FULLTEXT DEL 1 AV 2
10-Q – 2026-05-27 – 0000701985-26-000014-xbrl.zip
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us-gaap:EstimateOfFairValueFairValueDisclosureMember 2026-01-31 0000701985 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-05-03 0000701985 us-gaap:LeaseAgreementsMember 2026-05-02 0000701985 bbwi:ReportableSegmentMember 2025-02-02 2025-05-03 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 2, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8344 _________________________________ BATH & BODY WORKS, INC. (Exact name of registrant as specified in its charter) _______________________________ Delaware 31-1029810 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Three Limited Parkway Columbus, Ohio 43230 (Address of principal executive offices) (Zip Code) (614) 415-7000 (Registrant’s telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Smaller reporting company ☐ Non-accelerated filer ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No ☒ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.50 Par Value BBWI The New York Stock Exchange As of May 22, 2026, the number of outstanding shares of the Registrant’s common stock was 201,561,812 shares. Table of Contents BATH & BODY WORKS, INC. ® TABLE OF CONTENTS Page No. Part I. Financial Information Item 1. Financial Statements * Consolidated Statements of Income (Unaudited) 3 Consolidated Statements of Comprehensive Income (Unaudited) 3 Consolidated Balance Sheets as of M ay 2, 2026 (Unaudited), January 31 , 202 6 and May 3 , 202 5 (Unaudited) 4 Consolidated Statements of Total Equity (Deficit) (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6 Notes to Consolidated Financial Statements (Unaudited) 7 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 14 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3. Quantitative and Qualitative Disclosures About Market Risk 23 Item 4. Controls and Procedures 24 Part II. Other Information 25 Item 1. Legal Proceedings 25 Item 1A. Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26 Signature 27 * The Company’s fiscal year ends on the Saturday nearest to January 31. As a result, “first quarter of 2026” and “first quarter of 2025” refer to the thirteen-week periods ended May 2, 2026 and May 3, 2025, respectively. 2 Table of Contents PART I—FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts) (Unaudited) First Quarter 2026 2025 Net Sales $ 1,378 $ 1,424 Costs of Goods Sold, Buying and Occupancy ( 791 ) ( 778 ) Gross Profit 587 646 General, Administrative and Store Operating Expenses ( 356 ) ( 437 ) Operating Income 231 209 Interest Expense ( 69 ) ( 71 ) Other Income, Net 4 8 Income Before Income Taxes 166 146 Benefit (Provision) for Income Taxes 17 ( 41 ) Net Income $ 183 $ 105 Net Income per Basic Share $ 0.91 $ 0.49 Net Income per Diluted Share $ 0.90 $ 0.49 BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (Unaudited) First Quarter 2026 2025 Net Income $ 183 $ 105 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation — 6 Unrealized Loss on Cash Flow Hedges — ( 3 ) Reclassification of Cash Flow Hedges to Earnings — ( 1 ) Total Other Comprehensive Income, Net of Tax — 2 Total Comprehensive Income $ 183 $ 107 The accompanying Notes are an integral part of these Consolidated Financial Statements. 3 Table of Contents BATH & BODY WORKS, INC. CONSOLIDATED BALANCE SHEETS (in millions, except par value amounts) May 2, 2026 January 31, 2026 May 3, 2025 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and Cash Equivalents $ 820 $ 953 $ 636 Accounts Receivable, Net 98 180 103 Inventories 782 699 869 Easton Assets Held for Sale 81 81 97 Other 118 106 115 Total Current Assets 1,899 2,019 1,820 Property and Equipment, Net 1,106 1,127 1,111 Operating Lease Assets 974 941 970 Goodwill 628 628 628 Trade Name 165 165 165 Deferred Income Taxes 110 112 133 Other Assets 81 77 54 Total Assets $ 4,963 $ 5,069 $ 4,881 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 557 $ 465 $ 452 Accrued Expenses and Other 513 579 495 Current Debt — 280 — Current Operating Lease Liabilities 206 195 201 Income Taxes 101 72 146 Total Current Liabilities 1,377 1,591 1,294 Deferred Income Taxes 115 65 23 Long-term Debt 3,613 3,612 3,886 Long-term Operating Lease Liabilities 894 867 895 Other Long-term Liabilities 95 213 233 Shareholders’ Equity (Deficit): Preferred Stock - $ 1.00 par value; 10 shares authorized; none issued — — — Common Stock - $ 0.50 par value; 1,000 shares authorized; 217 , 216 and 227 shares issued; 201 , 201 and 212 shares outstanding, respectively 108 108 113 Paid-in Capital 799 794 818 Accumulated Other Comprehensive Income 74 74 73 Retained Earnings (Accumulated Deficit) ( 1,292 ) ( 1,435 ) ( 1,633 ) Less: Treasury Stock, at Average Cost; 15 , 15 and 15 shares, respectively ( 822 ) ( 822 ) ( 822 ) Total Shareholders’ Equity (Deficit) ( 1,133 ) ( 1,281 ) ( 1,451 ) Noncontrolling Interest 2 2 1 Total Equity (Deficit) ( 1,131 ) ( 1,279 ) ( 1,450 ) Total Liabilities and Equity (Deficit) $ 4,963 $ 5,069 $ 4,881 The accompanying Notes are an integral part of these Consolidated Financial Statements. 4 Table of Contents BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF TOTAL EQUITY (DEFICIT) (in millions, except per share amounts) (Unaudited) First Quarter 2026 Common Stock Paid-In Capital Accumulated Other Comprehensive Income Retained Earnings (Accumulated Deficit) Treasury Stock, at Average Cost Noncontrolling Interest Total Equity (Deficit) Shares Outstanding Par Value Balance, January 31, 2026 201 $ 108 $ 794 $ 74 $ ( 1,435 ) $ ( 822 ) $ 2 $ ( 1,279 ) Net Income — — — — 183 — — 183 Other Comprehensive Income — — — — — — — — Total Comprehensive Income — — — — 183 — — 183 Cash Dividends ($ 0.20 per share) — — — — ( 40 ) — — ( 40 ) Share-based Compensation and Other — — 5 — — — — 5 Balance, May 2, 2026 201 $ 108 $ 799 $ 74 $ ( 1,292 ) $ ( 822 ) $ 2 $ ( 1,131 ) First Quarter 2025 Common Stock Paid-In Capital Accumulated Other Comprehensive Income Retained Earnings (Accumulated Deficit) Treasury Stock, at Average Cost Noncontrolling Interest Total Equity (Deficit) Shares Outstanding Par Value Balance, February 1, 2025 216 $ 115 $ 829 $ 71 $ ( 1,578 ) $ ( 822 ) $ 2 $ ( 1,383 ) Net Income — — — — 105 — — 105 Other Comprehensive Income — — — 2 — — — 2 Total Comprehensive Income — — — 2 105 — — 107 Cash Dividends ($ 0.20 per share) — — — — ( 43 ) — — ( 43 ) Repurchases of Common Stock ( 4 ) — — — — ( 135 ) — ( 135 ) Treasury Share Retirement — ( 2 ) ( 16 ) — ( 117 ) 135 — — Share-based Compensation and Other — — 5 — — — ( 1 ) 4 Balance, May 3, 2025 212 $ 113 $ 818 $ 73 $ ( 1,633 ) $ ( 822 ) $ 1 $ ( 1,450 ) The accompanying Notes are an integral part of these Consolidated Financial Statements. 5 Table of Contents BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) First Quarter 2026 2025 Operating Activities: Net Income $ 183 $ 105 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation of Long-lived Assets 61 64 Share-based Compensation Expense 8 10 Gain on Sale of Non-core Asset ( 3 ) — Loss on Extinguishment of Debt 8 — Tax Benefit from Resolution of Certain Tax Matters ( 62 ) — Changes in Assets and Liabilities: Accounts Receivable 82 103 Inventories ( 83 ) ( 134 ) Accounts Payable, Accrued Expenses and Other 34 14 Income Taxes Payable 29 34 Other Assets and Liabilities ( 13 ) ( 8 ) Net Cash Provided by Operating Activities 244 188 Investing Activities: Capital Expenditures ( 49 ) ( 37 ) Proceeds from Sale of Non-core Asset, Net of fees 8 — Other Investing Activities ( 1 ) ( 2 ) Net Cash Used for Investing Activities ( 42 ) ( 39 ) Financing Activities: Payments for Long-term Debt ( 289 ) — Repurchases of Common Stock — ( 136 ) Dividends Paid ( 40 ) ( 43 ) Tax Payments Related to Share-based Awards ( 3 ) ( 4 ) Other Financing Activities ( 3 ) ( 5 ) Net Cash Used for Financing Activities ( 335 ) ( 188 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — 1 Net Decrease in Cash and Cash Equivalents ( 133 ) ( 38 ) Cash and Cash Equivalents, Beginning of Year 953 674 Cash and Cash Equivalents, End of Period $ 820 $ 636 The accompanying Notes are an integral part of these Consolidated Financial Statements. 6 Table of Contents BATH & BODY WORKS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Description of Business and Basis of Presentation Description of Business Bath & Body Works, Inc. (the “Company”) is a global leader in personal care and home fragrance. The Company sells merchandise through its retail stores in the United States of America (“U.S.”) and Canada, and through its e-commerce sites and other channels. The Company’s international business is conducted through franchise, license and wholesale partners. Fiscal Year The Company uses the retail calendar for reporting and its fiscal year ends on the Saturday nearest to January 31. As a result, “first quarter of 2026” and “first quarter of 2025” refer to the thirteen-week periods ended May 2, 2026 and May 3, 2025, respectively. References to “quarter” and “year” each refer to the fiscal calendar period. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee’s net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of all unconsolidated entities is included in Other Income, Net in the Consolidated Statements of Income. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended May 2, 2026 and May 3, 2025 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company’s 2025 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Seasonality of Business The Company’s operations are seasonal in nature and the fourth quarter of the fiscal year, including the holiday selling season, typically accounts for the highest Net Sales and is its most profitable quarter. Due to the seasonal variations in the retail industry, the results of operations for the interim periods are not necessarily indicative of the results expected for the full fiscal year. Derivative Financial Instruments The Company’s Canadian dollar denominated earnings are subject to exchange rate risk as substantially all the Company’s merchandise sold in Canada is sourced through U.S. dollar transactions. The Company uses foreign currency forward contracts designated as cash flow hedges to mitigate this foreign currency exposure. Amounts are reclassified from Accumulated Other Comprehensive Income upon sale of the hedged merchandise to the customer. These gains and losses are recognized in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. All designated cash flow hedges are recorded on the Consolidated Balance Sheets at fair value. The fair value of designated cash flow hedges is not significant for any period presented. The Company does not use derivative financial instruments for trading purposes. Supplier Finance Program In the fourth quarter of 2024, the Company implemented a supply chain finance (“SCF”) program agreement with a third-party financial institution, whereby the Company’s merchandise suppliers have the opportunity to settle outstanding payment obligations early, at a discount, facilitated by the financial institution. Since implementation, merchandise suppliers have continued to join the program. The Company’s obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by suppliers’ participation in the arrangement and the Company provides no guarantees to any third parties under the SCF program. Amounts due under the SCF program are included in Accounts Payable in the Consolidated Balance Sheets and within Operating Activities in the Consolidated Statements of Cash Flows. Amounts due under the SCF program were $ 154 million, $ 115 million and $ 52 million as of May 2, 2026, January 31, 2026 and May 3, 2025, respectively. 7 Table of Contents Concentration of Credit Risk The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom it transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which it grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur. Easton Investments The Company has land and other investments in Easton, a planned community in Columbus, Ohio, that integrates office, hotel, retail, residential and recreational space. Beginning in the fourth quarter of 2024, certain of these investments met all of the required criteria for held for sale presentation, which requires assets to be reported at the lower of their carrying value or fair value less costs to sell. The investments classified as held for sale, consisting primarily of undeveloped land, are reported at their carrying value, which was $ 81 million, $ 81 million and $ 97 million as of May 2, 2026, January 31, 2026 and May 3, 2025, respectively, within Current Assets on the Consolidated Balance Sheets. During the second quarter of 2025, the Company changed its plan of sale for its Easton investments, causing certain of these investments to no longer meet the held for sale criteria. As a result of this change, the Company reclassified $ 17 million of carrying value from Current Assets to long-term Other Assets during the second quarter of 2025. The Company’s Easton investments not presented as held for sale and reported in Other Assets were $ 35 million, $ 38 million and $ 24 million as of May 2, 2026, January 31, 2026 and May 3, 2025, respectively. Interchange Fee Settlements In the first quarter of 2026, the Company entered into settlement agreements to resolve payment card interchange fee litigation. As a result of the settlements, the Company recognized a pre-tax gain of $ 88 million, net of legal fees, as a reduction of General, Administrative and Store Operating Expenses in the first quarter of 2026 Consolidated Statement of Income. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available. Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses , which requires disclosures of disaggregated information about certain prescribed expense categories within relevant income statement expense captions. This standard is effective for annual reporting of fiscal years beginning after December 15, 2026, and for interim periods in the following year, with early adoption permitted. This standard should be applied prospectively, with retrospective application permitted. The Company is currently evaluating the impact of adopting this standard on its disclosures. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software , which is intended to modernize the accounting for software costs by removing project stages from capitalization criteria and further clarifies the threshold entities apply to begin capitalizing costs. This standard is effective for annual reporting of fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted. This standard can be applied prospectively, retrospectively or through a modified transition approach. The Company early adopted this standard prospectively in the first quarter of 2026. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements nor the related disclosures. 2. Revenue Recognition Accounts receivable, net from revenue-generating activities were $ 61 million as of May 2, 2026, $ 66 million as of January 31, 2026 and $ 67 million as of May 3, 2025. These accounts receivable primarily relate to amounts due from the Company’s franchise, license and wholesale partners. Under these arrangements, payment terms are typically 45 to 75 days. The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty points and rewards, and direct channel shipments not received by the 8 Table of Content s customer, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue, which is recorded within Accrued Expenses and Other on the Consolidated Balance Sheets, was $ 200 million as of May 2, 2026, $ 223 million as of January 31, 2026 and $ 177 million as of May 3, 2025. The Company recognized $ 68 million as revenue during the first quarter of 2026 from amounts recorded as deferred revenue at the beginning of its fiscal year. The following table provides a disaggregation of Net Sales for the first quarters of 2026 and 2025: First Quarter 2026 2025 (in millions) Stores - U.S. and Canada (a) $ 1,062 $ 1,110 Direct - U.S. and Canada 246 250 International and Other (b) 70 64 Total Net Sales $ 1,378 $ 1,424 _______________ (a) Results include fulfilled buy online pick up in store orders. (b) Results include royalties associated with franchised stores, as well as international and domestic wholesale sales. The Company’s Net Sales outside of the U.S. include sales from Company-operated stores and its e-commerce site in Canada, royalties associated with franchised stores and international wholesale sales. Certain of these sales are subject to the impact of fluctuations in foreign currency. The Company’s Net Sales outside of the U.S. totaled $ 136 million and $ 132 million for the first quarters of 2026 and 2025, respectively . 