Corporate Sales: $12.6 billion
Beauty Sales: $4.6 billion (est.)

Major Products/Brands: Bath & Body Works, White Barn home fragrances; Victoria’s Secret fine fragrances and cosmetics.

New Products: Bath & Body Works: White Gardenia candle, Lavender Sandalwood body lotion; Victoria’s Secret Beauty: Lip Crayons, Love, Scandalous Dare and Secret Crush fragrances.

Comments: In light of decreased foot traffic in the malls that are home to many of L Brands’ Bath & Body Works, Victoria’s Secret and White Barn storefronts, the company continues to refine and streamline its business models to make the most of its brand cache.

In 2016, the company expanded its Victoria’s Secret and PINK stores in the U.S., Canada, and U.K. and company-owned Bath & Body Works stores in the U.S. and Canada, grew its direct businesses sales by 6%, and continued the process of expanding Bath & Body Works and Victoria’s Secret stores and Victoria’s Secret Beauty and Accessories stores with partners throughout the world. It sunk $772 million of its $990 million in 2016 capital expenditures into opening new stores and remodeling and improving existing ones.

Bath & Body Works’ 2016 net sales increased $265 million to $3.9 billion, with comparable sales increasing 6% and comparable store sales increasing 3%. The biggest contributors were home fragrance and Signature Collection. The B&BW division added 240 new concept stores, which included White Barn home fragrance.

On the Victoria’s Secret side, L Brands reorganized the entity into three separate business components (Victoria’s Secret Lingerie, Pink and Victoria’s Secret Beauty), phasing out swimwear as part of an effort to refocus and expand the brand around the world, especially in North America. To that end, L Brands snapped up 26 Victoria’s Secret Beauty and Accessories stores from its partner in Greater China, and opened five new stores in the region. In 2016, net sales increased $38 million to $423 million, which the company said primarily related to those newly acquired stores in Greater China.

Meanwhile, L Brands’ retail partners opened 44 Victoria’s Secret Beauty and Accessories stores, bringing the total to 391. The company plans to open an additional 45 to 60 Victoria’s Secret Beauty and Accessories stores in 2017.

News of Note in 2017

L Brands engaged in a lot of shuffling in 2016 to strategically improve the company’s long-term fiscal optimism. Despite total  Victoria’s Secret Q1 2017 sales declining 12% to $1.5 billion (attributed to double-digit lagging lingerie sales), total sales for Bath & Body Works jumped 3% to $678 million, with a 2% rise in comparable sales, driven by the company’s home fragrance products. Victoria’s Secret and Bath & Body Works International’s sales were up 9% to $103.3 million. Other revenues increased 4% to $122.2 million. The company believed its ongoing refocusing efforts positioned it for projected double-digit growth, but analysts weren’t so certain.

Sure enough, in August during the company’s 2017 Q2 earnings call, the results indeed fell below those lofty expectations. Although B&BW continued to perform well, the company said Victoria’s Secret and Victoria’s Secret Direct—which account for nearly 80% of the company’s valuation—continued to reel from apparel and swimsuit revenue losses, with revenue for the quarter down 4.5% to $2.76 billion (compared to $2.89 billion last year).

Corporate Sales: $10.5 billion
Beauty Sales: $3.2 billion (estimated) for home fragrance and personal care products.

Major Products: Bath & Body Works and Victoria’s Secret home fragrance, fine fragrance, personal care products and beauty products. Limited Brands also owns Victoria’s Secret Pink, La Senza and Henri Bendel.

New Products: Victoria’s Secret: Victoria by Victoria’s Secret, Bombshell, Bombshell Forever, Pink Fun & Fearless Hand & Body Cream, Victoria’s Secret Makeup Jet Setter Portable Makeup Kit. Bath & Body Works: Pure Paradise fragrances, Sweater Weather candles, C.O. Bigelow Chapped Hands Remedy, Dr. Patricia Wexler Intensive Night Reversal & Repair Cream.

Victoria by Victoria’s Secret launched this past summer; bows and ribbons make every bottle feel like a gift.

Comments: Net sales for Limited Brands reached $10.5 billion for the 53-week year ended Feb. 2, 2013 compared to $10. 4 billion for the 52 weeks ended Jan. 28, 2012. Corporate sales rose just 1% last year, but sales of Bath & Body Works increased 9%. B&BW sales were up across most categories, including Signature Collection, home fragrance and soaps and sanitizers. Bath & Body Works reported sales of $2.9 billion. Net sales for Victoria’s Secret were $4.98 billion. VS Direct brought in another $1.6 billion.

