Exhibit 99.2

L BRANDS, INC.
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION

On May 11, 2021, L Brands, Inc. (the “Company”) announced that its Board of Directors unanimously approved a plan to separate L Brands, Inc. into two independent, public companies: Bath & Body Works and Victoria’s Secret, including PINK.  The Company expects to create these companies through a tax-free spin-off of Victoria’s Secret to L Brands’ shareholders.  On July 9, 2021, the Company’s Board of Directors approved the separation of the Victoria’s Secret business into an independent, publicly traded company (the “Separation”) by means of a distribution of 100% of the outstanding common stock of the newly created public company, Victoria’s Secret & Co. (“Victoria’s Secret”), on a pro rata basis to the Company’s existing shareholders.  The distribution of Victoria’s Secret’s shares is expected to be completed after the market close on August 2, 2021, with L Brands’ shareholders receiving one share of Victoria’s Secret common stock for every three shares of L Brands common stock held at the close of business on the record date of July 22, 2021 (the “Distribution”).  Only L Brands stockholders as of the close of business on the record date will receive Victoria’s Secret shares in the Distribution. The Distribution is subject to the satisfaction of a number of customary conditions.  Upon completion of the Separation, the Company expects Victoria’s Secret will have $1.0 billion of aggregate principal amount of indebtedness, and the Company expects $977 million of cash, the proceeds of that indebtedness net of related fees and expenses, to be distributed to the Company.  Victoria’s Secret has received approval for the listing of its common stock on the New York Stock Exchange under the symbol “VSCO.”

The following unaudited pro forma consolidated statements of income (loss) for the thirteen weeks ended May 1, 2021 and the fiscal years ended January 30, 2021, February 1, 2020 and February 2, 2019 reflect the results of operations as if the Distribution had occurred on February 4, 2018.  The unaudited pro forma consolidated balance sheet as of May 1, 2021 assumes that the Distribution occurred as of May 1, 2021. The unaudited pro forma consolidated financial information should be read together with the Company’s historical consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in its annual report on Form 10-K for the fiscal year ended January 30, 2021, and in its quarterly report on Form 10-Q for the thirteen weeks ended May 1, 2021.

The unaudited pro forma consolidated financial statements are presented based on information currently available, are intended for informational purposes, are not intended to represent what the Company’s consolidated statements of income (loss) and balance sheet actually would have been had the Separation occurred on the dates indicated above and do not reflect all actions that may be undertaken by the Company after the Distribution and disposition of Victoria’s Secret. In addition, the unaudited pro forma consolidated financial statements are not necessarily indicative of the Company’s results of operations and financial position for any future period.

The “Historical L Brands (as reported)” column in the unaudited pro forma consolidated financial statements reflects the Company’s historical consolidated financial statements for the periods presented and does not reflect any adjustments related to the Separation and related transactions.

The information in the “Discontinued Operations” column in the unaudited pro forma consolidated statements of income (loss) was derived from the Company’s consolidated financial statements and related accounting records for the thirteen weeks ended May 1, 2021 and the fiscal years ended January 30, 2021, February 1, 2020 and February 2, 2019, and reflects the operating results of, and costs to separate, Victoria’s Secret.  Discontinued Operations does not include any allocation of general corporate overhead expense or interest expense of the Company to Victoria’s Secret.  The information in the “Discontinued Operations” column in the unaudited pro forma consolidated balance sheet was derived from the Company’s consolidated financial statements and the related accounting records as of May 1, 2021, adjusted to include certain assets and liabilities that will be transferred to Victoria’s Secret pursuant to the Separation and Distribution agreement, and exclude certain liabilities related to Victoria’s Secret that will be retained by the Company in connection with the Separation. Discontinued Operations does not reflect what Victoria’s Secret’s results of operations would have been on a stand-alone basis, and are not necessarily indicative of  future results of operations.  Beginning in the third quarter of fiscal 2021, Victoria’s Secret’s historical financial results for periods prior to the Distribution will be reflected in the Company’s consolidated financial statements as discontinued operations.
The information in the “Pro Forma Adjustments” column in the unaudited pro forma consolidated financial statements was based on available information and assumptions that the Company’s management believes are reasonable, that reflect the impacts of events directly attributable to the Separation and related transactions that are factually supportable, and for purposes of the consolidated statements of income (loss), are expected to have a continuing impact on the Company. The pro forma adjustments do not reflect future events that may occur after the Separation, including potential selling, general and administrative dis-synergies and the expected charges, the expected realization of any cost savings and other synergies, or the usage of the expected cash distribution to be received from Victoria’s Secret in connection with the Separation.