3. Net Income Per Share and Shareholders’ Equity (Deficit) Net Income Per Share Net Income per Basic Share is computed based on the weighted-average number of common shares outstanding. Net Income per Diluted Share includes the weighted-average effect of dilutive restricted share units, performance share units and stock options (collectively, “Dilutive Awards”) on the weighted-average common shares outstanding. The following table provides the weighted-average shares utilized for the calculation of Net Income per Basic and Diluted Share for the first quarters of 2026 and 2025: First Quarter 2026 2025 (in millions) Common Shares 216 229 Treasury Shares ( 15 ) ( 15 ) Basic Shares 201 214 Effect of Dilutive Awards 1 1 Diluted Shares 202 215 Anti-dilutive Awards (a) — — _______________ (a) These awards were excluded from the calculation of Net Income per Diluted Share because their inclusion would have been anti-dilutive. 9 Table of Content s Common Stock Repurchases and Retirements The Company did not repurchase any shares of its common stock during the first quarter of 2026. Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs during the first quarter of 2025: Repurchase Program Amount Authorized Shares Repurchased Amount Repurchased Average Stock Price 2025 2025 2025 (in millions) (in thousands) (in millions) January 2024 $ 500 460 $ 17 $ 37.67 January 2025 500 3,866 118 $ 30.47 Total 4,326 $ 135 On February 27, 2025, the Company cancelled the remaining $ 121 million authorization available under the January 2024 Program and began repurchasing shares under the January 2025 Program. The January 2025 Program had $ 117 million of remaining authority as of May 2, 2026. Shares repurchased under these programs are retired and cancelled upon repurchase. As a result, the Company retired the 4.326 million shares repurchased during the first quarter of 2025. Dividends The Company paid the following dividends during the first quarters of 2026 and 2025: Ordinary Dividends Total Paid (per share) (in millions) 2026 First Quarter $ 0.20 $ 40 2025 First Quarter $ 0.20 $ 43 In May 2026, the Company declared its second quarter 2026 ordinary dividend of $ 0.20 per share payable on June 19, 2026 to shareholders of record at the close of business on June 5, 2026. 4. Inventories The following table provides details of Inventories as of May 2, 2026, January 31, 2026 and May 3, 2025: May 2, 2026 January 31, 2026 May 3, 2025 (in millions) Finished Goods Merchandise $ 615 $ 545 $ 696 Raw Materials and Merchandise Components 167 154 173 Total Inventories $ 782 $ 699 $ 869 Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis. 5. Long-lived Assets The following table provides details of Property and Equipment, Net as of May 2, 2026, January 31, 2026 and May 3, 2025: May 2, 2026 January 31, 2026 May 3, 2025 (in millions) Property and Equipment, at Cost $ 3,333 $ 3,363 $ 3,250 Accumulated Depreciation and Amortization ( 2,227 ) ( 2,236 ) ( 2,139 ) Property and Equipment, Net $ 1,106 $ 1,127 $ 1,111 Depreciation expense was $ 61 million and $ 64 million for the first quarters of 2026 and 2025, respectively. Capital Expenditures of $ 26 million, $ 34 million and $ 34 million remained unpaid as of May 2, 2026, January 31, 2026 and May 3, 2025, respectively. 10 Table of Content s 6. Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. For the first quarter of 2026, the Company’s effective tax rate was ( 10.1 %) compared to 28.4 % in the first quarter of 2025. The 2026 first quarter rate was lower than the Company’s combined estimated federal and state statutory rates primarily due to the resolution of certain tax matters. The 2025 first quarter rate was higher than the Company’s combined estimated federal and state statutory rates primarily due to accrued interest expense related to unrecognized tax benefits. Uncertain Tax Positions The Company had unrecognized tax benefits of $ 131 million as of January 31, 2026, of which $ 75 million, if recognized, would reduce the effective income tax rate. Through May 2, 2026, the Company had a net decrease to gross unrecognized tax benefits of $ 86 million, primarily due to the resolution of certain tax matters. The changes to the unrecognized tax benefits resulted in a $ 40 million benefit to the Company’s Provision for Income Taxes in the first quarter of 2026. The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company had accrued $ 8 million and $ 36 million as of May 2, 2026 and January 31, 2026, respectively, for the payment of interest and penalties. 7. Long-term Debt and Borrowing Facility The following table provides the Company’s outstanding debt balances, net of unamortized debt issuance costs and discounts, as of May 2, 2026, January 31, 2026 and May 3, 2025: May 2, 2026 January 31, 2026 May 3, 2025 (in millions) Senior Debt with Subsidiary Guarantee $ 297 million, 6.694 % Fixed Interest Rate Notes due January 2027 (“2027 Notes”) $ — $ 280 $ 277 $ 444 million, 5.250 % Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 444 444 443 $ 482 million, 7.500 % Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 477 477 476 $ 844 million, 6.625 % Fixed Interest Rate Notes due October 2030 (“2030 Notes”) 840 839 839 $ 802 million, 6.875 % Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 797 797 797 $ 575 million, 6.750 % Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 571 571 571 Total Senior Debt with Subsidiary Guarantee 3,129 3,408 3,403 Senior Debt $ 284 million, 6.950 % Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) 284 284 283 $ 201 million, 7.600 % Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 200 200 200 Total Senior Debt 484 484 483 Total Debt 3,613 3,892 3,886 Current Debt — ( 280 ) — Total Long-term Debt, Net of Current Portion $ 3,613 $ 3,612 $ 3,886 Cash paid for interest was $ 82 million and $ 77 million for the first quarters of 2026 and 2025, respectively. Repurchases of Notes During the first quarter of 2026, the Company completed a make-whole call to repurchase the remaining $ 284 million principal amounts of its outstanding 2027 Notes. The repurchase price for these notes was $ 289 million, resulting in a pre-tax loss of $ 8 million, net of the write-off of unamortized discounts and issuance costs. This loss is included in Other Income, Net in the first quarter of 2026 Consolidated Statement of Income. The Company did not repurchase any outstanding senior notes during the first quarter of 2025. Asset-backed Revolving Credit Facility The Company and certain of the Company’s 100 % owned subsidiaries guarantee and pledge collateral to secure an asset-backed revolving credit facility (“ABL Facility”). The ABL Facility, which allows borrowings and letters of credit in U.S. and Canadian dollars, has aggregate commitments of $ 750 million and an expiration date in May 2030. Availability under the ABL Facility is the lesser of (i) the borrowing base, determined primarily based on the Company’s eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time the outstanding amount under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, the Company is required to repay the outstanding amounts under the ABL Facility to 11 Table of Content s the extent of such excess. As of May 2, 2026, the Company’s borrowing base was $ 554 million, and it had no borrowings outstanding under the ABL Facility. The ABL Facility supports the Company’s letter of credit program. The Company had $ 9 million of outstanding letters of credit as of May 2, 2026 that reduced its availability under the ABL Facility. As of May 2, 2026, the Company’s availability under the ABL Facility was $ 544 million. As of May 2, 2026, the ABL Facility fees related to committed and unutilized amounts were 0.30 % per annum, and the fees related to outstanding letters of credit were 1.25 % per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the Term Secured Overnight Financing Rate plus 1.25 % per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average plus 1.25 % per annum. The ABL Facility requires the Company to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (i) $ 70 million or (ii) 10 % of the maximum borrowing amount. As of May 2, 2026, the Company was not required to maintain this ratio. 8. Fair Value Measurements Cash and Cash Equivalents include cash on hand, deposits with financial institutions and highly liquid investments with original maturities of less than 90 days. The Company’s Cash and Cash Equivalents are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets. The following table provides a summary of the principal value and estimated fair value of the Company’s outstanding debt as of May 2, 2026, January 31, 2026 and May 3, 2025: May 2, 2026 January 31, 2026 May 3, 2025 (in millions) Principal Value $ 3,632 $ 3,916 $ 3,916 Fair Value, Estimated (a) 3,628 3,964 3,957 _______________ (a) The estimated fair value of the Company’s debt is based on reported transaction prices, which are considered Level 2 inputs in accordance with Accounting Standards Codification 820, Fair Value Measurement . The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Management believes that the carrying values of the Company’s Accounts Receivable, Accounts Payable and Accrued Expenses approximate their fair values as of May 2, 2026 because of their short maturities. 9. Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance, regulatory and other matters arising in the ordinary course of business. Actions filed against the Company from time to time may include commercial, tort, intellectual property, tax, customer, employment, wage and hour, data privacy, securities, anti-corruption and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. IEEPA Tariff Refunds In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). In March 2026, the U.S. Court of International Trade ordered U.S. Customs and Border Protection (“CBP”) to liquidate all non-final entries without regard to IEEPA duties. Additionally, in April 2026, CBP launched Phase 1 of the new Consolidated Administration and Processing of Entries tool in the Automated Commercial Environment portal, creating a process for submitting IEEPA refund claims. As of May 2, 2026, the Company had not recognized the effect of any potential refunds as the timing and amount of any potential refunds for previously collected tariffs was uncertain and may be subject to further legal and regulatory developments. The Company will continue to monitor changes to the import and export policies of the U.S. and other countries that could impact its financial position, results of operations and cash flows. Lease Guarantees In connection with the spin-off of Victoria’s Secret & Co., the Company had remaining contingent obligations of $ 210 million as of May 2, 2026 related to lease payments under the current terms of noncancelable leases, primarily related to office space, expiring at various dates through 2037. These obligations include minimum rent and additional payments covering taxes, common area costs and certain other expenses and relate to leases that commenced prior to the spin-off. The Company’s reserves related to these obligations were not significant for any period presented. 12 Table of Content s 10. Segment Reporting The Company is managed at the consolidated level and therefore operates and reports as a single segment. The Company’s Chief Executive Officer is its Chief Operating Decision Maker (“CODM”), and the measure of profitability included in the financial information regularly provided to the CODM is total Company Adjusted Operating Income, or Operating Income in periods where there are no adjustments. The Company’s CODM assesses Adjusted Operating Income performance in comparison to forecasts and historical results to make decisions on the reinvestment of profits into the business and capital allocation strategies. The following table illustrates significant segment expenses that were regularly provided to the CODM for the first quarters of 2026 and 2025: First Quarter 2026 2025 (in millions) Net Sales $ 1,378 $ 1,424 Adjusted Cost of Goods Sold ( 521 ) ( 509 ) Buying and Occupancy ( 269 ) ( 269 ) Adjusted Selling Expenses ( 256 ) ( 256 ) Adjusted Marketing Expenses ( 51 ) ( 49 ) Adjusted General and Administrative Expenses ( 130 ) ( 132 ) Adjusted Operating Income 151 209 Interchange Fee Settlements (a) 88 — Business Transformation Activities (b) ( 8 ) — Reported Operating Income $ 231 $ 209 ________________ (a) In the first quarter of 2026, the Company received $ 88 million, net of legal fees, related to favorable settlements of payment card interchange fee litigation. The gain was recognized as a reduction to Selling Expenses and was excluded from the Adjusted Operating Income details provided to the CODM. (b) In the first quarter of 2026, the Company recognized aggregate pre-tax costs of $ 8 million, resulting from business transformation activities in connection with the Consumer First Formula, of which $ 1 million, $ 2 million and $ 5 million, were excluded from the Cost of Goods Sold, Marketing Expenses and General and Administrative Expenses, respectively, in the Adjusted Operating Income details provided to the CODM. As a single reportable segment entity, the other disclosures required by ASC 280, Segment Reporting, can be found in the Company’s Consolidated Financial Statements and the Notes thereto, including the Company’s measure of segment assets, which is total consolidated assets. 13 Table of Content s SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION ACT OF 1995 We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this report or made by our Company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “target,” “goal” and any similar expressions may identify forward-looking statements. There are risks, uncertainties and other factors that in some cases have affected and, in the future, could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this report or otherwise made by the Company or our management. These factors can be found in Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K, and our subsequent filings. We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this report to reflect circumstances existing after the date of this report or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. We announce material financial and operational information using our investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about the Company, our business and our results of operations may also be announced by posts on our accounts on social media channels, including the following: Facebook, Instagram, X, LinkedIn, Pinterest, TikTok and YouTube. The information contained on, or that can be accessed through, our social media channels and our website is deemed not to be incorporated in this Quarterly Report on Form 10-Q or to be a part of this Quarterly Report on Form 10-Q. The information that we post through these social media channels and on our website may be deemed material. As a result, we encourage investors, the media and others interested in the Company to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. The list of social media channels we use may be updated from time to time on our investor relations website. Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of financial condition and results of operations is based upon our Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as codified in the Accounting Standards Codification. The following information should be read in conjunction with our financial statements and the related notes included in Part I, Item 1. Financial Statements in this Quarterly Report on Form 10-Q. Executive Overview In the first quarter of 2026, total Net Sales were $1,378 million, which decreased $46 million, or 3.2%, compared to the first quarter of 2025. Total North American Net Sales decreased $52 million, primarily due to decrease in transactions, partially offset by an increase in average dollar sales, and International and Other Net Sales increased $6 million. Our first quarter Operating Income was $231 million, which increased $22 million, or 10.4%, compared to the first quarter of 2025, and our Operating Income rate (expressed as a percentage of Net Sales) increased to 16.8% from 14.7%. The Operating Income results were primarily due to lower General, Administrative and Store Operating Expenses as a result of an $88 million pre-tax gain related to settlements of payment card interchange fee litigation, partially offset by declines in both Net Sales and the Gross Profit rate. For additional information related to our first quarter 2026 financial performance, see “Results of Operations.” Consumer First Formula In 2025, we launched the Consumer First Formula, our multi-year, comprehensive transformation plan to revitalize Bath & Body Works across brand, product and marketplace. The Consumer First Formula invests behind our largest revenue driving opportunities to try to attract new, younger consumers to the brand, which we expect will help us unlock our next era of sustainable growth. Early consumer response is consistent with our roadmap, and we expect the impact to build through the year and become more visible to consumers and in our financials as we move throughout the remainder of 2026 and into 2027. Outlook Macroeconomic Factors During the first quarter, the conflict between U.S. and Iran escalated and expanded to include much of the Middle East region. This has led to transportation restrictions in the region, resulting in volatility in global energy markets, commodities pricing, transportation costs and foreign currency exchange rates. These recent events have increased global economic uncertainty and may affect consumer demand in certain markets and contribute to higher global inflation and input costs. 