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GROWTH AND SUPERIOR RETURNS FOR SHAREHOLDERS

We are focused on the disciplined execution of


retail fundamentals

We are confident in the growth opportunity for


our business

We are committed to increasing shareholder


value through the consistent return of excess
cash to shareholders

2
3
DISCIPLINED EXECUTION OF RETAIL FUNDAMENTALS

“SAID” “DID”

Grow inventory per foot slower than sales Achieved in 4 out of last 5 years

Grow expenses slower than sales Achieved in 4 out of last 5 years

Grow operating income dollars by 10%+ Achieved in 3 out of last 5 years


Achieved 18.0% at the end of 2015 and
High-teens operating income rate
16.2% at the end of 2016

Maintain healthy real estate 99% of stores are cash flow positive

Return excess cash to shareholders $6.9 billion returned since 2012

Top quartile of shareholder returns amongst retailers for the 10


Increase shareholder value
year period and 2nd quartile for the 5 year period
4
GREW INVENTORY SLOWER THAN SALES 4 OUT OF LAST 5 YEARS

1Sales on like businesses 5


GREW EXPENSES SLOWER THAN SALES 4 OUT OF LAST 5 YEARS

1Sales on like businesses 6


SINCE 2012 – SALES UP 22%; OPERATING INCOME UP 22%

Sales1 Operating Income1


($Billions) ($Billions)

$12.6  $2.19
$12.2  $2.04
$11.5  $1.95
$10.8 
$10.3  $1.74
$1.67

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
% Growth 7% 4% 6% 6% 3% % Growth 11% 5% 12% 12% ‐7%

22% Growth 22% Growth

1On like businesses, on an adjusted basis. 7


ANNUAL EPS GROWTH OF 6%

EPS amounts are on an adjusted basis


12012 represents 53-week view (52-week estimate is $2.84).
8
HEALTHY REAL ESTATE

2,690 Total Stores1

32 Stores 
< $0

1Only includes stores as of January 28, 2017 that have been open for at least one 

year and have not had construction activity for at least one year. Excludes clearance 
stores.

9
HEALTHY REAL ESTATE

2,977 Total Stores1
 High profitability across all location
types

 Leases provide significant protection


based on occupancy and co-tenancy
provisions

1Total North American Stores open as of 

January 28, 2017, excluding clearance centers

10
SIGNIFICANT CASH FLOW

($ in Millions) 2012 2013 2014 2015 2016

Operating Cash Flow1 1,553 1,328 1,877 2,027 1,990

Capital Expenditures (588) (691) (715) (727) (990)

Free Cash Flow1 965 632 1,162 1,301 1,000

Regular Dividend (296) (349) (399) (587) (683)

Retained Cash Flow1 669 283 763 714 317

1Restated to reflect the required change in presentation related to the new accounting standard for stock-based compensation adopted in 2017

11
BALANCED, PROACTIVE CAPITAL STRUCTURE MANAGEMENT

($ in Billions) 2005 2012 2013 2014 2015 2016

Balance Sheet Debt $1.7 $4.5 $5.0 $4.8 $5.7 $5.7

Capitalized Lease Obligations1 $4.6 $4.6 $4.9 $5.2 $5.5 $6.1

Total Adjusted Debt $6.3 $9.1 $9.9 $9.9 $11.2 $11.8

EBITDAR2 $1.9 $2.6 $2.7 $3.0 $3.3 $3.3

Adjusted Debt / EBITDAR 3.3x 3.4x 3.6x 3.3x 3.4x 3.6x

End of Year Cash $1.2 $0.8 $1.5 $1.7 $2.5 $1.9

Debt Rating at End of Year BBB/ BB+/ BB+/ BB+/ BB+/ BB+/
(S&P/Moody's/Fitch) Baa2/NR Ba1/BB+ Ba1/BB+ Ba1/BB+ Ba1/BB+ Ba1/BB+

1Calculated as 8 times total rent expense, including all businesses owned at the time.
2Adjusted operating income, excluding depreciation & amortization and total rent expense, including all businesses owned at the time. 12
RETURNED $7.1 BILLION TO SHAREHOLDERS