Limited Brands says its priority is in the domestic market, but “with our sights set on the global marketplace, the international business is a healthy addition to our U.S. business and a source for long-term growth.” There are now nearly 900 stores outside the U.S. Of these, 143 are Victoria’s Secret Beauty & Accessories, which are operated by franchise partners, and aimed at airport travellers. Bath & Body Works stores in Canada are owned and operated by Limited Brands, while stores operating in other parts of the world are franchised.

In 2012, Victoria’s Secret’s Angel won the Consumer’s Choice Fragrance Foundation Award, as well as Best Packaging in the Women’s Popular category.

For the second quarter 2013, the company reported net sales of $2.5 billion for the 13 weeks ended August 3, 2013, an increase of 5% compared to sales of $2.4 billion for the 13 weeks ended July 28, 2012.

Both Victoria’s Secret and Bath & Body Works keep rolling out fragrance collections in covetable packaging. In 2013, first came Fabulous, followed by Bombshell Forever, which launched this past spring, and then Victoria by Victoria’s Secret during the summer. B&BW recently launched a collection called Aspen Caramel Woods. Be Enchanted, Black Amethyst and Paris Amour were other popular collections launched during the year.

Corporate Sales: $10.4 billion
Beauty Sales: $2.9 billion (estimated; home fragrance and personal care)

Major Products: Bath and body products, fragrance, shower gels, body wash, antibacterial soaps, aromatherapy, candles and makeup sold under brands including Bath & Body Works, Signature Collection, Aromatherapy, True Blue Spa, C.O. Bigelow, Victoria’s Secret and Victoria’s Secret Pink. The Limited also owns La Senza Canada and Henri Bendel stores.

New Products: Victoria’s Secret Angel fragrance, True Blue Spa After Sun Moisturizer, Signature Collection Paris Amour, Signature Collection Cashmere Glow, C.O Bigelow Black Pepper Men’s, Pink Fun & Fearless Body Mist, Victoria’s Secret Pro makeup, Bath & Body Works Signature Collection for Men Classic.

Victoria’s Secret Angel took home two FiFi Awards this year.

Comments: Chairman and CEO Leslie H. Wexner proclaimed that 2011 was a year of record performance for Limited Brands, with all stores proving profitable and a comparable store sales increase of 10%. Corporate net sales increased $751 million (8%) to $10.4 billion. Victoria’s Secret net sales increased $601 million (11%) to $6.12 billion and comparable store sales increased 14%. Bath & Body Works (B&BW) net sales increased $159 million to $2.7 billion and comparable store sales increased 6%. The company gave partial credit to innovative new fragrance launches at Bath & Body Works.

Last year, the company closed some under-performing stores in the U.S. and increased the number in Canada. It also nearly doubled the number of doors of its prestige retailer, Henri Bendel, from 11 to 19, with plans for an additional 10 in 2012. In all, retail stores now total nearly 3,000 (VS U.S., 1,017; BBW U.S., 1,587; La Senza Canada, 230; BBW Canada, 69; VS Canada, 19).

The company continued its expansion outside of the U.S., with its franchise partners opening 40 additional Victoria’s Secret Beauty and Accessories stores bringing the total to 57. An additional 75 are in the works for 2012. A dozen Bath & Body Works stores opened in the Middle East in 2011 bringing the total to 18, with plans for about 32 to be added in 2012. The Limited also plans to open three more Bath & Body Works stores in Canada in 2012.

Innovative packaging continues to play a role in sales success. At the 2012 FiFi Awards, Victoria’s Secret Beauty’s Angel scent took home two awards: Broad Appeal Women and Consumer’s Choice. Meanwhile, B&BW walked away with the Consumer’s Choice award in the men’s category for Bath & Body Works Signature Collection for Men Classic.

Nicholas Coe was elected president and CEO of Bath & Body Works in August 2011.Just this month, Susie Coulter, a former executive at Ralph Lauren, was named president of Victoria’s Secret Beauty.

In August, Limited Brands’ growth had slowed slightly from last year. The company reported a comparable store sales increase of 8% for the 30 weeks ended August 25, 2012, compared to the 30 weeks ended August 27, 2011. Net sales of $5.2 billion for the period compared to $5.4 billion for the same stretch last year.

Beauty Sales: $2.7 billion (estimated for home fragrance and personal care products)
Corporate Sales: $9.6 billion

Victoria’s Secret beauty sales were in the pink at Limited Brands.