14 Table of Content s IEEPA Tariff Refunds In February 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). In March 2026, the U.S. Court of International Trade ordered U.S. Customs and Border Protection (“CBP”) to liquidate all non-final entries without regard to IEEPA duties. Additionally, in April 2026, CBP launched Phase 1 of the new Consolidated Administration and Processing of Entries tool in the Automated Commercial Environment portal, creating a process for submitting IEEPA refund claims. As of May 2, 2026, we had not recognized the effect of any potential refunds as the timing and amount of any potential refunds for previously collected tariffs was uncertain and may be subject to further legal and regulatory developments. Adjusted Financial Information In addition to our results provided in accordance with GAAP above and throughout this Quarterly Report on Form 10-Q, provided below are non-GAAP measures that present Operating Income, Net Income and Net Income per Diluted Share for the first quarter of 2026 on an adjusted basis, which removes certain items. We believe that these items are not indicative of our operations due to their size and nature. We did not make any adjustments to our reported results in the first quarter of 2025. We use adjusted financial information as key performance measures for the purpose of evaluating performance internally. These non-GAAP measures are not intended to replace the presentation of our financial results in accordance with GAAP. Instead, we believe that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of past and present operations. Further, our definitions of adjusted financial information may differ from similarly titled measures used by other companies. The table below reconciles our GAAP financial measures to our non-GAAP financial measures: (in millions, except per share amounts) First Quarter 2026 2025 Reconciliation of Reported Operating Income to Adjusted Operating Income Reported Operating Income $ 231 $ 209 Interchange Fee Settlements (a) (88) — Business Transformation Activities (b) 8 — Adjusted Operating Income $ 151 $ 209 Reconciliation of Reported Net Income to Adjusted Net Income Reported Net Income $ 183 $ 105 Interchange Fee Settlements (a) (88) — Business Transformation Activities (b) 8 — Loss on Extinguishment of Debt (c) 8 — Gain on Sale of Non-core Asset (d) (3) — Tax Effect of Adjustments 19 — Tax Benefit from Resolution of Certain Tax matters (e) (62) — Adjusted Net Income $ 65 $ 105 Reconciliation of Reported Net Income per Diluted Share to Adjusted Net Income per Diluted Share Reported Net Income per Diluted Share $ 0.90 $ 0.49 Interchange Fee Settlements (a) (0.43) — Business Transformation Activities (b) 0.04 — Loss on Extinguishment of Debt (c) 0.04 — Gain on Sale of Non-core Asset (d) (0.02) — Tax Effect of Adjustments 0.09 — Tax Benefit from Resolution of Certain Tax matters (e) (0.31) — Adjusted Net Income per Diluted Share $ 0.32 $ 0.49 ________________ (a) In the first quarter of 2026, we recognized an $88 million pre-tax gain ($66 million after tax) as a reduction to General, Administrative and Store Operating Expenses, related to cash proceeds received, net of legal fees, for favorable settlements of payment card interchange fee litigation. 15 Table of Content s (b) In the first quarter of 2026, we recognized aggregate pre-tax costs of $8 million ($6 million after tax), primarily included in General, Administrative and Store Operating Expenses, resulting from business transformation activities in connection with the Consumer First Formula. (c) In the first quarter of 2026, we recognized an $8 million pre-tax loss ($6 million after tax) in Other Income, Net, related to the repurchase and early extinguishment of outstanding debt. For additional information, see Note 7, “Long-term Debt and Borrowing Facility” included in Part 1, Item 1. Financial Statements. (d) In the first quarter of 2026, we recognized a $3 million pre-tax gain ($3 million after tax) in Other Income, Net, related to the sale of a non-core asset. (e) In the first quarter of 2026, we recognized a $62 million tax benefit associated with the resolution of certain tax matters. For additional information, see Note 6, “Income Taxes” included in Part 1, Item 1. Financial Statements. Company-operated Stores The following table compares Company-operated store data for the first quarters of 2026 and 2025: First Quarter 2026 2025 % Change Sales per Average Selling Square Foot (a) $ 194 $ 206 (5.8 %) Sales per Average Store (in thousands) (a) $ 552 $ 585 (5.7 %) Average Store Size (selling square feet) 2,852 2,847 0.2 % Total Selling Square Feet (in thousands) 5,484 5,409 1.4 % ________________ (a) Sales per average selling square foot and sales per average store, which are indicators of store productivity, are calculated based on store sales for the period divided by the average, including the beginning and end of period, of total selling square footage and store count, respectively. The following table represents Company-operated store activity for the first quarter of 2026: Stores Stores January 31, 2026 Opened Closed May 2, 2026 United States 1,814 13 (17) 1,810 Canada 113 — — 113 Total 1,927 13 (17) 1,923 Partner-operated Stores The following table represents Partner-operated store activity for the first quarter of 2026: Stores Stores January 31, 2026 Opened Closed May 2, 2026 International 536 8 (2) 542 International - Travel Retail 37 — — 37 Total International (a) 573 8 (2) 579 ________________ (a) Includes store locations only and does not include kiosks, shop-in-shops, gondola or beauty counter locations. 16 Table of Content s Results of Operations First Quarter of 2026 Compared to the First Quarter of 2025 Net Sales The following table provides Net Sales for the first quarter of 2026 in comparison to the first quarter of 2025: 2026 2025 % Change (in millions) Stores - U.S. and Canada (a) $ 1,062 $ 1,110 (4.3 %) Direct - U.S. and Canada 246 250 (1.5 %) International and Other (b) 70 64 9.0 % Total Net Sales $ 1,378 $ 1,424 (3.2 %) _______________ (a) Results include fulfilled buy online pick up in store orders. (b) Results include royalties associated with franchised stores, as well as international and domestic wholesale sales. For the first quarter of 2026, total Net Sales were $1,378 million and decreased $46 million, or 3.2%, compared to the first quarter of 2025. Stores Net Sales decreased $48 million, or 4.3%, driven by a decrease in transactions partially offset by an increase in average dollar sales. Direct Net Sales decreased $4 million, or 1.5%, primarily driven by lower shipping and handling revenue partially offset by an increase in orders and average order size. International and Other Net Sales increased $6 million, or 9.0%, compared to the first quarter of 2025. Gross Profit For the first quarter of 2026, our Gross Profit was $587 million, which decreased $59 million compared to the first quarter of 2025, and our Gross Profit rate (expressed as a percentage of Net Sales) was 42.6%, which decreased from 45.4% in the first quarter of 2025. Gross Profit dollars decreased due to a decline in the merchandise margin rate, primarily driven by tariffs, inflation and crude oil impacts as well as category mix, and the decline in Net Sales. The Gross Profit rate decreased primarily due to the lower merchandise margin rate and Buying and Occupancy Expenses deleverage on lower Net Sales. General, Administrative and Store Operating Expenses The following table provides detail for our General, Administrative and Store Operating Expenses for the first quarter of 2026 compared to the first quarter of 2025: 2026 2025 Change (in millions) % of Net Sales (in millions) % of Net Sales (in millions) % of Net Sales Selling Expenses $ 168 12.2 % $ 256 18.0 % $ (88) (5.7 %) Marketing Expenses 53 3.9 % 49 3.5 % 4 0.4 % General and Administrative Expenses 135 9.8 % 132 9.3 % 3 0.5 % Total $ 356 25.9 % $ 437 30.7 % $ (81) (4.8 %) For the first quarter of 2026, our total General, Administrative and Store Operating Expenses were $356 million, which decreased $81 million compared to the first quarter of 2025, and the rate (expressed as a percentage of Net Sales) was 25.9%, which decreased from 30.7% in the first quarter of 2025. Our General, Administrative and Store Operating Expenses and rate both decreased primarily driven by an $88 million pre-tax gain, recorded as a reduction to Selling Expenses, related to cash proceeds received, net of legal fees, for favorable settlements of payment card interchange fee litigation. The first quarter of 2026 rate also reflects deleverage due to the Net Sales decline. Other Income and Expenses Interest Expense The following table provides the average daily borrowings and average borrowing rates for the first quarters of 2026 and 2025: 2026 2025 Average daily borrowings (in millions) $ 3,841 $ 3,916 Average borrowing rate 7.0 % 7.1 % For the first quarter of 2026, our Interest Expense was $69 million, compared to $71 million in the first quarter of 2025. The decrease was due to lower average daily borrowings and borrowing rate, which were driven by the early extinguishment of the outstanding 2027 Notes in the first quarter of fiscal year 2026. 17 Table of Content s Other Income, Net For the first quarter of 2026, our Other Income, Net was $4 million, compared to $8 million in the first quarter of 2025. The decrease is primarily due to an $8 million pre-tax loss related to the early extinguishment of the outstanding 2027 Notes partially offset by a $3 million pre-tax gain related to the sale of a non-core asset recognized in the first quarter of 2026. Provision for Income Taxes For the first quarter of 2026, our effective tax rate was (10.1%) compared to 28.4% in the first quarter of 2025. The 2026 first quarter rate was lower than our combined estimated federal and state statutory rates primarily due to the resolution of certain tax matters. The 2025 first quarter rate was higher than our combined estimated federal and state statutory rates primarily due to accrued interest expense related to unrecognized tax benefits. FINANCIAL CONDITION Liquidity and Capital Resources Liquidity, or access to cash, is an important factor in determining our financial stability. We are committed to maintaining adequate liquidity. Cash generated from our operating activities provides the primary resources to support current operations, growth initiatives, seasonal funding requirements, future common stock and debt repurchases and capital expenditures. Our cash provided from operations is impacted by our net income and working capital changes. Our net income is impacted by, among other things, sales volume, seasonal sales patterns, success of new product introductions and product and market expansions, profit margins, income taxes and inflationary pressures. Typically, our sales are highest during the fourth quarter of the fiscal year due to seasonal and holiday-related sales patterns. Generally, our need for working capital peaks during the summer and fall months as inventory builds in anticipation of the holiday period. Our cash and cash equivalents held by foreign subsidiaries were $226 million as of May 2, 2026. During the first quarter of 2026, we repurchased and extinguished $284 million principal amount of our outstanding senior notes for a repurchase price of $289 million. We may, from time to time, repurchase, or otherwise retire, additional debt or shares of our common stock, as applicable. We believe that our current cash position, our cash flows generated from operations and our borrowing capacity under our asset-backed revolving credit facility (“ABL Facility”) will be sufficient to meet our liquidity needs, including capital expenditure requirements, for at least the next twelve months. Cash Flows The following table provides a summary of our cash flow activity during the first quarters of 2026 and 2025: 2026 2025 (in millions) Cash and Cash Equivalents, Beginning of Year $ 953 $ 674 Net Cash Flows Provided by Operating Activities 244 188 Net Cash Flows Used for Investing Activities (42) (39) Net Cash Flows Used for Financing Activities (335) (188) Effects of Exchange Rate Changes on Cash and Cash Equivalents — 1 Net Decrease in Cash and Cash Equivalents (133) (38) Cash and Cash Equivalents, End of Period $ 820 $ 636 Operating Activities Net cash provided by operating activities for the first quarter of 2026 was $244 million, including net income of $183 million. Net income included $88 million received related to settlements of payment card interchange fee litigation, a $62 million tax benefit related to the resolution of certain tax matters, depreciation expense of $61 million, share-based compensation expense of $8 million and loss on extinguishment of debt of $8 million. Other changes in assets and liabilities represent items that had a current period cash flow impact, such as changes in working capital. The most significant items in working capital were the seasonal changes in Inventories and Accounts Receivable. Net cash provided by operating activities in the first quarter of 2025 was $188 million, including net income of $105 million. Net income included depreciation expense of $64 million and share-based compensation expense of $10 million. Other changes in assets and liabilities represent items that had a current period cash flow impact, such as changes in working capital. The most significant items in working capital were the seasonal changes in Inventories and Accounts Receivable. 