CASH DISTRIBUTIONS1 SINCE 2012

Regular Dividends $2.7 billion

Special Dividends $2.6 billion

Share Repurchases2 $1.8 billion

Total $7.1 billion

At an average price of $60.28 per share2


1Reflects cash distributions from fiscal 2012 through July 28, 2017.
2From fiscal 2012 through July 28, 2017, 30.2M shares were repurchased at an average price of $60.28 per share. 13
SIGNIFICANT GROWTH IN REGULAR DIVIDENDS SINCE 2012 – 24% CAGR

Regular Dividend per Share

$2.40

$2.00

$1.36
$1.20
$1.00

2012 2013 2014 2015 2016

14
TOTAL SHAREHOLDER RETURNS

1-year Total Return 3-year Total Return 5-year Total Return 10-year Total Return
1 Best Buy 44.6% 1 Children's Place 26.9% 1 Best Buy 29.4% 1 TJX 18.3%
2 Tiffany & Co. 34.9% 2 Best Buy 23.9% 2 Home Depot 24.2% 2 Fast Retailing 18.1%
Median of top 3 Children's Place 30.3% Median of top 3 Home Depot 19.9% Median of top 3 Walgreen Co. 20.2% Median of top 3 Home Depot 17.7%
quartile: 4 Staples 26.1% quartile: 4 Inditex 15.1% quartile: 4 Inditex 14.6% quartile: 4 Inditex 16.5%
26.1% 5 Giordano 18.0% 15.1% 5 Walgreen Co. 12.2% 14.6% 5 Children's Place 14.2% 16.5% 5 Children's Place 14.4%
6 Home Depot 14.2% 6 Coach 8.3% 6 Fast Retailing 12.6% 6 L Brands 12.0%
7 Coach 13.8% 7 TJX 8.1% 7 TJX 10.9% 7 Foot Locker 11.4%
8 Wal-Mart Stores 11.1% 8 Giordano 6.8% 8 Tiffany & Co. 10.4% 8 Wal-Mart Stores 8.6%
9 Gap 5.6% 9 Wal-Mart Stores 4.0% 9 Wal-Mart Stores 4.2% 9 Giordano 8.2%
Median of top 10 Walgreen Co. 0.6% Median of top 10 Target 1.1% Median of top 10 Foot Locker 2.9% Median of top 10 Walgreen Co. 8.1%
quartile: 11 Inditex 0.1% quartile: 11 Staples 0.0% quartile: 11 Staples 2.9% quartile: 11 Tiffany & Co. 8.1%
0.1% 12 TJX (5.4%) 0.0% 12 Fast Retailing (0.0%) 2.9% 12 Giordano 1.4% 8.1% 12 Gap 5.0%
13 Li & Fung (5.7%) 13 Tiffany & Co. (0.9%) 13 Target 0.4% 13 Best Buy 4.8%
14 Fast Retailing (10.5%) 14 American Eagle (1.3%) 14 L Brands 0.1% 14 H&M 4.0%
15 Ralph Lauren (11.4%) 15 H&M (9.7%) 15 H&M (0.3%) 15 Ralph Lauren 2.7%
16 Target (17.5%) 16 Foot Locker (11.9%) 16 Coach (3.3%) 16 Buckle 2.0%
Median of top 17 Abercrombie & Fitch (18.2%) Median of top 17 L Brands (12.1%) Median of top 17 Gap (5.0%) Median of top 17 Coach 1.4%
quartile: 18 H&M (22.6%) quartile: 18 Gap (16.6%) quartile: 18 American Eagle (7.1%) quartile: 18 Target 0.8%
(22.6%) 19 American Eagle (30.9%) (16.6%) 19 Ralph Lauren (17.6%) (7.1%) 19 Ralph Lauren (9.5%) 0.8% 19 Bed Bath & Beyond (2.0%)
20 Esprit Holdings (33.2%) 20 Chico's (18.0%) 20 Chico's (14.0%) 20 American Eagle (3.4%)
21 Chico's (34.3%) 21 Li & Fung (23.8%) 21 Buckle (14.0%) 21 Chico's (5.3%)
22 Buckle (36.0%) 22 Bed Bath & Beyond (23.9%) 22 Abercrombie & Fitch (15.5%) 22 Staples (5.3%)
23 Bed Bath & Beyond (38.9%) 23 Buckle (28.0%) 23 Esprit Holdings (15.6%) 23 Li & Fung (9.7%)
Median of top 24 Foot Locker (44.0%) Median of top 24 Esprit Holdings (28.4%) Median of top 24 Bed Bath & Beyond (15.9%) Median of top 24 Ascena Retail Group (13.8%)
quartile: 25 L Brands (47.2%) quartile: 25 Abercrombie & Fitch (28.9%) quartile: 25 Li & Fung (18.6%) quartile: 25 Abercrombie & Fitch (14.2%)
(44.0%) 26 Ascena Retail Group (74.7%) (28.4%) 26 Ascena Retail Group (51.4%) (15.9%) 26 Ascena Retail Group (36.9%) (13.8%) 26 Esprit Holdings (24.9%)