Bath & Body Works, including Signature Collection, Patricia Wexler M.D., C.O. Bigelow; White Barn Candle Co.; Victoria’s Secret, including Secret Garden, Beauty Rush, Dream Angels, Incredible, VS Attractions, Sexy Little Things, Very Sexy, Bombshell and Pink fragrances and VS Makeup.

New Products: Victoria’s Secret Bombshell, Victoria’s Secret Hot for Pink Body Mist, Victoria’s Secret Wink Wink Fragrance Mist, Victoria’s Secret Juiced Berry Shimmer Swirl Cream, Bath & Body Works Signature Collection Charmed Life body lotion, Patricia Wexler M.D. Dermatology, True Blue Spa Travel-Size Super Rich Body Cream.

Comments: Leslie H. Wexner, chairman and chief executive officer of Limited Brands, vowed to return beauty to pre-economic crisis levels, and it appears that he achieved his goal. Corporate sales rose 11% in 2010 and net income soared 80%. In 2009, sales had fallen 4%.

Bath & Body Works’ 2010 sales rose 6% to just over $2.5 billion, while Victoria’s Secret’s beauty sales increased 15%. The company credited the increase in Victoria’s Secret beauty to “an innovative hard-to-resist assortment of merchandise.”

While efforts went into strengthening sales domestically, there was also an eye on new markets. In November 2010, Bath & Body Works launched its first store in the Middle East at the Mirdif City Centre in Dubai. It was part of an initial regional rollout of six stores across Dubai and Kuwait in 2010.

In a personnel move, Diane Neal, chief executive officer of Bath & Body Works, served through the end of the summer and then transitioned into an advisory role with the company from San Francisco. Nick Coe, formerly president of Lands’ End, joined Bath & Body Works as CEO.

Limited Brands continues to downsize Bath & Body Works and Victoria’s Secret stores in the U.S. as it focuses on building profitability.

Beauty Sales: $2.6 billion (estimated) for Bath & Body Works, and Victoria’s Secret personal care and home fragrance products.
Corporate Sales: $8.6 billion

Major Products: Victoria’s Secret Beauty fragrances, skin care and cosmetics including Secret Garden Collection, Naturally Victoria’s Secret, Beauty Rush, Dream Angels, Sexy Little Things, Victoria’s Secret Pink. Bath & Body Works personal care, beauty and home fragrance products marketed under the Bath & Body Works, C.O. Bigelow and The White Barn Candle Company.

The feminine glass flacon for Victoria’s Secret Beauty’s Bombshell was designed to mimic a priceless jewel; the pink stripes make it iconic Victoria’s Secret. Photo: Thomas W. Hogan

New Products: Color Cosmetics—The Heidi Collection, Exotic Jewels, VS Makeup; Fragrance—Midnight Garden Collection, Dream Angels Heavenly Flowers, Bath & Body Works Noir, Deep Aqua, VS Velvet; Personal Care—Bath & Body Works Dark Kiss, Orange Sapphire; Skin Care—Patricia Wexler MD collection.

Comments: Chairman and chief executive officer of Limited Brands, Leslie H. Wexner, took an optimistic approach to dealing with the market realities throughout the year, and focused on what improvements could be made within the operation. As a result, he commented that the company delivered better-than-expected profits for 2009, particularly the fourth quarter, even though corporate sales fell 4% to $8.6 billion.

Sales at Bath & Body Works increased $9 million, less than 1% to nearly $2.4 billion. Net sales were driven by the Signature Collection, antibacterial and home fragrance categories that were partially offset by discontinued product lines. During the year, Limited Brands restaged the Signature Collection and the antibacterial lines with new fragrances, improved formulas and updated packaging.

Victoria’s Secret’s sales fell 5% to $5.3 billion. Heidi Klum’s latest release at Victoria’s Secret , The Heidi Collection, Exotic Jewels, features a rich palette of hues, ranging from lipgloss to face powder.

As with many of our other Top 20 Global Beauty Companies, growth focused on international expansion during the tough times of 2009. Limited Brands reached across the border for consumers, opening 31 Bath & Body Works stores and four Victoria’s Secret Pink stores in Canada. Global rollouts this year follow last year’s initial ventures into airports and tourist destinations.

Victoria’s Secret’s Love Rocks, with its red and black edgy packaging, won a coveted FiFi award in the Women’s Private Label Direct Sell category.

Conditions continued to pick up in 2010 for Limited Brands, with a promising first half. The company reported net sales of $4.8 billion for the 30 weeks ended August 28, 2010, compared to sales of $4.3 billion for the same period last year.