18 Table of Content s Investing Activities Net cash used for investing activities for the first quarter of 2026 was $42 million, primarily related to capital expenditures of $49 million partially offset by cash proceeds of $8 million related to the sale of a non-core asset. The capital expenditures included approximately $30 million related to new off-mall stores and remodels of existing stores, approximately $10 million for various technology projects primarily to support the growth and profitability of our business and approximately $10 million related to supply chain and logistics capabilities. Net cash used for investing activities in the first quarter of 2025 was $39 million, primarily related to capital expenditures. The capital expenditures included approximately $25 million related to new off-mall stores and remodels of existing stores and approximately $10 million for various technology projects primarily to support the growth and profitability of our business. In 2026, we continue to expect to invest approximately $270 million in capital expenditures, focused on high return real estate, Consumer First Formula investments, largely related to product assortment, and logistics and fulfillment upgrades. Financing Activities Net cash used for financing activities during the first quarter of 2026 was $335 million, primarily consisting of $289 million for the early extinguishment of the outstanding 2027 Notes and dividend payments of $0.20 per share, or $40 million. Net cash used for financing activities in the first quarter of 2025 was $188 million, primarily consisting of $136 million for share repurchases and dividend payments of $0.20 per share, or $43 million. Common Stock and Debt Repurchases Our Board of Directors (our “Board”) will determine share and debt repurchase authorizations, giving consideration to our levels of profit and cash flow, capital requirements, current and forecasted liquidity, the restrictions placed upon us by our borrowing arrangements as well as financial and other conditions existing at the time. We use cash flow generated from operating and financing activities to fund our share and debt repurchase programs. The timing and amount of any repurchases will be made at our discretion, taking into account a number of factors, including market conditions. Common Stock Repurchases We did not repurchase any shares of our common stock during the first quarter of 2026. Under the authority of our Board of Directors, we repurchased shares of our common stock under the following repurchase programs during the first quarter of 2025: Repurchase Program Amount Authorized Shares Repurchased Amount Repurchased Average Stock Price 2025 2025 2025 (in millions) (in thousands) (in millions) January 2024 $ 500 460 $ 17 $ 37.67 January 2025 500 3,866 118 $ 30.47 Total 4,326 $ 135 On February 27, 2025, we cancelled the remaining $121 million authorization available under the January 2024 Program and began repurchasing shares under the January 2025 Program. The January 2025 Program had $117 million of remaining authority as of May 2, 2026. Dividend Policy and Procedures Our Board will determine future dividends after giving consideration to our levels of profit and cash flow, capital requirements, current and forecasted liquidity, the restrictions placed upon us by our borrowing arrangements as well as financial and other conditions existing at the time. We use cash flow generated from operating and financing activities to fund our dividends. We paid the following dividends during the first quarters of 2026 and 2025: Ordinary Dividends Total Paid (per share) (in millions) 2026 First Quarter $ 0.20 $ 40 2025 First Quarter $ 0.20 $ 43 19 Table of Content s In May 2026, we declared our second quarter 2026 ordinary dividend of $0.20 per share payable on June 19, 2026 to shareholders of record at the close of business on June 5, 2026. Long-term Debt and Borrowing Facility The following table provides our outstanding debt balances, net of unamortized debt issuance costs and discounts, as of May 2, 2026, January 31, 2026 and May 3, 2025: May 2, 2026 January 31, 2026 May 3, 2025 (in millions) Senior Debt with Subsidiary Guarantee $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) $ — $ 280 $ 277 $444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) 444 444 443 $482 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”) 477 477 476 $844 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”) 840 839 839 $802 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) 797 797 797 $575 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) 571 571 571 Total Senior Debt with Subsidiary Guarantee 3,129 3,408 3,403 Senior Debt $284 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) 284 284 283 $201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) 200 200 200 Total Senior Debt 484 484 483 Total Debt 3,613 3,892 3,886 Current Debt — (280) — Total Long-term Debt, Net of Current Portion $ 3,613 $ 3,612 $ 3,886 Cash paid for interest was $82 million and $77 million for the first quarters of 2026 and 2025, respectively. Repurchases of Notes During the first quarter of 2026, we completed a make-whole call to repurchase the remaining $284 million principal amounts of our outstanding 2027 Notes. The repurchase price for these notes was $289 million, resulting in a pre-tax loss of $8 million, net of the write-off of unamortized discounts and issuance costs. This loss is included in Other Income, Net in the first quarter of 2026 Consolidated Statement of Income. We did not repurchase any outstanding senior notes during the first quarter of 2025. Asset-backed Revolving Credit Facility We and certain of our 100% owned subsidiaries guarantee and pledge collateral to secure the ABL Facility. The ABL Facility, which allows borrowings and letters of credit in U.S. and Canadian dollars, has aggregate commitments of $750 million and an expiration date in May 2030. Availability under the ABL Facility is the lesser of (i) the borrowing base, determined primarily based on our eligible U.S. and Canadian credit card receivables, accounts receivable, inventory and eligible real property, or (ii) the aggregate commitment. If at any time the outstanding amount under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitment, we are required to repay the outstanding amounts under the ABL Facility to the extent of such excess. As of May 2, 2026, our borrowing base was $554 million, and we had no borrowings outstanding under the ABL Facility. The ABL Facility supports our letter of credit program. We had $9 million of outstanding letters of credit as of May 2, 2026 that reduced our availability under the ABL Facility. As of May 2, 2026, our availability under the ABL Facility was $544 million. As of May 2, 2026, the ABL Facility fees related to committed and unutilized amounts were 0.30% per annum, and the fees related to outstanding letters of credit were 1.25% per annum. In addition, the interest rate on outstanding U.S. dollar borrowings was the Term Secured Overnight Financing Rate plus 1.25% per annum. The interest rate on outstanding Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average plus 1.25% per annum. The ABL Facility requires us to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00 during an event of default or any period commencing on any day when specified excess availability is less than the greater of (i) $70 million or (ii) 10% of the maximum borrowing amount. As of May 2, 2026, we were not required to maintain this ratio. 20 Table of Content s Credit Ratings The following table provides our credit ratings as of May 2, 2026: Moody’s S&P Corporate Ba2 BB+ Senior Unsecured Debt with Subsidiary Guarantee Ba2 BB+ Senior Unsecured Debt B1 BB- Outlook Stable Stable Guarantor Summarized Financial Information Certain of our subsidiaries, which are listed on Exhibit 22 to this Quarterly Report on Form 10-Q, have guaranteed our obligations under the 2028 Notes, 2029 Notes, 2030 Notes, 2035 Notes and 2036 Notes (collectively, the “Notes”). The Notes have been issued by Bath & Body Works, Inc. (the “Parent Company”). The Notes are its senior unsecured obligations and rank equally in right of payment with all of our existing and future senior unsecured obligations, are senior to any of our future subordinated indebtedness, are effectively subordinated to all of our existing and future indebtedness that is secured by a lien and are structurally subordinated to all existing and future obligations of each of our subsidiaries that do not guarantee the Notes. The Notes are fully and unconditionally guaranteed on a joint and several basis by certain of our wholly-owned subsidiaries, including certain subsidiaries that also guarantee our obligations under our ABL Facility (such guarantees, the “Guarantees”; and, such guaranteeing subsidiaries, the “Subsidiary Guarantors”). The Guarantees of the Subsidiary Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions. Each Guarantee is limited, by its terms, to an amount not to exceed the maximum amount that can be guaranteed by the applicable Subsidiary Guarantor subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. The following tables set forth summarized financial information for the Parent Company and the Subsidiary Guarantors on a combined basis after elimination of (i) intercompany transactions and balances among the Parent Company and the Subsidiary Guarantors and (ii) investments in and equity in the earnings of non-Guarantor subsidiaries. SUMMARIZED BALANCE SHEETS May 2, 2026 January 31, 2026 (in millions) ASSETS Current Assets (a) $ 2,128 $ 2,249 Noncurrent Assets 2,418 2,403 LIABILITIES Current Liabilities (b) $ 2,605 $ 2,793 Noncurrent Liabilities 4,577 4,626 _______________ (a) Includes amounts due from non-Guarantor subsidiaries of $617 million and $596 million as of May 2, 2026 and January 31, 2026, respectively. (b) Includes amounts due to non-Guarantor subsidiaries of $1,494 million and $1,501 million as of May 2, 2026 and January 31, 2026, respectively. 21 Table of Content s FIRST QUARTER 2026 SUMMARIZED STATEMENT OF INCOME (in millions) Net Sales (a) $ 1,295 Gross Profit 541 Operating Income 216 Income Before Income Taxes 145 Net Income 169 _______________ (a) Includes Net Sales of $28 million to non-Guarantor subsidiaries. Contingent Liabilities and Contractual Obligations Lease Guarantees In connection with the spin-off of Victoria’s Secret & Co., we had remaining contingent obligations of $210 million as of May 2, 2026 related to lease payments under the current terms of noncancelable leases, primarily related to office space, expiring at various dates through 2037. These obligations include minimum rent and additional payments covering taxes, common area costs and certain other expenses and relate to leases that commenced prior to the spin-off. Our reserves related to these obligations were not significant for any period presented. Contractual Obligations Our contractual obligations primarily consist of long-term debt and the related interest payments, operating leases, purchase orders for merchandise inventory and other long-term obligations. These contractual obligations impact our short-term and long-term liquidity and capital resource needs. Other than our repayment and extinguishment of our 2027 Notes in the first quarter of 2026, there have been no material changes in our contractual obligations subsequent to January 31, 2026, as discussed in “Contingent Liabilities and Contractual Obligations” in our 2025 Annual Report on Form 10-K. Certain of our contractual obligations may fluctuate during the normal course of business (primarily changes in our merchandise inventory-related purchase obligations which fluctuate throughout the year as a result of the seasonal nature of our business). RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses , which requires disclosures of disaggregated information about certain prescribed expense categories within relevant income statement expense captions. This standard is effective for annual reporting of fiscal years beginning after December 15, 2026, and for interim periods in the following year, with early adoption permitted. This standard should be applied prospectively, with retrospective application permitted. We are currently evaluating the impact of adopting this standard on our disclosures. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which is intended to modernize the accounting for software costs by removing project stages from capitalization criteria and further clarifies the threshold entities apply to begin capitalizing costs. This standard is effective for annual reporting of fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted. This standard can be applied prospectively, retrospectively or through a modified transition approach. We early adopted this standard prospectively in the first quarter of 2026. The adoption of this standard did not have a material impact on our consolidated financial statements nor the related disclosures. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies related to estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, management evaluates its accounting policies, estimates and judgments, including those related to inventories, valuation of long-lived store assets, claims and contingencies, income taxes and revenue recognition, including revenue associated with our loyalty program. Management bases our estimates and judgments on historical experience and various other factors that we believe are reasonable under the circumstances. Actual results may differ from these estimates. There have been no material changes to the critical accounting policies and estimates disclosed in our 2025 Annual Report on Form 10-K. 22 Table of Content s Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Market Risk The market risk inherent in our financial instruments represents the potential loss in fair value, earnings or cash flows arising from adverse changes in foreign currency exchange rates or interest rates. We may use derivative financial instruments like foreign currency forward contracts, cross-currency swaps and interest rate swap arrangements to manage exposure to market risks. We do not use derivative financial instruments for trading purposes. Foreign Exchange Rate Risk Our Canadian dollar denominated earnings are subject to exchange rate risk as substantially all our merchandise sold in Canada is sourced through U.S. dollar transactions. Although we utilize foreign currency forward contracts to partially offset risks associated with our operations in Canada, these measures may not succeed in offsetting all the short-term impact of foreign currency rate movements and generally may not be effective in offsetting the long-term impact of sustained shifts in foreign currency rates. Further, although our royalty arrangements with our international partners are denominated in U.S. dollars, the royalties we receive in U.S. dollars are calculated based on sales in the local currency. As a result, our royalties in these arrangements are exposed to foreign currency exchange rate fluctuations. Interest Rate Risk Our investment portfolio primarily consists of interest-bearing instruments that are classified as cash and cash equivalents based on their original maturities. Our investment portfolio is maintained in accordance with our investment policy, which specifies permitted types of investments, specifies credit quality standards and maturity profiles and limits credit exposure to any single issuer. The primary objectives of our investment activities are the preservation of principal, the maintenance of liquidity and the maximization of interest income while minimizing risk. Our investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. Given the short-term nature and quality of investments in our portfolio, we do not believe there is any material risk to principal associated with increases or decreases in interest rates. All of our outstanding debt as of May 2, 2026 has fixed interest rates. We will from time to time adjust our exposure to interest rate risk by entering into interest rate swap arrangements. Our exposure to interest rate changes is limited to the fair value of the debt issued, which would not have a material impact on our earnings or cash flows. Concentration of Credit Risk We maintain cash and cash equivalents and derivative contracts with various major financial institutions. We monitor the relative credit standing of financial institutions with whom we transact and limit the amount of credit exposure with any one entity. Our investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits. We also periodically review the relative credit standing of franchise, license and wholesale partners and other entities to which we grant credit terms in the normal course of business. Fair Value Measurements The following table provides a summary of the principal value and estimated fair value of our outstanding debt as of May 2, 2026, January 31, 2026 and May 3, 2025: May 2, 2026 January 31, 2026 May 3, 2025 (in millions) Principal Value $ 3,632 $ 3,916 $ 3,916 Fair Value, Estimated (a) 3,628 3,964 3,957 _______________ (a) The estimated fair values are based on reported transaction prices and are not necessarily indicative of the amounts that we could realize in a current market exchange. We believe that the carrying values of our Accounts Receivable, Accounts Payable and Accrued Expenses approximate their fair values as of May 2, 2026 because of their short maturities. 23 Table of Content s Item 4. CONTROLS AND PROCEDURES Evaluation of disclosure controls and procedures. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of the end of the period covered by this report, our disclosure controls and procedures were effective and designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission (“SEC”) rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Changes in internal control over financial reporting. There were no changes in our internal control over financial reporting that occurred in the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 24 Table of Content s PART II—OTHER INFORMATION Item 1. LEGAL PROCEEDINGS We are a defendant in a variety of lawsuits arising in the ordinary course of business. Actions filed against the Company from time to time may include commercial, tort, intellectual property, tax, customer, employment, wage and hour, data privacy, securities, anti-corruption and other claims, including purported class action lawsuits. Although it is not possible to predict with certainty the eventual outcome of any litigation, in the opinion of management, our current legal proceedings are not expected to have a material adverse effect on our results of operations, financial condition or cash flows. Item 1A. RISK FACTORS The risk factors that affect our business and financial results are discussed in Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K. We wish to caution the reader that the risk factors discussed in Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K and those described elsewhere in this report or other SEC filings could cause actual results to differ materially from those stated in any forward-looking statements. Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS The following table provides the repurchases of our common stock during the first quarter of 2026: Fiscal Period Total Number of Shares Purchased (a) Average Price Paid per Share (b) Total Number of Shares Purchased as Part of Publicly Announced Programs (c) Maximum Number of Shares (or Approximate Dollar Value) that May Yet be Purchased Under the Programs (c) (in thousands) (in thousands) February 2026 2 $ 21.88 — $ 117,341 March 2026 135 19.01 — 117,341 April 2026 1 18.22 — 117,341 Total 138 — _______________ (a) The total number of shares repurchased includes shares repurchased as part of publicly announced programs, with the remainder relating to shares in connection with tax payments due upon vesting of associate restricted share and performance share unit awards and the use of our stock to pay the exercise price on associate stock options. (b) The average price paid per share includes any broker commissions. (c) For additional share repurchase program information, see Note 3, “Net Income Per Share and Shareholders’ Equity (Deficit)” included in Part I, Item 1. Financial Statements. Item 3. DEFAULTS UPON SENIOR SECURITIES Not applicable. Item 4. MINE SAFETY DISCLOSURES Not applicable. Item 5. OTHER INFORMATION Securities Trading Plans of Directors and Executive Officers None of our directors or executive officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as such terms are defined in Item 408(c) of Regulation S-K) during the first quarter of 2026. 25 Table of Content s Item 6. EXHIBITS Exhibits 10.1 2020 Stock Option and Performance Incentive Plan Terms and Conditions of Restricted Share Unit Awards. 10.2 2020 Stock Option and Performance Incentive Plan Terms and Conditions of Performance Share Unit Awards. 10.3 Amended and Restated Master Aircraft Time Sharing Agreement between the Company and Daniel Heaf, effective as of April 29, 2026. 22 List of Guarantor Subsidiaries. 31.1 Section 302 Certification of CEO. 31.2 Section 302 Certification of CFO. 32 Section 906 Certification (by CEO and CFO). 101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema Document. 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF Inline XBRL Taxonomy Definition Linkbase Document. 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document. 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). 26 Table of Content s SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BATH & BODY WORKS, INC. (Registrant) By: /s/ EVA C. BORATTO Eva C. 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Credit Facility Expiring May 2030 [Member] Revolving Credit Facility Expiring May 2030 Name Outstanding Recovery, Individual Name Account receivable, payment term Account Receivable, Payment Term Account Receivable, Payment Term Award Timing, How MNPI Considered Award Timing, How MNPI Considered [Text Block] Document Fiscal Period Focus Document Fiscal Period Focus Peer Group Issuers, Footnote Peer Group Issuers, Footnote [Text Block] Trading Symbol Trading Symbol Geographical [Domain] Geographical [Domain] Capital Expenditures Payments to Acquire Property, Plant, and Equipment Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year [Member] Pension Adjustments Prior Service Cost Pension Adjustments Prior Service Cost [Member] Income Taxes Accrued Income Taxes, Current Company Selected Measure Name Company Selected Measure Name Pre-tax gain on card interchange fee litigation Interchange Fee Settlements Gain (Loss) from Litigation Settlement Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Revenue Channel [Domain] Revenue Channel [Domain] [Domain] for Revenue Channel [Axis] Ownership percentage Subsidiary, Ownership Percentage, Parent Raw Materials and Merchandise Components Inventory, Raw Materials and Purchased Parts, Net of Reserves Revolving facility current credit fees percentage rate, letters of credit Line of Credit Facility, Commitment Fee Percentage Credit Facility [Domain] Credit Facility [Domain] Operating Activities: Cash Provided by (Used in) Operating Activity, Including Discontinued Operation [Abstract] Compensation Amount Outstanding Recovery Compensation Amount Individual: Individual [Axis] Diluted Shares (in shares) Weighted Average Number of Shares Outstanding, Diluted Disaggregation of Revenue [Line Items] Disaggregation of Revenue [Line Items] Earnings Per Share and Shareholders’ Equity (Deficit) Net Income Per Share and Shareholders’ Equity (Deficit) [Text Block] Net Income Per Share and Shareholders’ Equity (Deficit). The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Also includes the entire disclosure for earnings per share. 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Name [Domain] Segment Reporting Segment Reporting [Text Block] Line of credit, outstanding amount Long-Term Line of Credit Minimum Minimum [Member] Expiration Date Trading Arrangement Expiration Date Disaggregation of Revenue Disaggregation of Revenue [Table Text Block] Effects of Exchange Rate Changes on Cash and Cash Equivalents Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation Non-Rule 10b5-1 Arrangement Adopted Non-Rule 10b5-1 Arrangement Adopted [Flag] Total Equity (Deficit) Beginning Balance Ending Balance Equity, Including Portion Attributable to Noncontrolling Interest Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table [Member] Aggregate Pension Adjustments Service Cost Aggregate Pension Adjustments Service Cost [Member] Common stock, shares authorized (in shares) Common Stock, Shares Authorized Tax Benefit from Resolution of Certain Tax Matters Income Tax Credits and Adjustments Carrying Value and Fair Value of Long-Term Debt, Disclosure Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] Exercise Price Award Exercise Price Investing Activities: Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract] Stock repurchase program, authorized amount Share Repurchase Program, Authorized, Amount Document Quarterly Report Document Quarterly Report $297 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”) Fixed Rate 6.694% Notes Due January 2027 [Member] Fixed Rate 6.694% Notes Due January 2027 Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested [Member] Segments [Domain] Segments [Domain] Accounts receivable, after allowance for credit loss Accounts Receivable, after Allowance for Credit Loss Scenario [Axis] Scenario [Axis] Payments for Long-term Debt Repayment of debt Repayments of Long-Term Debt Awards Close in Time to MNPI Disclosures, Table Awards Close in Time to MNPI Disclosures [Table Text Block] Equity Component [Domain] Equity Component [Domain] PEO Actually Paid Compensation Amount PEO Actually Paid Compensation Amount Business transformation activities excluded from cost of goods sold Business Transformation Activities Excluded From Cost Of Goods Sold Business Transformation Activities Excluded From Cost Of Goods Sold Interim Financial Statements Interim Financial Statements [Policy Text Block] Interim Financial Statements [Policy Text Block] Adoption Date Trading Arrangement Adoption Date Inventory Inventory, Policy [Policy Text Block] Fixed interest rate Debt Instrument, Interest Rate, Stated Percentage Cash Dividends Dividends, Common Stock, Cash Total Shareholders’ Equity (Deficit) Equity, Attributable to Parent $575 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”) Fixed Rate 6.75% Notes Due July 2036 [Member] Fixed Rate 6.75% Notes Due July 2036 [Member] ASSETS Assets [Abstract] Title Trading Arrangement, Individual Title Forgone Recovery due to Disqualification of Tax Benefits, Amount Forgone Recovery due to Disqualification of Tax Benefits, Amount Restatement does not require Recovery Restatement Does Not Require Recovery [Text Block] Insider Trading Policies and Procedures [Line Items] Other Financing Activities Proceeds from (Payment for) Other Financing Activity Insider Trading Policies and Procedures Adopted Insider Trading Policies and Procedures Adopted [Flag] $201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”) Fixed Rate 7.60% Notes Due July 2037 [Member] Fixed Rate 7.60 Percent Notes Due July 2037 General, Administrative and Store Operating Expenses Selling, General and Administrative Expense Letter of Credit Letter of Credit [Member] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Compensation Actually Paid vs. Net Income Compensation Actually Paid vs. Net Income [Text Block] Number of Operating Segments Number of Operating Segments Anti-dilutive Stock Options and Awards (in shares) Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Entity Central Index Key Entity Central Index Key Accumulated Depreciation and Amortization Property, Plant, and Equipment, Accumulated Depreciation, Depletion, and Amortization Paid-in Capital Additional Paid in Capital, Common Stock All Adjustments to Compensation All Adjustments to Compensation [Member] Schedule of Guarantor Obligations [Table] Guarantor Obligation [Table] Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year [Member] Net Cash Provided by Operating Activities Cash Provided by (Used in) Operating Activity, Including Discontinued Operation Income Statement [Abstract] Income Statement [Abstract] Document Transition Report Document Transition Report Ownership [Axis] Ownership [Axis] Deferred Income Taxes Deferred Income Tax Assets, Net Stock Appreciation Rights (SARs) Stock Appreciation Rights (SARs) [Member] Debt instrument, basis spread on variable rate Debt Instrument, Basis Spread on Variable Rate City Area Code City Area Code Variable Rate [Domain] Variable Rate [Domain] Adjusted Marketing Expenses Marketing Expense Accumulated Other Comprehensive Income AOCI Attributable to Parent [Member] All Individuals All Individuals [Member] Business Transformation Activities Business Transformation Activities Business Transformation Activities Debt, fair value disclosure Debt Instrument, Fair Value Disclosure Dividends Paid Total Paid Payments of Dividends Name Forgone Recovery, Individual Name Buying and Occupancy Buying And Occupancy Costs Buying And Occupancy Costs Current borrowing base Line Of Credit Facility Current Borrowing Base Line Of Credit Facility Current Borrowing Base Finished Goods Merchandise Inventory, Finished Goods, Net of Reserves Non-GAAP Measure Description Non-GAAP Measure Description [Text Block] Statement [Line Items] Statement [Line Items] Total Assets Assets Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] Preferred stock, shares issued (in shares) Preferred Stock, Shares Issued $444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”) Fixed Rate 5.25% Notes Due February 2028 [Member] Fixed Rate 5.25% Notes Due February 2028 PEO PEO [Member] Supplier Finance Program Supplier Finance Programs [Policy Text Block] Supplier Finance Programs Business transformation activities excluded from marketing expenses Business Transformation Activities Excluded From Marketing Expenses Business Transformation Activities Excluded From Marketing Expenses Measurement Basis [Axis] Measurement Basis [Axis] Treasury share retirement (in shares) Stock Repurchased and Retired During Period, Shares International Bath & Body Works International [Member] Bath & Body Works International Other Long-term Liabilities Other Liabilities, Noncurrent Goodwill Goodwill Forgone Recovery due to Violation of Home Country Law, Amount Forgone Recovery due to Violation of Home Country Law, Amount Fair Value Measurement Inputs and Valuation Techniques [Line Items] Fair Value Measurement Inputs and Valuation Techniques [Line Items] Revenue recognized Contract with Customer, Liability, Revenue Recognized Subsequent Event Type [Domain] Subsequent Event Type [Domain] Retained Earnings (Accumulated Deficit) Retained Earnings [Member] Long-term Operating Lease Liabilities Operating Lease, Liability, Noncurrent Revolving Credit Facility Revolving Credit Facility [Member] Income tax benefit, changes in unrecognized tax benefits Income Tax Expense (Benefit), Change in Unrecognized Tax Benefits Income Tax Expense (Benefit), Change in Unrecognized Tax Benefits Erroneously Awarded Compensation Recovery Erroneously Awarded Compensation Recovery [Table] Common Stock, shares outstanding (in shares) Beginning Balance (in shares) Ending Balance (in shares) Common Stock, Shares, Outstanding Award Timing Disclosures [Line Items] Net Income per Dilutive Share (in dollars per share) Earnings Per Share, Diluted Entity Current Reporting Status Entity Current Reporting Status Net Cash Used for Financing Activities Cash Provided by (Used in) Financing Activity, Including Discontinued Operation Total Shareholder Return Amount Total Shareholder Return Amount With Subsidiary Guarantee With Subsidiary Guarantee [Member] With Subsidiary Guarantee [Member] Ownership [Domain] Ownership [Domain] Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract] Certain Company Owned Subsidiaries Certain Company Owned Subsidiaries [Member] Certain Company Owned Subsidiaries Financing Activities: Cash Provided by (Used in) Financing Activity, Including Discontinued Operation [Abstract] Property and Equipment, Net Property and Equipment, Net Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization Net Sales Revenue from Contract with Customer, Excluding Assessed Tax Lease Agreements Lease Agreements [Member] Line of credit facility, remaining borrowing capacity Line of Credit Facility, Remaining Borrowing Capacity Schedule of Repurchase of Common Stock Schedule of Stockholders Equity [Table Text Block] Revolving facility commitment fee percentage, unused capacity Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Financial Instruments [Domain] Financial Instruments [Domain] Trade Name Indefinite-Lived Trade Names Easton Assets Held for Sale Disposal Group, Including Discontinued Operation, Assets, Current Inventories Inventory Disclosure [Text Block] Equity Awards Adjustments, Footnote Equity Awards Adjustments, Footnote [Text Block] Underlying Securities Award Underlying Securities Amount Estimate of Fair Value Measurement Estimate of Fair Value Measurement [Member] Revenue Recognition Revenue from Contract with Customer [Text Block] Other Investing Activities Payment for (Proceeds from) Other Investing Activity Inventories Increase (Decrease) in Inventories Debt Instrument, Notional Amount Debt Instrument, Notional Amount Outstanding Debt Instrument, Notional Amount Outstanding Segment Reporting [Table] Segment Reporting [Table] Other Current assets Other Assets, Current Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] All Trading Arrangements All Trading Arrangements [Member] Other Performance Measure, Amount Other Performance Measure, Amount Award Timing MNPI Considered Award Timing MNPI Considered [Flag] Operating Income Operating Income (Loss) Schedule of Dividends Paid Dividends Declared [Table Text Block] Current Fiscal Year End Date Current Fiscal Year End Date Without Subsidiary Guarantee Without Subsidiary Guarantee [Member] Without Subsidiary Guarantee [Member] Non-PEO NEO Average Total Compensation Amount Non-PEO NEO Average Total Compensation Amount Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year [Member] Dividends per share (in USD per share) Dividends Per Share (in USD per share) Common Stock, Dividends, Per Share, Declared Entity File Number Entity File Number Revolving facility covenant fixed charge coverage ratio Line of Credit Financial Covenant, Fixed Charge Coverage Ratio Line of Credit Financial Covenant, Fixed Charge Coverage Ratio Rule 10b5-1 Arrangement Adopted Rule 10b5-1 Arrangement Adopted [Flag] Share-based Compensation and Other Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture Revenue Channel [Axis] Revenue Channel [Axis] Revenue Channel [Axis] Schedule