The “Pro Forma L Brands” column is not necessarily indicative of future results nor does it reflect what the Company’s financial position and results of operations would have been as an independent public company during the periods presented.

L BRANDS, INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
THIRTEEN WEEKS ENDED MAY 1, 2021
(in millions, except per share amounts)

   
Historical L Brands
(as reported)
    
Discontinued
Operations (A)
    
Pro Forma
Adjustments
    
Pro Forma
L Brands
  
Net Sales
  
$
3,024
    
$
(1,554
)
  
$
—
    
$
1,470
  
Costs of Goods Sold, Buying and Occupancy
    
1,610
      
(882
)
    
—
      
728
  
Gross Profit
    
1,414
      
(672
)
    
—
      
742
  
General, Administrative and Store Operating Expenses
    
842
      
(437
)
    
—
      
405
  
Operating Income
    
572
      
(235
)
    
—
      
337
  
Interest Expense
    
114
      
—
      
—
      
114
  
Other Loss
    
105
      
—
      
—
      
105
  
Income from Continuing Operations Before Income Taxes
    
353
      
(235
)
    
—
      
118
  
Provision for Income Taxes
    
76
      
(48
)
    
—
      
28
  
Net Income from Continuing Operations
  
$
277
    
$
(187
)
  
$
—
    
$
90
  
                                 
Net Income Per Share from Continuing Operations:
                                
Basic
  
$
0.99
                    
$
0.32
  
Diluted
  
$
0.97
                    
$
0.32
  
                                 
Weighted Average Number of Shares Outstanding:
                                
Basic
    
279
                      
279
  
Diluted
    
284
                      
284
  


See Notes to Unaudited Pro Forma Consolidated Financial Statements
L BRANDS, INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
FISCAL YEAR ENDED JANUARY 30, 2021
(in millions, except per share amounts)

   
Historical L Brands
(as reported)
    
Discontinued
Operations (A)
    
Pro Forma
Adjustments
    
Pro Forma
L Brands
  
Net Sales
  
$
11,847
    
$
(5,413
)
  
$
—
    
$
6,434
  
Costs of Goods Sold, Buying and Occupancy
    
7,180
      
(3,842
)
    
—
      
3,338
  
Gross Profit
    
4,667
      
(1,571
)
    
—
      
3,096
  
General, Administrative and Store Operating Expenses
    
3,087
      
(1,596
)
    
—
      
1,491
  
Operating Income
    
1,580
      
25
      
—
      
1,605
  
Interest Expense
    
438
      
(6
)
    
—
      
432
  
Other Loss
    
50
      
1
      
—
      
51
  
Income from Continuing Operations Before Income Taxes
    
1,092
      
30
      
—
      
1,122
  
Provision for Income Taxes
    
248
      
9
      
—
      
257
  
Net Income from Continuing Operations
 
$
844
    
$
21
    
$
—
    
$
865
  
                                 
Net Income Per Share from Continuing Operations:
                                
Basic
  
$
3.04
                    
$
3.11
  
Diluted
  
$
3.00
                    
$
3.07
  
                                 
Weighted Average Number of Shares Outstanding:
                                
Basic
    
278
                      
278
  
Diluted
    
281
                      
281
  


See Notes to Unaudited Pro Forma Consolidated Financial Statements
L BRANDS, INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME (LOSS)
FISCAL YEAR ENDED FEBRUARY 1, 2020
(in millions, except per share amounts)