Beauty Sales: $2.7 billion
Corporate Sales: $9 billion

New Products: Naturally Victoria’s Secret Violet & Jasmine collection, Secret Garden Sexy-Bac sanitizing hand gel, Sexy Little Things Noir; Pink Body natural body care products.

Comments: Leslie H. Wexner, chairman and chief executive officer, reported that while 2008 started out well, by the last quarter, the negative impact of the economy took hold. Limited Brands did not have a good year. Corporate sales fell 11% and net income dropped nearly 70%. Sales at Bath & Body Works fell 5% to less than $2.4 billion. Estimated sales for Bath & Body Works, White Barn and Victoria’s Secret personal care and home fragrance products reached $2.7. Net income was $220 million for the year ended Jan. 31, 2009.

The company attributed the drop to the broadening recession and declines in its Signature Collection, which were offset partially by increases in the aromatherapy, True Blue Spa and home fragrance categories. With sales falling and no sign of recovery, Limited Brands initiated a restructuring program in December that included the elimination of approximately 400 positions.

Still, in 2009, the company expected to open about 20 new Bath & Body Works stores and its first Pink store in Canada. In 2010, it plans to open Victoria’s Secret Stores in Canada. At the FiFi Awards in May, Victoria’s Secret Beauty’s Sexy Little Things Noir eau de parfum won Fragrance of the Year in the Women’s Private Label Direct Sell category.

Wexner said the company’s decision to take a defensive position in 2008 enabled it to make progress. Still, first quarter revenues declined 10.4% to $1.7 billion and net income plunged 97% to about $98 million.

Mid-year 2009, the company reported a comparable store sales decrease of 9% for the 26 weeks ended August 1, 2009, compared to the 26 weeks ended August 2, 2008. The company reported net sales of $3.8 billion, compared to sales of $4.28 billion for the same period last year. Victoria’s Secret sales were down 5% and Bath & Body Works down 1% over the same period last year.

Victoria’s Secret is in the process of giving its Very Sexy makeup line a makeover. The line is being rebranded as VS Makeup and will boast new formulas, new packaging and a broader array of colors.

Beauty Sales: $3 billion (estimated) for Bath & Body Works, White Barn and Victoria’s Secret personal care products.
Corporate Sales: $10.1 billion

Products/Brands: Victoria’s Secret Beauty—fragrances, skin care and cosmetics; Bath & Body Works—personal care, beauty and home fragrance products marketed under the Bath & Body Works, C.O. Bigelow and The White Barn Candle Company.

New Products: Bath & Body Works—Midnight Pomegranate body care; The White Barn Candle Company—Red Hot Passion, Tahitian Coffee and Tea home fragrance collections.

Victoria’s Secret’s Supermodel fragrance was right on target with Limited Brand’s vision for the year—to make customers feel sophisti- cated, young and sexy.

Comments: “As we begin this year, we have a laser-like focus on performance—no ifs, ands or buts.” These are the words that Limited Brands chairman and CEO Leslie H. Wexner chose to start off the company’s 2007 annual report, balancing his statement that the company’s leadership team had been dissatisfied with performance—and slight declines in sales, blamed on a soft market—and that the focus would now be on infrastructure and distribution in the year ahead. He emphasized his vision for the coming year and the future: to make customers feel sophisticated, young and sexy and to grow core brands in current locations and extend them into new channels. In an effort to focus on core brands, Wexner, who started Limited Brands as a clothing business in 1963, stripped its majority interest in Express and Limited stores and instead, acquired Canadian lingerie retailer La Senza, stocking the outlets with Victoria’s Secret Beauty products.

For the year, Bath & Body Works reported sales of $2.5 billion, while Victoria’s Secret rang up $5.6 million (with no breakdown as to clothing/personal care).

In August, Limited Brands reported that second quarter 2008 earnings had exceeded expectations even in “a challenging environment,” in which earnings had decreased sharply. Second quarter operating income was $185.2 million compared to $318.9 million last year, and net income was $102 million compared to $264.4 million last year.

The latest report showed a decrease of 7% in comparable store sales for the four weeks ended August 30, 2008 compared to the four weeks ended September 1, 2007. The company reported net sales of $588.4 million for the four weeks ended August 30, 2008, an increase of 4% compared to net sales of $565.2 million last year. A comparable store sales decrease of 7% was reported for the 30 weeks ended August 30, 2008. Net sales were $4.8 billion compared to net sales of $5.5 billion last year.