of Impaired Long-Lived Assets Held and Used [Table] Long-Lived Asset, Held and Used, Impairment [Table] Recovery of Erroneously Awarded Compensation Disclosure [Line Items] Common stock, shares issued (in shares) Common Stock, Shares, Issued Measure: Measure [Axis] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] Scenario, Adjustment Scenario, Adjustment [Member] Treasury stock (in shares) Treasury Stock, Common, Shares Equity Components [Axis] Equity Components [Axis] Accounts Receivable Increase (Decrease) in Accounts Receivable Disaggregation of Revenue [Table] Disaggregation of Revenue [Table] Entity Interactive Data Current Entity Interactive Data Current Variable Rate [Axis] Variable Rate [Axis] IEEPA refund claims Gain Contingency, Unrecorded Amount Deferred Income Taxes Deferred Income Tax Liabilities, Net Compensation Actually Paid vs. Other Measure Compensation Actually Paid vs. Other Measure [Text Block] Impaired Long-Lived Assets Held and Used, Asset Name [Domain] Impaired Long-Lived Assets Held and Used, Asset Name [Domain] Entity Small Business Entity Small Business Total Comprehensive Income Comprehensive Income (Loss), Net of Tax, Attributable to Parent Treasury Shares (in shares) Weighted Average Number of Shares, Treasury Stock Termination Date Trading Arrangement Termination Date Reportable Segment Reportable Segment [Member] Reportable Segment Compensation Actually Paid vs. Total Shareholder Return Compensation Actually Paid vs. Total Shareholder Return [Text Block] MNPI Disclosure Timed for Compensation Value MNPI Disclosure Timed for Compensation Value [Flag] Stores - U.S. and Canada (a) Bath & Body Works Stores [Member] Bath & Body Works Stores Other Assets Long-term other assets Other Assets, Noncurrent Document Type Document Type Income tax penalties and interest accrued Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued Loss on Extinguishment of Debt Gain (Loss) on Extinguishment of Debt Accrued Expenses and Other Accrued Liabilities, Current Fair Value as of Grant Date Award Grant Date Fair Value Seasonality of Business Seasonality Of Business [Policy Text Block] Seasonality Of Business [Policy Text Block] Pay vs Performance Disclosure, Table Pay vs Performance [Table Text Block] Remaining authorized repurchase amount Share Repurchase Program, Remaining Authorized, Amount Arrangement Duration Trading Arrangement Duration Statement of Stockholders' Equity [Abstract] Statement of Stockholders' Equity [Abstract] Local Phone Number Local Phone Number Entity Address, Postal Zip Code Entity Address, Postal Zip Code Entity Registrant Name Entity Registrant Name Income Before Income Taxes Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Insider Trading Policies and Procedures Not Adopted Insider Trading Policies and Procedures Not Adopted [Text Block] Property and Equipment, at Cost Property, Plant, and Equipment, before Accumulated Depreciation, Depletion, and Amortization Changed Peer Group, Footnote Changed Peer Group, Footnote [Text Block] Outside of the U.S. International [Member] International (all geographic areas excluding the United States and it's territories). Accounts Payable, Accrued Expenses and Other Increase (Decrease) in Accounts Payable and Accrued Liabilities Forgone Recovery due to Expense of Enforcement, Amount Forgone Recovery due to Expense of Enforcement, Amount Executive Category: Executive Category [Axis] LIABILITIES AND EQUITY (DEFICIT) Liabilities and Equity [Abstract] Supplier finance program, obligation Supplier Finance Program, Obligation Inventories Total Inventories Inventory, Net All Award Types Award Type [Domain] Non-PEO NEO Average Compensation Actually Paid Amount Non-PEO NEO Average Compensation Actually Paid Amount Fair Value Measurements Fair Value Disclosures [Text Block] Reclassification of Cash Flow Hedges to Earnings Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax Repurchases of Common Stock (in shares) Shares Repurchased (in shares) Treasury Stock, Shares, Acquired PEO Name PEO Name Geographical [Axis] Geographical [Axis] Deferred revenue Contract with Customer, Liability Concentration of Credit Risk Concentration Risk, Credit Risk, Policy [Policy Text Block] Stock Price or TSR Estimation Method Stock Price or TSR Estimation Method [Text Block] Entity Tax Identification Number Entity Tax Identification Number $284 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”) Fixed Rate 6.95% Debentures Due March 2033 [Member] Fixed Rate 6.95 Percent Debentures Due March 2033 Unrealized Loss on Cash Flow Hedges Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax Repurchases of Common Stock Amount Repurchased Treasury Stock, Value, Acquired, Cost Method Easton Investments Equity Method Investments [Policy Text Block] Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Period Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code January 2025 Program January 2025 Program [Member] January 2025 Program Aggregate Erroneous Compensation Not Yet Determined Aggregate Erroneous Compensation Not Yet Determined [Text Block] Material Terms of Trading Arrangement Material Terms of Trading Arrangement [Text Block] Non-NEOs Non-NEOs [Member] Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year [Member] Description of Business and Basis of Presentation Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Debt Instrument [Axis] Debt Instrument [Axis] Share-based Compensation Expense Share-Based Payment Arrangement, Noncash Expense Summary of Inventories Schedule of Inventory, Current [Table Text Block] Long-term Debt, Type [Domain] Long-Term Debt, Type [Domain] $844 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”) Fixed Rate 6.625% Notes Due October 2030 [Member] Fixed Rate 6.625% Notes Due October 2030 Net Income per Basic Share (in dollars per share) Earnings Per Share, Basic Equity, Class of Treasury Stock [Line Items] Equity, Class of Treasury Stock [Line Items] Repurchases of Common Stock Payments for Repurchase of Common Stock Total Current Assets Assets, Current Statistical Measurement [Axis] Statistical Measurement [Axis] Insider Trading Arrangements [Line Items] Earnings Per Share And Shareholders' Equity [Abstract] Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract] Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract] Long-term Debt Total Long-term Debt, Net of Current Portion Long-Term Debt, Excluding Current Maturities Award Type Award Type [Axis] Named Executive Officers, Footnote Named Executive Officers, Footnote [Text Block] Accounts Receivable, Net Accounts Receivable, after Allowance for Credit Loss, Current Retained Earnings (Accumulated Deficit) Retained Earnings (Accumulated Deficit) Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table [Member] Awards Close in Time to MNPI Disclosures Awards Close in Time to MNPI Disclosures [Table] Common Stock Common Stock [Member] Fair Value Measurement [Domain] Fair Value Measurement [Domain] Line of credit financial covenant, maximum borrowing amount Line of Credit Financial Covenant, Maximum Borrowing Amount Line of Credit Financial Covenant, Maximum Borrowing Amount Compensation Actually Paid vs. Company Selected Measure Compensation Actually Paid vs. Company Selected Measure [Text Block] Cover [Abstract] Cover [Abstract] Proceeds from Sale of Non-core Asset, Net of fees Proceeds from Sale of Other Productive Assets Fair Value Measurement Inputs and Valuation Techniques [Table] Fair Value Measurement Inputs and Valuation Techniques [Table] Equity Awards Adjustments Equity Awards Adjustments [Member] Total Liabilities and Equity (Deficit) Liabilities and Equity Employee Stock Option Share-Based Payment Arrangement, Option [Member] Current Debt Current Debt Debt, Current Noncontrolling Interest Equity, Attributable to Noncontrolling Interest Segment Reporting Information, by Segment [Axis] Segments [Axis] Additional 402(v) Disclosure Additional 402(v) Disclosure [Text Block] Tabular List, Table Tabular List [Table Text Block] Other Income, Net Other Nonoperating Income (Expense) Long-term Debt and Borrowing Facilities Long-Term Debt [Text Block] Name Awards Close in Time to MNPI Disclosures, Individual Name Shareholders’ Equity (Deficit): Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested [Member] Adjusted General and Administrative Expenses Adjusted General and Administrative Expenses Adjusted General and Administrative Expenses Preferred stock, shares authorized (in shares) Preferred Stock, Shares Authorized Preferred Stock - $1.00 par value; 10 shares authorized; none issued Preferred Stock, Value, Issued Adjustment to Compensation: Adjustment to Compensation [Axis] Share Repurchase Program [Axis] Share Repurchase Program [Axis] Rule 10b5-1 Arrangement Terminated Rule 10b5-1 Arrangement Terminated [Flag] Aggregate Erroneous Compensation Amount Aggregate Erroneous Compensation Amount Cash paid for interest Interest Paid, Excluding Capitalized Interest, Operating Activity Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Debt instrument, redeemed amount Extinguishment of Debt, Amount Credit Facility [Axis] Credit Facility [Axis] Aggregate Available Trading Arrangement, Securities Aggregate Available Amount Name Measure Name Income Taxes Income Tax Disclosure [Text Block] Accounts Payable Accounts Payable, Current Pay vs Performance Disclosure [Line Items] Debt Instrument [Line Items] Debt Instrument [Line Items] Entity Registrant Former Name Entity Information, Former Legal or Registered Name Pay vs Performance Disclosure Pay vs Performance Disclosure [Table] Paid-In Capital Additional Paid-in Capital [Member] Entity Filer Category Entity Filer Category Long-term Debt, by Current and Noncurrent [Abstract] Long-Term Debt, by Current and Noncurrent [Abstract] Guarantor Obligations, Nature [Domain] Guarantor Obligations, Nature [Domain] Long-Lived Asset, Held and Used, Impairment [Line Items] Long-Lived Asset, Held and Used, Impairment [Line Items] Name Trading Arrangement, Individual Name Adjusted Selling Expenses Selling Expense Cash and Cash Equivalents Cash and Cash Equivalent Treasury Share Retirement Treasury Stock, Retired, Cost Method, Amount Company Selected Measure Amount Company Selected Measure Amount $802 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”) Fixed Rate 6.875% Notes Due November 2035 [Member] Fixed Rate 6.875% Notes Due November 2035 [Member] Adjusted Cost of Goods Sold Adjusted Cost of Goods Sold Adjusted Cost of Goods Sold Share-based Compensation and Other (in shares) Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture Unrecognized tax benefits that would impact effective income tax rate Unrecognized Tax Benefits that Would Impact Effective Tax Rate Current Assets: Assets, Current [Abstract] Non-PEO NEO Non-PEO NEO [Member] Entity Address, Address Line One Entity Address, Address Line One Other Share Repurchase Program Other Share Repurchase Program [Member] Other Share Repurchase Program Benefit (Provision) for Income Taxes Income Tax Expense (Benefit) Costs of Goods Sold, Buying and Occupancy Cost of Product and Service Sold Award Timing Method Award Timing Method [Text Block] January 2024 Program January 2024 Program [Member] January 2024 Program Basis of Consolidation Consolidation, Policy [Policy Text Block] Net Decrease in Cash and Cash Equivalents Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation Forgone Recovery, Explanation of Impracticability Forgone Recovery, Explanation of Impracticability [Text Block] Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average [Member] Canadian dollar-denominated borrowings was the Canadian Overnight Repo Rate Average Net Income Net Income Net Income (Loss) Attributable to Parent Long-term Debt, Type [Axis] Long-Term Debt, Type [Axis] Erroneous Compensation Analysis Erroneous Compensation Analysis [Text Block] Statement [Table] Statement [Table] Restatement Determination Date: Restatement Determination Date [Axis] Interim Period, Costs Not Allocable [Table] Interim Period, Costs Not Allocable [Table] Pension Benefits Adjustments, Footnote Pension Benefits Adjustments, Footnote [Text Block] Document Exhibit 22 List of Guarantor Subsidiaries The 2028 Notes, 2029 Notes, 2030 Notes, 2035 Notes and 2036 Notes are jointly and severally guaranteed on a full and unconditional basis by Bath & Body Works, Inc. (incorporated in Delaware) and the following 100% owned subsidiaries of Bath & Body Works, Inc. as of May 2, 2026: Entity Jurisdiction of Incorporation or Organization Bath & Body Works, LLC Delaware Bath & Body Works Brand Management, Inc. Delaware Bath & Body Works Direct, Inc. Delaware beautyAvenues, LLC Delaware Beauty Specialty Holding, LLC Delaware L Brands Service Company, LLC Delaware Document Exhibit 31.1 Section 302 Certification I, Daniel J. Heaf, certify that: 1. I have reviewed this report on Form 10-Q of Bath & Body Works, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. /s/ DANIEL J. HEAF Daniel J. Heaf Chief Executive Officer Date: May 27, 2026 Document Exhibit 31.2 Section 302 Certification I, Eva C. Boratto, certify that: 1. I have reviewed this report on Form 10-Q of Bath & Body Works, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. /s/ EVA C. BORATTO Eva C. Boratto Chief Financial Officer Date: May 27, 2026 Document Exhibit 32 Section 906 Certification Daniel J. Heaf, the Chief Executive Officer, and Eva C. Boratto, the Chief Financial Officer, of Bath & Body Works, Inc. (the “Company”), each certifies that, to the best of our knowledge: (i) the Quarterly Report of the Company on Form 10-Q dated May 27, 2026 for the period ending May 2, 2026 (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ DANIEL J. HEAF Daniel J. Heaf Chief Executive Officer /s/ EVA C. BORATTO Eva C. Boratto Chief Financial Officer Date: May 27, 2026 Document Exhibit 10.1 2020 Stock Option and Performance Incentive Plan Restricted Share Unit Award Agreement (Associate) #ParticipantName+C# #QuantityGranted+C# Restricted Share Units By accepting this Restricted Share Unit award, the Participant agrees to the following terms and conditions and the terms of the Bath & Body Works, Inc. 2020 Stock Option and Performance Incentive Plan (as amended from time to time, the “Plan”). The “Restricted Period” with respect to any Restricted Share Units means the period beginning on the Grant Date and ending on the applicable Vesting Date (as each is defined below) or such earlier date as set forth in this Agreement. Unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Plan. (1) VESTING . Restricted Share Units will vest on the dates outlined below (each, a “Vesting Date”), provided that the Participant continues to be employed on such dates. Vest Date Vest Quantity #VestDate_1+C# #VestQty_1+C# #VestDate_2+C# #VestQty_2+C# #VestDate_3+C# #VestQty_3+C# (2) RESTRICTIONS . None of the Restricted Share Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the applicable Restricted Period or prior to the satisfaction of all conditions specified in this Agreement. (3) RECORDING OF AWARD . The Company shall cause the Restricted Share Unit award to be appropriately recorded as of #GrantDate# (the “Grant Date”). (4) RIGHTS OF PARTICIPANT . Prior to settlement and receipt of the shares of Common Stock underlying the Restricted Share Units following the Vesting Date, the Participant shall not have the right to vote the shares of Common Stock underlying the Restricted Share Units or to receive ordinary dividends or dividend equivalent rights arising from ordinary dividends with respect thereto. (5) FORFEITURES . (a) Except as noted in this Section 5 and in Section 7, Restricted Share Units granted to the Participant pursuant to this Agreement shall be forfeited if the Participant's employment with the Company or its subsidiaries is terminated during the applicable Restricted Period. “Termination of employment” shall mean “separation from service” as that term is defined in Section 409A of the Code and the Treasury regulations thereunder, and for the avoidance of doubt and notwithstanding anything to the contrary, shall also include a transaction in which the Participant ceases to be an employee of an entity that is directly or indirectly majority-owned by the Company (unless otherwise expressly determined by the Company). Upon such forfeiture, the Restricted Share Unit award shall be cancelled, and any Restricted Share Units that had not vested prior to such termination of employment will be forfeited for no consideration. 