S&P 500 16.0% S&P 500 9.6% S&P 500 14.4% S&P 500 7.6%
S&P Retail Index 10.7% S&P Retail Index 16.9% S&P Retail Index 19.2% S&P Retail Index 13.0%

As of September 1, 2017 15
2017 OUTLOOK
L Brands, Inc.
2017 Outlook as of August 16, 2017

Third Quarter Full Year 2017

Comps Flat to down low‐single digits Down low to mid ‐single digits

Comps (excluding Victoria's Secret swim and apparel) Flat to up low‐single digits About flat

Gross Margin Rate Down from 39.7% LY Down from 40.8% LY

SG&A Expense Rate Up from 28.7% LY Up from 24.6% LY

Net Non-Operating Expense About $95 million About $375 million

Tax Rate (before discrete items) About 36.5% About 35.0%

Weighted Average Shares Outstanding Approximately 288 million Approximately 288 million

Earnings Per Share $0.25 to $0.30 $3.00 to $3.20

Capital Expenditures N/A About $800 million

Depreciation and Amortization N/A Approximately $525 million

Free Cash Flow 1 N/A $650 - $700 million

1
Defined as operating cash flow less capital expenditures. 16
17
L BRANDS – CONTRIBUTIONS TO TOTAL ANNUAL SALES GROWTH

North America North America


Direct Sales International
Comp Stores Square Footage

Low to Low to Mid to High Low to Mid


Mid-Single Mid-Single Teens Twenties
Digits Digits

7 – 10% TOTAL SALES GROWTH


18
SALES GROWTH OPPORTUNITY

Increase comp store sales low to mid-single digits


• Best brands: category dominant, high
emotional content
• Continued focus on newness and speed
• Store selling initiative

Square Footage Growth

Direct Growth

International Growth

19
DIFFERENTIATED CATEGORIES AND LEADING BRANDS

Victoria’s Secret
#1 lingerie brand
– #1 in dollar share for bras and panties
– Global brand leader in awareness

PINK is the leading specialty collegiate brand


– More than doubled sales in the last 5 years
– Nearly $3 billion business

3 of the top 10 fragrances in the U.S.


– Bombshell
– Heavenly
– Tease

Victoria’s Secret Fashion Show


– Shown in nearly 200 countries
– Generated 100 billion media impressions worldwide 20
VICTORIA’S SECRET STRATEGIC INITIATIVES AND UPDATE

Fashion businesses need to change and evolve to stay relevant. We are focused on
executing significant change in the business:

• Organizational change: 3 separate business units


– Lingerie (Jan Singer)
– PINK (Denise Landman)
– Beauty (Greg Unis)

• Focus on our core categories to accelerate growth (eliminate swim and apparel)

• Evolve promotional strategy to focus on more effective, brand-building promotions


(reduce direct mail coupons and eliminate catalogue)

• Streamline the business and increase efficiency (elimination of nearly 300 positions)
21
DIFFERENTIATED CATEGORIES AND LEADING BRANDS

Bath & Body Works


One of the largest specialty retail beauty brands in the world
– In 2016, Bath & Body Works had over 130 million transactions
– 159 stores outside North America with strong customer
response

#1 in America for
– Body lotion brand
– Body cream brand
– Shower gel brand
– Fine fragrance mist
– Fragrance collection … Japanese Cherry Blossom
– Fragrance diffuser for the home … Wallflower
– Liquid hand soap brand
– Hand sanitizer brand
– Spa collection

