, $.50 Par Value The New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The aggregate market value of the registrant’s Common Stock held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter was: $14,266,756,168. Number of shares outstanding of the registrant’s Common Stock as of March 14, 2014: 290,998,928. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the Registrant’s 2014 Annual Meeting of Stockholders to be held on May 22, 2014, are incorporated by reference into Part II and Part III. Table of Contents Table of Contents Page No. Part I Item 1. Business 1 Item 1A. Risk Factors 6 Item 1B. Unresolved Staff Comments 12 Item 2. Properties 13 Item 3. Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 Part II Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6. Selected Financial Data 17 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 50 Item 8. Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96 Item 9A. Controls and Procedures 96 Item 9B. Other Information 96 Part III Item 10. Directors, Executive Officers and Corporate Governance 97 Item 11. Executive Compensation 97 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 Item 13. Certain Relationships and Related Transactions, and Director Independence 97 Item 14. Principal Accountant Fees and Services 97 Part IV Item 15. Exhibits, Financial Statement Schedules 98 Signatures 102 Table of Contents PART I ITEM 1. BUSINESS. General L Brands, Inc. (“we” or “the Company”) operates in the highly competitive specialty retail business. Founded in 1963 in Columbus, Ohio, we have evolved from an apparel-based specialty retailer to a segment leader focused on women’s intimate and other apparel, personal care and beauty categories that make customers feel sexy, sophisticated and forever young. We sell our merchandise through company-owned specialty retail stores in the United States (“U.S.”), Canada and the United Kingdom ("U.K."), which are primarily mall-based, and through websites, catalogue and international franchise, license and wholesale partners. Victoria’s Secret Victoria’s Secret, including Victoria’s Secret PINK, is the leading specialty retailer of women’s intimate and other apparel with fashion-inspired collections, prestige fragrances, celebrated supermodels and world-famous runway shows. We sell our Victoria’s Secret products at more than 1,000 Victoria’s Secret stores in the U.S., Canada and U.K. and online at www.VictoriasSecret.com. Additionally, Victoria’s Secret has more than 200 stores and various small-format locations in more than 60 countries operating under franchise or wholesale arrangements. Bath & Body Works Bath & Body Works is one of the leading specialty retailers of home fragrance and personal care products including shower gels, lotions, soaps and sanitizers. We sell our Bath & Body Works products at more than 1,600 Bath & Body Works stores in the U.S. and Canada and online at www.BathandBodyWorks.com. Additionally, Bath & Body Works has more than 50 stores in 14 countries operating under franchise arrangements. Other Brands La Senza is a specialty retailer of women’s intimate apparel. We sell our La Senza products at more than 150 La Senza stores in Canada and online at www.LaSenza.com. Additionally, La Senza has more than 330 stores in 30 countries operating under franchise and licensing arrangements. Henri Bendel sells upscale accessory products through our New York flagship and 28 other stores, as well as online at www.HenriBendel.com. Acquisitions and Divestitures Express In July 2007, we completed the divestiture of 75% of our ownership interest in Express, Inc. ("Express") to affiliates of Golden Gate Capital. From May 2010 through July 2011, we sold 10.4 million shares of Express common stock and contributed our remaining 7.2 million shares of common stock to The Limited Brands Foundation. Limited Stores In August 2007, we completed the divestiture of 75% of our ownership interest in Limited Stores to affiliates of Sun Capital. In June 2010, we completed the divestiture of our remaining 25% ownership interest in Limited Stores. Third-party Apparel Sourcing Business On October 31, 2011, we divested 51% of our ownership interest in our third-party apparel sourcing business to affiliates of Sycamore Partners. We continue to retain an ownership interest which we account for as an equity method investee. Fiscal Year Our fiscal year ends on the Saturday nearest to January 31. As used herein, “2013”, “2011”, “2010” and “2009” refer to the 52- week periods ending February 1, 2014, January 28, 2012, January 29, 2011 and January 30, 2010, respectively. “2012” refers to the 53-week period ending February 2, 2013. 1 Table of Contents Real Estate Company-owned Retail Stores Our company-owned retail stores are located in shopping malls, lifestyle centers and street locations in the U.S., Canada and U.K. As a result of our strong brand and established retail presence, we have been able to lease high-traffic locations in most retail centers in which we operate. Substantially all of our stores were profitable in 2013. The following table provides the retail businesses and the number of our company-owned retail stores in operation for each business as of February 1, 2014 and February 2, 2013. February 1, February 2, 2014 2013 Victoria’s Secret Stores U.S. 1,060 1,019 Bath & Body Works U.S. 1,559 1,571 La Senza Canada 157 158 Bath & Body Works Canada 79 71 Victoria’s Secret Canada 34 26 Henri Bendel 29 29 Victoria's Secret U.K. 5 2 Total 2,923 2,876 The following table provides the changes in the number of our company-owned retail stores operated for the past five fiscal years: Beginning Fiscal Year of Year Opened Closed End of Year 2013 2,876 81 (34) 2,923 2012 2,941 48 (113) 2,876 2011 2,968 40 (67) 2,941 2010 2,971 44 (47) 2,968 2009 3,014 59 (102) 2,971 Franchise, License and Wholesale Agreements In addition to our company-owned stores, our products are sold at hundreds of franchise and other locations throughout the world. We have franchise, license and wholesale agreements with unaffiliated partners to operate Victoria's Secret, Bath & Body Works and La Senza stores throughout the world. Under these agreements, third parties operate stores that sell our products under our brand names. We continue to increase the number of locations under these types of arrangements as part of our international expansion.
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