1 Exhibit 10.1 (b) Subject to the conditions set forth below, upon the Participant’s involuntary termination of employment by the Company or its subsidiaries, the Participant shall vest in a pro-rata percentage of Restricted Share Units effective as of the next scheduled Vesting Date that follows the date of such termination of employment. The pro-rata percentage shall be equal to (x) the number of complete months between the Grant Date and the Participant’s termination date, divided by (y) 36. The number of Restricted Share Units that will pro rata vest pursuant to this Section 5(b) shall be reduced by any Restricted Share Units that previously vested under this Agreement and is subject to the following conditions: (i) Involuntary termination of employment by the Company or its subsidiaries must be other than for (x) Cause or (y) misconduct (each as determined by the Committee or its designees in their sole discretion); (ii) The Participant must execute a release of claims against the Company and its subsidiaries in a form specified by the Company, as prescribed in Section 6(a); and (iii) The Participant must (A) comply with any restrictive covenants to which the Participant is subject pursuant to any Service Agreement (as defined below) or other agreement providing for restrictive covenants and (B) during the period between the termination date and the next scheduled Vesting Date after the termination date, the Participant may not (x) be employed by a competitor of the Company or (y) directly or indirectly solicit, induce or attempt to influence any employee to leave the employment of the Company or assist anyone else in doing so (each as determined by the Committee or its designees in their sole discretion). The Restricted Share Units shall be settled in accordance with the schedule set forth in Section 6(a) (and, for the avoidance of doubt, the next scheduled Vesting Date following the date of the Participant’s termination date shall be the end of the applicable Restricted Period for purposes of Section 6(a)). (c) If the Participant’s employment terminates as a result of Total Disability (as defined in the Company’s Long-Term Disability Plan, as amended from time to time), the Restricted Share Units granted to the Participant pursuant to this Agreement shall continue to vest during the period of the Participant’s Total Disability. (d) If the Participant's employment terminates as a result of his or her death, or if the Participant’s period of Total Disability terminates as a result of his or her death, all provision of services conditions shall be deemed to have been satisfied and the applicable Restricted Period shall be deemed to have expired, and any unvested Restricted Share Units will be deemed vested as of the date of the Participant’s death. The Restricted Share Units shall be settled in accordance with the schedule set forth in Section 6(a) (and, for the avoidance of doubt, the date of the Participant’s death shall be the end of the applicable Restricted Period for purposes of Section 6(a)). (e) Upon the Retirement (as defined in the Plan) of the Participant, the Participant will be eligible to vest and be settled in a pro-rata portion of the Restricted Share Units in a manner consistent with, and calculated pursuant to, Section 5(b), subject to the conditions set forth in Section 5(b)(ii) and (iii) and this Section 5(e). Notwithstanding anything to the contrary herein or in the Plan, in order to qualify for Retirement, (i) the Participant must meet the age and service requirements set forth in the Plan, (ii) the Participant must provide the Company with three months written notice prior to the date of such Retirement, and (iii) such termination of the Participant's employment must be other than for (x) Cause or (y) misconduct (each as determined by the Committee or its designees in their sole discretion). (f) For purposes of this Agreement, “Cause” shall have the meaning set forth in the Plan; provided however, that if the Participant is covered by the Supplemental Recoupment Policy (as defined below), the term “Cause” shall have the meaning set forth in the Supplemental Recoupment Policy. (g) Notwithstanding anything herein, in the event that the Participant is a party to an employment, severance, retention or similar agreement with the Company in effect as of the date hereof (the “Service 2 Exhibit 10.1 Agreement”), the treatment of Restricted Share Units set forth in the Service Agreement will control in the event of any conflict in the terms. (6) SETTLEMENT OF RESTRICTED SHARE UNITS . (a) Upon the expiration or termination of the applicable Restricted Period, and the satisfaction of all other conditions prescribed by the Committee, a number of shares of Common Stock equal to the number of Restricted Share Units with respect to which the restrictions have lapsed shall be delivered, free of all such restrictions, to the Participant or the Participant's beneficiary or estate, as the case may be. Such payment in settlement shall be made promptly, but in any event not later than (x) the end of the year in which the applicable Restricted Period ends and the conditions are satisfied or (y) if later, within thirty (30) days following the lapse of the applicable Restricted Period; provided , that the award holder will not be permitted, directly or indirectly, to designate the taxable year of settlement. The Participant (or his or her beneficiary or estate, if applicable) may be required to execute a release of claims against the Company and its subsidiaries in order to receive a settlement payment and shall be required to execute a release to receive the vesting and settlement prescribed in Section 5(b) and Section 5(e). To the extent such a release is required and, as a result of the timing of the execution of such release, settlement could be made in two different tax years, settlement shall in all such cases be made in the second such year. (b) The Restricted Share Units granted hereunder are intended to comply with the requirements of Code Section 409A or an exemption or exclusion therefrom and, with respect to amounts that are subject to Code Section 409A, it is intended that this Agreement will be administered and interpreted in all respects in accordance with Code Section 409A, including with respect to any defined terms used herein. Any payments that qualify for the “short-term deferral” exception or another exception under Code Section 409A shall be paid under the applicable exception and shall not be treated as deferred compensation subject to Code Section 409A. Each payment hereunder shall be treated as a separate payment for purposes of Code Section 409A. In no event may the Participant, directly or indirectly, designate the calendar year of any payment to be made hereunder that constitutes nonqualified deferred compensation subject to Code Section 409A. Notwithstanding any provision in the Plan to the contrary, if the Participant is a “specified employee” (within the meaning of Section 409A of the Code) and any amounts provided for under this Agreement are “non-qualified deferred compensation” (as such term is described in Section 409A of the Code), then to the extent necessary to avoid the imposition of taxes under Section 409A of the Code, the Participant shall not be entitled to any payments upon the Participant’s termination of employment until the earlier of: (i) the expiration of the six (6)-month period measured from the date of the Participant’s separation from service or (ii) the date of the Participant’s death. Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this Section 6(b) (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to the Participant in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Agreement will be paid in accordance with the normal payment dates specified for them herein. (c) For the avoidance of doubt, there shall not be any election to defer any Restricted Share Units under this Agreement under Sections 11.08 or 11.09 of the Plan. (7) EFFECT OF CHANGE IN CONTROL . Upon a termination of the Participant’s employment (x) by the Company or its subsidiaries other than for Cause or (y) by the Participant for Good Reason, in each case within twenty-four (24) months following a Change in Control, and provided that the Change in Control is a “change in control event” as defined in Section 409A of the Code and the Treasury regulations thereunder: (A) any vesting conditions applicable to any Restricted Share Units shall be deemed to have been satisfied and (B) the applicable Restricted Period shall be deemed to have expired as of the date of such termination of employment and the Restricted Share Units shall be settled promptly following the Participant’s termination of employment in no event later than 30 days thereafter. If the transaction agreement relating to the Change in Control expressly provides for treatment of the Restricted Share Units that is more favorable to the Participant than the treatment prescribed above, the provisions of the transaction agreement shall control. 3 Exhibit 10.1 (8) TAX WITHHOLDING . The Company shall have the right to require the Participant or the Participant's beneficiaries or legal representatives to remit to the Company an amount sufficient to satisfy Federal, state or local withholding tax requirements, or to deduct from distributions under the Plan amounts sufficient to satisfy such withholding tax requirements. (9) CLAWBACK . (a) Subject to the restrictions set forth in the Plan, if required by law or if the Participant engaged in, had knowledge of, or should have had knowledge of, fraudulent conduct or activities relating to the Company, the Company may terminate this Agreement and require the Participant to reimburse the Company (i) an amount required by law or (ii) the amount of compensation received pursuant to this Agreement and based on the aforementioned conduct. (b) Notwithstanding any other provision of this Agreement to the contrary, any Restricted Share Units granted and all shares of Common Stock issued hereunder, and/or any amount received with respect to any sale of any such shares of Common Stock, shall be subject to cancellation, recoupment or other action in accordance with the terms and conditions of (i) the Bath & Body Works, Inc. Financial Restatement Compensation Recoupment Policy (as may be amended from time to time, the “Financial Restatement Recoupment Policy”), (ii) the Bath & Body Works, Inc. Supplemental Compensation Recoupment Policy (as may be amended from time to time, the ”Supplemental Recoupment Policy”) or (iii) any other recovery, recoupment, clawback and/or other forfeiture policy maintained by the Company from time to time or otherwise required by applicable law, regulation or stock exchange listing requirement, including, for the avoidance of doubt, any such policies adopted following the date of this Agreement (collectively, the “Recoupment Policies”). The Participant agrees and acknowledges that the Participant has reviewed and understands the terms of the Financial Restatement Recoupment Policy and the Supplemental Recoupment Policy. To the extent that the terms of this Agreement and any Recoupment Policy conflict, then the terms of such Recoupment Policy shall prevail. (c) Without limiting the foregoing Sections 9(a) or 9(b) hereof, by accepting this Restricted Share Unit award and the benefits provided hereunder, the Participant hereby acknowledges and agrees that the Participant, this award, any other award granted to the Participant under the Plan and any other incentive-based compensation provided to the Participant shall be subject to the Recoupment Policies (as may be amended from time to time), in each case, subject to the terms and conditions thereof. Accordingly, the Participant agrees and acknowledges that this award, any other award granted to the Participant under the Plan and any other incentive-based compensation provided to the Participant (as well as any other payments or benefits derived from such amounts, including any shares of Common Stock issued or cash received upon vesting, exercise or settlement of any such awards or sale of shares of Common Stock underlying such awards), which may include awards and other incentive-based compensation provided to the Participant prior to the date of this Agreement, may be subject to forfeiture and/or recoupment in accordance with the terms of such applicable Recoupment Policy. (10) MISCELLANEOUS . (a) No Right to Employment. This Agreement shall not confer upon the Participant any right to continue in the employ of the Company or any subsidiary or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company or any subsidiary to modify the terms of or terminate the Participant's employment at any time. (b) Stock Ownership Guidelines. By accepting the benefits of this Agreement, the Participant hereby agrees that the Participant is subject to any applicable Company stock ownership guidelines (as in effect from time to time), subject to the terms thereof. (c) Notice. Any notice or other communication required or permitted to be given under this Agreement must be given electronically or by regular U.S. mail addressed, if to the Committee or the Company, at the principal office of the Company (to the attention of the Chief Legal Officer) and, if to the Participant, at the Participant's last known address as set forth in the books and records of the Company. 4 Exhibit 10.1 (d) Plan to Govern. This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan. In the event of a conflict between this Agreement and the Plan, the terms of the Plan shall govern. (e) Amendment. Subject to restrictions set forth in the Plan, the Company may from time to time suspend, modify or amend this Agreement. No suspension, modification or amendment of this Agreement may, without the consent of the Participant, adversely affect the rights of the Participant with respect to the Restricted Share Units granted pursuant to this Agreement, except to the extent any such action is undertaken to cause this Agreement to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. (f) Tax Treatment. Notwithstanding anything set forth in this Agreement, the tax treatment of the benefits provided under the Plan or this Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with U.S. or foreign law, including, without limitation, Section 409A of the Code. Notwithstanding any provision of the Plan to the contrary, in no event shall the Company or any affiliate be liable to the Participant on account of this Agreement’s failure to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, Section 409A of the Code. (g) Severability. In the event that any provision of this Agreement shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. (h) Entire Agreement. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the Restricted Share Units granted hereunder and supersede all prior agreements and understandings. (i) Governing Law. To the extent not preempted by Federal law, this Agreement shall be construed in accordance with and governed by the laws of the State of Delaware. #Signature# #ParticipantName# #AcceptanceDate# 5 Document Exhibit 10.2 2020 Stock Option and Performance Incentive Plan Performance Share Unit Award Agreement #ParticipantName+C# #QuantityGranted+C# Target Performance Share Units By accepting this Performance Share Unit (PSU) award, the Participant agrees to the following terms and conditions and the terms of the Bath & Body Works, Inc. 2020 Stock Option and Performance Incentive Plan (as amended from time to time, the “Plan”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Plan. (1) GRANT . Effective as of #GrantDate# (the “Grant Date”), Bath & Body Works, Inc. (the “Company”) hereby grants to the Participant a target award of a number of Performance Share Units as set forth in the Participant’s compensation statement (“Target PSUs”), with the actual number of Performance Share Units earned and eligible to vest to be determined based on the satisfaction of the vesting conditions set forth in Section 2. (2) VESTING . (a) Subject to the achievement of the applicable performance requirements as set forth in Section 2(b) and the other requirements of this Agreement, Performance Share Units will vest as of #VestDate_1# (the “Vesting Date” and the period from the Grant Date to the Vesting Date, the “Restricted Period”), provided that the Participant continues to be employed by the Company or its subsidiaries through such Vesting Date. (b) The performance period for the Performance Share Units shall be February 1, 2026 through January 27, 2029 (the “Performance Period”). The performance requirement applicable to the Performance Share Units shall be based on satisfaction of the following metrics, each measured equally based on the performance of the Company during the Performance Period: Metric Weighting Relative TSR (as defined below) 33% Adjusted Operating Income Rate (as defined below) 33% Net Sales (as defined below) 34% The number of shares of Common Stock earned in respect of the Performance Share Units shall be determined as follows: Target PSUs x Payout Percentage = Number of Performance Share Units Earned and Eligible for Vesting Performance will be evaluated based on a scale, and payout will be interpolated between the following threshold, target and maximum performance levels: 1 Exhibit 10.2 Weighting Threshold Target Maximum Achievement Level 50% 100% 200% Relative TSR 33% 30 th Percentile 50 th Percentile 75 th Percentile Adjusted Operating Income Rate 33% 13.5% 14% 15% Net Sales ($MM) 34% $7,291 $7,595 $7,894 Notwithstanding anything to the contrary herein, if, as of the last day of the Performance Period, the Company’s absolute TSR (as defined below) as measured over the Performance Period is negative, then the maximum number of Performance Share Units earned hereunder will be capped at 100% of the Target PSUs, regardless of the level of achievement of performance metrics set forth in the table above. (c) For purposes of this Agreement: “Comparator Companies” means, collectively as of the Grant Date, the companies listed in the S&P Composite 1500 Consumer Discretionary Distribution & Retail Index; provided that, in the event that a Comparator Company is acquired by, or merges with, another company during the Performance Period, such company shall cease to constitute a Comparator Company for purposes of this Agreement; provided that, in the event of a bankruptcy, liquidation or Delisting of a Comparator Group company at any time during the Performance Period, such company shall remain a Comparator Company (but the TSR of such company shall be subject to the adjustments set forth in the definition of “TSR” below). “Delisting” means that a company ceases to be publicly traded on a national securities exchange as a result of any involuntary failure to meet the listing requirements of such national securities exchange, but shall not include delisting as a result of any merger, acquisition or other voluntary going private or similar transaction. “Net Sales” for the Company shall be as reflected in the Company’s annual audited financial statements for fiscal year 2028, subject to adjustment by the Committee in accordance with Section 2(e) below. “Net Sales Payout Percentage” means the payout percentage determined based on the level of achievement of the Net Sales performance goal in accordance with the table set forth in Section 2(b) above. “Adjusted Operating Income” means the Company’s operating income determined in accordance with U.S. GAAP plus or minus adjustments determined by the Company in accordance with the Company’s Non-GAAP Financial Measure Guidelines as reflected in the Company’s annual report on Form 10-K for each fiscal year during the Performance Period, subject to adjustment by the Committee in accordance with Section 2(e) below. “Adjusted Operating Income Rate” means (i) the cumulative sum of Adjusted Operating Income of the Company for all fiscal years during the Performance Period divided by (ii) the cumulative sum of the Company’s net sales for all fiscal years during the Performance Period (as reflected in the Company’s annual audited financial statements for each such fiscal year, subject to adjustment by the Committee in accordance with Section 2(e) below). “Adjusted Operating Income Rate Payout Percentage” means the payout percentage determined based on the level of achievement of the Adjusted Operating Income Rate performance goal in accordance with the table set forth in Section 2(b) above. 2 Exhibit 10.2 “Payout Percentage” means a percentage equal to the quotient obtained by dividing (i) the sum of the (x) Relative TSR Payout Percentage, (y) the Adjusted Operating Income Rate Payout Percentage and (z) the Net Sales Payout Percentage (in each case, as determined pursuant to the tables in Section 2(b) above) by (ii) three (rounded to the nearest whole percentage). For the avoidance of doubt, in no event shall the Payout Percentage exceed 200%. “Relative TSR” means the percentile ranking of the Company’s TSR relative to the TSR of the Comparator Companies, rounded to the nearest whole percentile, as determined by the Committee. In determining the Relative TSR, in the event that the Company’s TSR is equal to the TSR of one or more Comparator Companies, the Company’s TSR Percentile Ranking will be determined by ranking the Company’s TSR as being greater than such applicable Comparator Company’s TSR. “Relative TSR Payout Percentage” means the payout percentage determined based on the level of achievement of the Relative TSR performance goal in accordance with the table set forth in Section 2(b) above. “TSR” means, with respect to the Company or any Comparator Company, as applicable, the change in the fair market value per share of common stock of the Company or such Comparator Company, as applicable, including the pre-tax value of any dividends or other distributions per share for any dividend record dates that occur during the Performance Period (with the value of such dividends or distributions determined by treating them as reinvested in additional shares of common stock at the closing market price on the applicable ex-dividend date), calculated as the percentage difference (whether positive or negative) between the average of the closing price per share of the common stock of the Company or such Comparator Company, as applicable, for (i) the last 20 consecutive trading days immediately preceding the first day of the Performance Period and (ii) the last 20 consecutive trading days ending on the last trading day of the Performance Period ( plus the pre-tax value of any dividends or other distributions per share for any dividend record dates that occur during the Performance Period, assuming reinvestment thereof in common stock as described above); provided that, in the event of a bankruptcy, liquidation or Delisting of a Comparator Group company at any time during the Performance Period, such company shall be assigned a TSR of negative 100% for purposes of calculating the level of achievement of the Relative TSR performance goal. With respect to the computation of TSR, the Committee shall adjust equitably TSR to reflect any corporate transaction or event set forth in Section 11.07 of the Plan that affects such computation if such adjustment is appropriate to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Agreement. (d) The Committee shall have full discretion in making all determinations relating to the measurement of performance of the Company and the comparison of these measures in determining the percentile of the Company’s performance, including rounding of applicable percentages and percentiles and any other questions or issues relating to the performance measures applicable with respect to the Performance Share Units. (e) The Committee may, in its sole discretion, equitably adjust the performance goals to account for one or more of the following: i. All items of gain, loss or expense for the Performance Period determined to be extraordinary or unusual in nature or infrequent in occurrence; ii. Impacts from natural disasters, civil or military disturbances, acts of terrorism or other international hostilities; iii. All items related to the disposal of a component of an entity or related to a change in accounting principles, as such are defined by generally accepted accounting principles and as identified in the Company’s audited financial statements, notes to such financial statements, in management’s discussion and analysis or any other filings with the Securities and Exchange Commission; 3 Exhibit 10.2 iv. All items related to the disposal of a component of an entity or related to a change in accounting principles, as such are defined by generally accepted accounting principles and as identified in the Company’s audited financial statements, notes to such financial statements, in management’s discussion and analysis or any other filings with the Securities and Exchange Commission; v. Impact from changes in accounting policies approved by the Audit Committee of the Board that were not contemplated in the initial incentive compensation targets; vi. All items of gain, loss or expense for the Performance Period related to an exit activity as defined under current generally accepted accounting principles; vii. Any profit or loss attributable to the business operations of any entity acquired or divested by the Company during the Performance Period; viii. Write-offs, accelerated depreciation or other operating expenses at the participating subsidiary level related to the testing of a new brand concept, not included in the original incentive compensation targets; ix. Impacts from unanticipated changes in legal or tax structure or unanticipated changes in jurisdictional tax rates of a participating subsidiary; and x. Changes in applicable tax law. (3) RESTRICTIONS . None of the Performance Share Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period or prior to the satisfaction of all conditions specified in this Agreement. (4) RECORDING OF AWARD . The Company shall cause the Performance Share Unit award to be appropriately recorded as of the Grant Date. (5) RIGHTS OF PARTICIPANT . Prior to settlement and receipt of the shares of Common Stock underlying the Performance Share Units following the Vesting Date, the Participant shall not have the right to vote the shares of Common Stock underlying the Performance Share Units or to receive ordinary dividends or dividend equivalent rights arising from ordinary dividends with respect thereto. (6) FORFEITURES . (a) Except as noted in this Section 6 and in Section 8, Performance Share Units granted to the Participant pursuant to this Agreement shall be forfeited if (i) the Participant's employment with the Company or its subsidiaries terminates for any reason or (ii) the performance conditions set forth in Section 2 are not satisfied. “Termination of employment” shall mean a “separation from service” as such term is defined in Section 409A of the Code and the Treasury regulations thereunder, and for the avoidance of doubt and notwithstanding anything to the contrary, shall also include a transaction in which the Participant ceases to be an employee of an entity that is directly or indirectly majority-owned by the Company (unless otherwise expressly determined by the Company). Upon such forfeiture, the Performance Share Unit award or portion thereof shall be cancelled, and any Performance Share Units that had not vested will be forfeited for no consideration. (b) Subject to the conditions outlined below, upon the Participant’s involuntary termination of employment by the Company or its subsidiaries prior to the Vesting Date, the Participant will remain eligible to vest in a portion of the Performance Share Units granted hereunder following the termination of employment based on achievement of the performance conditions set forth in Section 2 at the end of the Performance Period, calculated as follows: the total number of such Performance Share Units granted hereunder, multiplied by a percentage equal to the product of (A)(x) the number of complete months between the Grant Date and the Participant’s termination date, divided by (y) 36, times (B) the applicable Payout 4 Exhibit 10.2 Percentage. Such special vesting shall be effective as of the Vesting Date, subject to each of the following conditions: (i) Involuntary termination of employment by the Company or its subsidiaries must be other than for (x) Cause or (y) misconduct (each as determined by the Committee or its designees in their sole discretion); (ii) The Participant must execute a release of claims against the Company and its subsidiaries in a form specified by the Company, as prescribed in Section 7(a); and (iii) The Participant must (A) comply with any restrictive covenants to which the Participant is subject pursuant to any Service Agreement (as defined below) or other agreement providing for restrictive covenants and (B) during the Restricted Period, the Participant may not (x) be employed by a competitor of the Company or (y) directly or indirectly solicit, induce or attempt to influence any employee to leave the employment of the Company or assist anyone else in doing so (each as determined by the Committee or its designees in their sole discretion). (c) If the Participant’s employment terminates as a result of Total Disability (as defined in the Company’s Long-Term Disability Plan, as amended from time to time), the Performance Share Units granted to the Participant pursuant to this Agreement shall continue to service vest with respect to such Performance Share Units during the period of the Participant’s Total Disability, provided that the Participant’s right to settlement of the Performance Share Units shall remain subject to the achievement of the performance conditions set forth in Section 2 at the end of the Performance Period. (d) If the Participant dies during such period of the Participant’s Total Disability or the Participant's employment terminates as a result of his or her death, the provision of services conditions applicable to the Performance Share Units shall be deemed to have been satisfied as of the date of death, provided, in each case, that the Participant’s right to settlement of the Performance Share Units shall remain subject to the achievement of the performance conditions set forth in Section 2 at the end of the Performance Period. (e) Upon the Retirement (as defined in the Plan) of the Participant, the Participant will remain eligible to vest and be settled in a portion of the Performance Share Units in a manner consistent with, and calculated pursuant to, Section 6(b), subject to the conditions set forth in Section 6(b)(ii) and (iii) and this Section 6(e). Notwithstanding anything to the contrary herein or in the Plan, in order to qualify for Retirement, (i) the Participant must meet the age and service requirements set forth in the Plan, (ii) the Participant must provide the Company with three months written notice prior to the date of such Retirement, and (iii) such termination of the Participant's employment must be other than for (x) Cause or (y) misconduct (each as determined by the Committee or its designees in their sole discretion). (f) For purposes of this Agreement, “Cause” shall have the meaning set forth in the Plan; provided, however, that if the Participant is covered by the Supplemental Recoupment Policy (as defined below), the term “Cause” shall have the meaning set forth in the Supplemental Recoupment Policy. (g) Notwithstanding anything herein, in the event that the Participant is a party to an employment, severance, retention or similar agreement with the Company in effect as of the date hereof (the “Service Agreement”), the treatment of Performance Share Units set forth in the Service Agreement will control in the event of any conflict in the terms. 5 Exhibit 10.2 (7) SETTLEMENT OF PERFORMANCE SHARE UNITS . (a) Upon the expiration or termination of the Restricted Period and the satisfaction of all other conditions prescribed by the Committee with respect to the Performance Share Units, a number of shares of Common Stock equal to the target number of Performance Share Units times the Payout Percentage shall be delivered, free of all such restrictions, to the Participant or the Participant's beneficiary or estate, as the case may be. Such payment in settlement shall be made promptly, but in any event not later than (x) the end of the year in which the Restricted Period ends and the conditions are satisfied or (y) if later, within thirty (30) days following the lapse of the Restricted Period; provided, that the award holder will not be permitted, directly or indirectly, to designate the taxable year of settlement. The Participant (or his or her beneficiary or estate, if applicable) may be required to execute a release of claims against the Company and its subsidiaries in order to receive a settlement payment and shall be required to execute a release to receive the vesting and settlement prescribed in Section 6(b) and 6(e). To the extent such a release is required and, as a result of the timing of the execution of such release, settlement could be made in two different tax years, settlement shall in all such cases be made in the second such year.