#1 specialty retailer for candles


22
CONSISTENT SALES GROWTH
29 CONSECUTIVE QUARTERS OF SALES GROWTH FROM 2009-2016; Q1 2017 SIGNIFICANTLY IMPACTED BY
CATEGORY EXITS AT VICTORIA’S SECRET, WITH TOTAL SALES DOWN -7% AND GO FORWARD SALES DOWN -1%

15%

12% 12%
12%
11%
10%
Sales Growth vs. LY

9% 9% 8%
8%
7% 7% 7% 7% 7%
6% 6%
6%
5% 5% 5% 5%
4% 5% 4%
3%
3% 3% 2%

0%

(5%)

(7%)

1Q4 12 excludes 53rd week


On like businesses 23
INDUSTRY-LEADING SALES PRODUCTIVITY

Victoria’s Secret Bath & Body Works

5% Growth 17% Growth

12012 calculation is based on 52 weeks.


Note: Sales per Selling Square Foot 24
SPEED – DRIVES SALES GROWTH AND LOWER MARKDOWNS

25
SPEED – DRIVES INVENTORY TURN
Average dollar turn

26
SPEED – DRIVES AGILITY (“READ,” “REACT,” “CHASE”)

~90% 2016 fourth quarter open to buy at beginning of Fall season

27
SPEED – DRIVES AGILITY (“READ,” “REACT,” “CHASE”)

BEFORE TODAY
BEAUTY PARK (2010)

BOTTLE Canada to Virginia:


0.4 miles
570 miles

FOAMER PUMP China to Virginia:


0.3 miles
12,000 miles (boat, truck)

FILLING Virginia to Columbus: Beauty Park to Distribution Center:


400 miles 0 miles

TOTAL DISTANCE 12,970 miles 0.7 miles


AND TIME 84 days 19 days

28
FOCUS ON STORE SELLING AND EXECUTION

• Higher caliber talent

• Pay for performance

• Focus on driving sales productivity

• Increased training

• Increase full-time/part-time ratio

• Enhance performance management

• Reduce associate turnover

29
SALES GROWTH OPPORTUNITY

Increase comp store sales to low - mid single digits


• Best brands: category dominant, high
emotional content
• Continued focus on newness and speed
• Store selling initiative

Square Footage Growth

Direct Growth

International Growth

30
GROWTH FROM REAL ESTATE

Square footage growth in North America is accelerating, driving total company growth

SSF Growth (CAGR)


2011 - 2015 2016 2017F

Victoria’s Secret / PINK

Gross 4% 4% 2%

Net of closures 4% 4% 1%

Bath & Body Works

Gross 1% 5% 4%

Net of closures 0% 4% 3%

L Brands

Gross 3% 4% 2%

Net of closures 1% 4% 1%
31
INVESTING IN GROWTH

70%+ invested in stores; consistent improvement in ROIC

PERFORMANCE-BASED
32
EFFICIENT USE OF CAPITAL

17%
16% 16%
16% 15%
ROIC1

2012 2013 2014 2015 2016

1Return on invested capital is calculated using net operating profit after tax (NOPAT) that incorporates an adjustment for leases, divided by the average invested capital.
33
SQUARE FOOTAGE GROWTH – VICTORIA’S SECRET