   
Historical L Brands
(as reported)
    
Discontinued
Operations (A)
    
Pro Forma
Adjustments
    
Pro Forma
L Brands
  
Net Sales
  
$
12,914
    
$
(7,509
)
  
$
—
    
$
5,405
  
Costs of Goods Sold, Buying and Occupancy
    
8,464
      
(5,446
)
    
—
      
3,018
  
Gross Profit
    
4,450
      
(2,063
)
    
—
      
2,387
  
General, Administrative and Store Operating Expenses
    
3,472
      
(2,125
)
    
—
      
1,347
  
Impairment of Goodwill
    
720
      
(720
)
    
—
      
—
  
Operating Income
    
258
      
782
      
—
      
1,040
  
Interest Expense
    
378
      
(8
)
    
—
      
370
  
Other Loss
    
61
      
1
      
—
      
62
  
Income (Loss) from Continuing Operations Before Income Taxes
    
(181
)
    
789
      
—
      
608
  
Provision for Income Taxes
    
185
      
(37
)
    
—
      
148
  
Net Income (Loss) from Continuing Operations
 
$
(366
)
  
$
826
    
$
—
    
$
460
  
                                 
Net Income (Loss) Per Share from Continuing Operations:
                                
Basic
  
$
(1.33
)
                  
$
1.66
  
Diluted
  
$
(1.33
)
                  
$
1.65
  
                                 
Weighted Average Number of Shares Outstanding:
                                
Basic
    
276
                      
276
  
Diluted
    
276
                      
278
  


See Notes to Unaudited Pro Forma Consolidated Financial Statements
L BRANDS, INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
FISCAL YEAR ENDED FEBRUARY 2, 2019
(in millions, except per share amounts)

   
Historical L Brands
(as reported)
    
Discontinued
Operations (A)
    
Pro Forma
Adjustments
    
Pro Forma
L Brands
  
Net Sales
  
$
13,237
    
$
(8,103
)
  
$
—
    
$
5,134
  
Costs of Goods Sold, Buying and Occupancy
    
8,338
      
(5,414
)
    
—
      
2,924
  
Gross Profit
    
4,899
      
(2,689
)
    
—
      
2,210
  
General, Administrative and Store Operating Expenses
    
3,563
      
(2,173
)
    
—
      
1,390
  
Loss on Divestiture of La Senza
    
99
      
2
      
—
      
101
  
Operating Income
    
1,237
      
(518
)
    
—
      
719
  
Interest Expense
    
385
      
(2
)
    
—
      
383
  
Other Income
    
5
      
7
      
—
      
12
  
Income from Continuing Operations Before Income Taxes
    
857
      
(509
)
    
—
      
348
  
Provision for Income Taxes
    
213
      
(154
)
    
—
      
59
  
Net Income from Continuing Operations
 
$
644
    
$
(355
)
  
$
—
    
$
289
  
                                 
Net Income Per Share from Continuing Operations:
                                
Basic
  
$
2.33
                    
$
1.04
  
Diluted
  
$
2.31
                    
$
1.04
  
                                 
Weighted Average Number of Shares Outstanding:
                                
Basic
    
276
                      
276
  
Diluted
    
279
                      
279
  


See Notes to Unaudited Pro Forma Consolidated Financial Statements
L BRANDS, INC.
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
AS OF MAY 1, 2021
(in millions, except par value amounts)

   
Historical L Brands
(as reported)
    
Discontinued
Operations (A)
    
Pro Forma
Adjustments
  
Notes
  
Pro Forma
L Brands
  
ASSETS
                          
Current Assets:
                          
Cash and Cash Equivalents
  
$
2,807
    
$
(332
)
  
$
1,059
  
(B)
  
$
3,534
  
Accounts Receivable, Net
    
221
      
(111
)
    
—
        
110
  
Inventories
    
1,397
      
(761
)
    
—
        
636
  
Other
    
187
      
(93
)
    
—
        
94
  
Total Current Assets
    
4,612
      
(1,297
)
    
