
	Fiscal Quarter Ended
	May 2, 2020 (a)(b)		August 1, 2020 (c)(d)(e)		October 31, 2020 (f)(g)		January 30, 2021
	(in millions except per share data)
Net Sales	$	1,654	$	2,319	$	3,055	$	4,819
Gross Profit	288		711		1,359		2,309
Operating Income (Loss)	(318)		44		581		1,273
Income (Loss) Before Income Taxes	(412)		(60)		410		1,154
Net Income (Loss)	(297)		(49)		331		859
Net Income (Loss) Per Basic Share (h)	$	(1.07)	$	(0.18)	$	1.19	$	3.08
Net Income (Loss) Per Diluted Share (h)(i)	$	(1.07)	$	(0.18)	$	1.17	$	3.03

(a)Gross profit includes the effect of a $97 million pre-tax impairment charge ($72 million after-tax) related to certain Victoria's Secret store and lease assets.

(b)Net Loss includes the effect of a $50 million income tax benefit related to the resolution of certain tax matters.

(c)Gross profit includes the effect of a $117 million pre-tax impairment charge ($99 million after-tax) related to certain Victoria's Secret store and lease assets and a net pre-tax gain of $36 million ($25 million after-tax) related to the closure and lease termination for the Victoria’s Secret Hong Kong flagship store.

(d)Operating Income includes the effect of pre-tax severance and related charges of $81 million ($65 million after-tax).

(e)Net Loss includes the effect of a $21 million income tax benefit related to recent changes in tax legislation included in the CARES Act.

(f)Operating Income includes the effect of a $30 million pre-tax gain ($27 million after-tax) related to the establishment of a joint venture for the Victoria’s Secret U.K. and Ireland business with Next PLC.

(g)Net Income includes the effect of $53 million pre-tax loss ($40 million after-tax) associated with the early extinguishment of outstanding notes, and a $23 million net income tax benefit related to tax matters associated with foreign investments and recent changes in tax legislation.

(h)Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income (loss) per share for the year.

(i)The cumulative total of quarterly net income (loss) per dilutive share amounts does not equal the net income (loss) per dilutive share for the year due to net losses in certain periods.


	Fiscal Quarter Ended
	May 4, 2019		August 3, 2019 (a)		November 2, 2019 (b)(c)(d)		February 1, 2020 (e)(f)
	(in millions except per share data)
Net Sales	$	2,629	$	2,902	$	2,677	$	4,707
Gross Profit	934		983		741		1,794
Operating Income (Loss)	153		175		(151)		82
Income (Loss) Before Income Taxes	60		42		(277)		(7)
Net Income (Loss)	40		38		(252)		(192)
Net Income (Loss) Per Basic Share (g)	$	0.15	$	0.14	$	(0.91)	$	(0.70)
Net Income (Loss) Per Diluted Share (g)(h)	$	0.14	$	0.14	$	(0.91)	$	(0.70)

(a)Net Income includes the effect of a $40 million pre-tax loss ($30 million after-tax) associated with the early extinguishment of outstanding notes.

(b)Gross Profit includes the effect of a $218 million pre-tax impairment charge ($200 million after-tax) related to certain Victoria's Secret store and lease assets.

(c)Operating Loss includes the effect of a $30 million (no tax impact) goodwill impairment charge related to the Victoria's Secret Greater China reporting unit.

(d)Net Loss includes the effect of a $37 million pre-tax charge ($28 million after-tax) to increase reserves related to ongoing contingent obligations for the La Senza business.

(e)Gross Profit includes the effect of a $35 million pre-tax impairment charge ($30 million after-tax) related to certain Victoria's Secret lease assets.

(f)Operating Income includes the effect of a $690 million pre-tax goodwill impairment charge ($687 million after-tax) related to the Victoria's Secret reporting unit.

(g)Due to changes in stock prices during the year and timing of issuances of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income (loss) per share for the year.

(h)The cumulative total of quarterly net income (loss) per dilutive share amounts does not equal the net income (loss) per dilutive share for the year due to net losses in certain periods.