245 U.S. EXPANSIONS


2011 – Q4 2016

Selling Square Footage Up about 35%

Average Store Size 8,250 ssf

Sales Up about 25%

Productivity About $850 per ssf

Profit Dollar Change Down about 5%

Four Wall Profit Rate About 20%

Projected IRR About 25%


34
SQUARE FOOTAGE GROWTH – VICTORIA’S SECRET

Lippo Plaza – Shanghai, China 35


SQUARE FOOTAGE GROWTH – VICTORIA’S SECRET

Eastwood Mall – Niles, OH 36


SQUARE FOOTAGE GROWTH – VICTORIA’S SECRET

132 U.S. PINK FREE-STANDING STORES OPENED


THROUGH THIRD QUARTER 2016

 PINK free-standing store productivity is more


than $1,400 per foot

 Average store size is approximately 3,400 ssf

 Expected total center IRR about 25+%

37
SQUARE FOOTAGE GROWTH – VICTORIA’S SECRET

Roosevelt Field – Garden City, NY 38


SQUARE FOOTAGE GROWTH – BATH & BODY WORKS

We are increasing our investment in Bath & Body Works North America

2015 Store Count 2016 Store Count 2017F Store Count

New Remodel Total New Remodel Total New Remodel Total

Core 30 32 62 1 1 2 0 0 0

Shop-in-Shop 0 6 6 28 72 100 36 143 179

Side-by-Side 3 45 48 6 75 81 0 14 14

Total 33 83 116 35 148 183 36 157 193

39
SQUARE FOOTAGE GROWTH – BATH & BODY WORKS

Easton Town Center – Columbus, OH 40


SQUARE FOOTAGE GROWTH – BATH & BODY WORKS

Wolfchase Mall – Memphis, TN 41


SQUARE FOOTAGE GROWTH – BATH & BODY WORKS

Garden State Plaza - Paramus, NJ 42


SALES GROWTH OPPORTUNITY

Increase comp store sales to low - mid single digits


• Best brands: category dominant, high
emotional content
• Continued focus on newness and speed
• Store selling initiative

Square Footage Growth

Direct Growth

International Growth

43
DIRECT CHANNEL GROWTH

A Very Significant Business


• $2 billion in volume at ~20% operating income rate

• Focused on growth in core categories

• Ongoing investments to improve customer experience, market the


brands and upgrade capabilities

Victoria’s Secret Direct


• ~20% penetration to total brand, core category growth 9% in 2016

Bath & Body Works Direct


• ~10% penetration to total brand, 25% growth in 2016

• 6 year sales CAGR is about 20%

44
HOW WILL WE GROW?

Increase comp store sales to low - mid single digits


• Best brands: category dominant, high
emotional content
• Continued focus on newness and speed
• Store selling initiative

Square Footage Growth

Direct Growth

International Growth

45
INTERNATIONAL SEGMENT CAGR

2012-16
2012 2013 2014 2015 2016 CAGR
Total VS & BBW International Segment

Store Count 151 262 394 531 627 43%

% growth 101% 74% 50% 35% 18%

Retail Sales (USD)* $303 $533 $791 $1,032 $1,118 39%

% growth 68% 76% 48% 30% 8%

L Brands Recognized Revenue (USD) $132 $222 $336 $385 $423 34%

% growth 12% 68% 51% 15% 10%

Operating Income (USD) $4 $38 $78 $88 $40 78%

% growth (55%) 939% 103% 13% (55%)

*Represents total retail sales from company-owned and partner-owned stores; partner-owned sales may be unaudited and/or non-GAAP.

Note: The operating income decline in 2016 was primarily driven by our investments in China. 46
PRELIMINARY 2017 STORE COUNT OUTLOOK
L BRANDS, INC.
INTERNATIONAL STORE COUNT
2017 FORECAST

2016 2017 2017 Fcst


Year End New Stores 2017 Closures Year End

Wholly Owned Stores


Victoria's Secret Full Assortment - U.K. 15 2 0 17

PINK - U.K. 3 2 0 5

Victoria's Secret Full Assortment - Ireland 0 1 0 1

Victoria's Secret Full Assortment - Greater China 0 6 0 6

Victoria's Secret Beauty & Accessories - Greater China 31 4 (5) 30

Wholly Owned Total 49 15 (5) 59

Partner Owned Stores

Victoria's Secret Full Assortment 23 7 to 12 0 30 to 35

PINK 5 0 0 5

Victoria's Secret Beauty & Accessories 239 14 to 19 (8) 245 to 250

Bath & Body Works 151 30 to 35 (1) 180 to 185

Victoria's Secret Beauty & Accessories - Travel Retail 152 13 to 18 (5) 160 to 165

Bath & Body Works - Travel Retail 8 3 to 8 (1) 10 to 15

Partner Owned Total 578 67 to 92 (15) 630 to 655

Total VS & BBW International 627 82 to 107 (20) 689 to 714

La Senza International 203 4 (10) 197 47


48
APPENDIX

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

This presentation contains certain unaudited “Adjusted” financial information which represents non-GAAP
financial measures. The adjusted financial information should not be construed as an alternative to the reported
results determined in accordance with generally accepted accounting principles. Further, the Company’s
definition of adjusted income information may differ from similarly titled measures used by other companies.
While it is not possible to predict future results, management believes the adjusted information is useful for the
assessment of the ongoing operations of the Company. The adjusted financial information should be read in
conjunction with the Company’s historical financial statements and notes thereto contained in the Company’s
quarterly reports on Form 10-Q and annual report on Form 10-K. The following pages contain reconciliations of
certain reported results to the adjusted results used in this presentation.