1,059
        
4,374
  
Property and Equipment, Net
    
2,030
      
(1,036
)
    
—
        
994
  
Operating Lease Assets
    
2,596
      
(1,602
)
    
—
        
994
  
Goodwill
    
628
      
—
      
—
        
628
  
Trade Names
    
411
      
(246
)
    
—
        
165
  
Deferred Income Taxes
    
72
      
(11
)
    
—
        
61
  
Other Assets
    
197
      
(51
)
    
—
        
146
  
Total Assets
  
$
10,546
    
$
(4,243
)
  
$
1,059
      
$
7,362
  
LIABILITIES AND EQUITY (DEFICIT)
                                  
Current Liabilities:
                                  
Accounts Payable
  
$
735
    
$
(366
)
  
$
—
      
$
369
  
Accrued Expenses and Other
    
1,292
      
(631
)
    
—
        
661
  
Current Operating Lease Liabilities
    
504
      
(356
)
    
—
        
148
  
Income Taxes
    
149
      
(9
)
    
—
        
140
  
Total Current Liabilities
    
2,680
      
(1,362
)
    
—
        
1,318
  
Deferred Income Taxes
    
245
      
(100
)
    
—
        
145
  
Long-term Debt
    
5,344
      
—
      
—
        
5,344
  
Long-term Operating Lease Liabilities
    
2,504
      
(1,541
)
    
—
        
963
  
Other Long-term Liabilities
    
306
      
(22
)
    
—
        
284
  
Shareholders’ Equity (Deficit):
                                  
Preferred Stock - $1.00 par value
    
—
      
—
      
—
        
—
  
Common Stock - $0.50 par value
    
144
      
—
      
—
        
144
  
Paid-in Capital
    
903
      
—
      
—
        
903
  
Accumulated Other Comprehensive Income
    
86
      
(7
)
    
—
        
79
  
Retained Earnings (Accumulated Deficit)
    
(1,144
)
    
(1,211
)
    
1,059
  
(C)
    
(1,296
)
Less: Treasury Stock, at Average Cost
    
(523
)
    
—
      
—
        
(523
)
Total L Brands, Inc. Shareholders’ Equity (Deficit)
    
(534
)
    
(1,218
)
    
1,059
        
(693
)
Noncontrolling Interest
    
1
      
—
      
—
        
1
  
Total Equity (Deficit)
    
(533
)
    
(1,218
)
    
1,059
        
(692
)
Total Liabilities and Equity (Deficit)
  
$
10,546
    
$
(4,243
)
  
$
1,059
      
$
7,362
  


See Notes to Unaudited Pro Forma Consolidated Financial Statements
L BRANDS, INC.
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

The unaudited pro forma consolidated statements of income (loss) for the thirteen weeks ended May 1, 2021 and the fiscal years ended January 30, 2021, February 1, 2020 and February 2, 2019, and the unaudited pro forma consolidated balance sheet as of May 1, 2021 includes the following adjustments:


 (A)
Reflects the discontinued operations of Victoria’s Secret, including the associated assets, liabilities, equity and results of operations and the non-recurring costs, primarily consisting of professional fees, that are directly related to the Separation.  Certain liabilities related to Victoria’s Secret and certain general corporate overhead expenses that were not specifically related to Victoria’s Secret were excluded, as they did not meet the discontinued operations criteria.


(B)
Reflects the expected cash distribution from Victoria’s Secret to the Company in connection with the Separation.  Upon completion of the Separation, the Company expects Victoria’s Secret will have $1.0 billion of aggregate principal amount of indebtedness, and the Company expects $977 million of cash, the proceeds of that indebtedness net of related fees and expenses, to be distributed to the Company.  Additionally, the Company expects that Victoria’s Secret will transfer cash of approximately $82 million, to be effected prior to Separation, to provide Victoria’s Secret with approximately $250 million in cash at the time of Separation.


(C)
Reflects the impact to the Company’s shareholders’ equity from the pro forma adjustment described in note (B).