49
APPENDIX
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

2016
(in millions except per share amounts)

Reported Adjustments Adjusted

Net Sales $ 12,574 $ - $ 12,574

Gross Profit 5,125 11 5,136

General, Administrative and Store Operating Expenses 3,122 (24) 3,099

Operating Income 2,003 35 2,037

Earnings Per Share 3.98 (0.23) 3.74

The Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures reflect the following:

The "Adjustments" column includes the following:


Pre-tax charges of $34.5 million ($21.4 million net of tax of $13.1 million)
˙ related to previously announced actions at Victoria’s Secret, including
severance charges, fabric cancellations and the write-off of catalogue paper.
A $108.3 million pre-tax gain ($70.2 million net of tax of $38.1 million),
· included in other income, related to a $124.4 million cash distribution from
Easton Town Center.
A $35.8 million pre-tax loss ($22.4 million net of tax of $13.4 million),
· included in other income, associated with the early extinguishment of our
July 2017 notes.
A $41.7 million tax benefit related to the favorable tax settlement of a
· discrete tax matter. 50
APPENDIX
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

2015
(in millions except per share amounts)

Reported Adjustments Adjusted

Net Sales $ 12,154 $ - $ 12,154

Gross Profit 5,203 - 5,203

General, Administrative and Store Operating Expenses 3,012 - 3,012

Operating Income 2,192 - 2,192

Earnings Per Share 4.22 (0.23) 3.99

The Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures reflect the following:

The "Adjustments" column includes the following:


A $78.1 million pre-tax gain ($69 million net of tax) included in other income
˙ related to the sale of our remaining interest in the third-party apparel
sourcing business.
51
APPENDIX
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

2012
(in millions except per share amounts)

Reported Adjustments Adjusted

Net Sales $                 10,459 $                        ‐ $                    10,459

Gross Profit                       4,386                             40                         4,426

General, Administrative and Store Operating Expenses                       2,720                             (1)                         2,719

Operating Income                       1,573                          134                         1,707

Earnings Per Share                         2.54                         0.38                            2.92

The Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures reflect the following:

The "Adjustments" column includes the following:


A $93.2 million pre-tax charge ($91.2 million net of tax) related to the impairment of La Senza goodwill and other
˙ intangible assets;
A $26.9 million pre-tax charge ($16.6 million net of tax), included in buying and occupancy expenses, related to the
˙ impairment of Henri Bendel store fixed assets;
$14.0 million ($14.0 million net of tax) of store closure costs at La Senza; and
˙ A $12.7 million pre-tax gain ($8.2 million net of tax), included in other income and expense, from $13.4 million of
˙ cash distributions related to the company’s Easton investments.
52
APPENDIX
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

2011
(in millions)

Reported Adjustments Adjusted

Net Sales $                 10,364 $                        ‐ $                    10,364

Gross Profit                       4,057                             17                         4,074

General, Administrative and Store Operating Expenses                       2,698                         (171)                         2,527

Operating Income                       1,238                          308                         1,546

Earnings Per Share                         2.70                       (0.10)                            2.60

The Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures reflect the following:

The "Adjustments" column includes the following:


A $232 million pre-tax charge ($203 million net of tax) related to the impairment of La Senza goodwill and other
˙ intangible assets;
A $147 million non-taxable gain and associated pre-tax expense of $163 million ($112 million net of tax) associated
˙ with our charitable contribution of Express, Inc. common stock to The Limited Brands Foundation;
A $111 million pre-tax gain ($99 million net of tax) related to the sale of 51% of our third-party sourcing business to
˙ Sycamore Partners;
A $86 million pre-tax gain ($56 million net of tax) related to the sale of shares on Express, Inc. common stock;
˙ A $56 million tax benefit related to certain discrete income tax matters; and
˙ $24 million ($24 million net of tax) of restructuring expenses at La Senza.
˙ 53