Bath & Body Works at Goldman Sachs Conference: Strategic Growth Path

On Wednesday, 03 September 2025, Bath & Body Works (NYSE:BBWI) participated in the Goldman Sachs 32nd Annual Global Retailing Conference 2025. Led by CEO Daniel Heath and CFO Eva Borrado, the company outlined its strategic initiatives to enhance growth and brand perception. While focusing on consumer-centric strategies and digital enhancements, they acknowledged challenges in attracting new customers and maintaining margins.

Key Takeaways

• CEO Daniel Heath emphasized consumer-centric growth, product innovation, and brand storytelling.
• Bath & Body Works aims to improve its digital presence and expand into new distribution channels.
• The company plans to manage tariffs by optimizing the supply chain, with 80% sourced from the U.S.
• The loyalty program, with 39 million members, is central to personalized promotions and growth.
• CFO Eva Borrado highlighted strategies to maintain margins while reallocating capital for growth.

Growth Strategy and Challenges

Bath & Body Works is committed to placing the consumer at the heart of its strategy. CEO Daniel Heath, who joined the company in May 2025, stressed the importance of innovating product offerings and creating compelling brand narratives. The company faces the challenge of attracting new consumers, as it excels in retaining and increasing spend from existing customers.

To address this, Bath & Body Works plans to revamp its digital experience, with a website and mobile app relaunch scheduled in the coming weeks. The company also aims to highlight product efficacy, focusing on clean ingredients and dermatological benefits. Expanding into college bookstores is another strategy to reach new demographics.

Revenue Growth Drivers

Key revenue drivers include strengthening core categories like body care, home fragrance, and soaps. Collaborations, such as the partnership with Disney, are expected to energize the brand. The company plans to re-evaluate retail moments to avoid formulaic approaches, focusing on fewer categories and reducing SKUs to enhance full-price selling.

Tariff Management and Margin

With 80% of its supply chain U.S.-sourced, Bath & Body Works is mitigating tariffs through supply chain optimization and assortment adjustments. The company aims to increase average unit retail prices by reducing promotions, with mix-adjusted AURs up in the low single digits in Q1 and Q2. Short-term investments will be funded internally to maintain margins.

Real Estate and Loyalty Program

Off-mall locations, currently at 57%, continue to outperform mall stores. The company plans to increase off-mall presence to 75%. The loyalty program, boasting 39 million members, is a key growth component, offering exclusive releases and personalized promotions to enhance brand loyalty.

Future Outlook

Bath & Body Works anticipates a stable consumer environment in the latter half of 2025. Inventory levels are expected to rise but not as significantly as in the first half. The company is confident in its ability to capture market share amidst competitive dynamics and plans to leverage pricing strategies for premium products.

Q&A Highlights

During the Q&A, executives addressed margin sustainability, emphasizing capital reallocation for growth without margin dilution. They expressed confidence in the company’s ability to adapt to retail environment changes and maintain competitive advantages.

For a more detailed understanding, readers are encouraged to refer to the full conference call transcript available below.

Full transcript - Goldman Sachs 32nd Annual Global Retailing Conference 2025:

Kate, Moderator, Goldman Sachs: Good morning, everybody. I just have to read some quick disclosures. I think they’re also going to be on the screen. But just so you are aware, we I can pull them up. We are required to make certain disclosures and public appearances about Goldman Sachs relationships with companies that we discuss.

The disclosures relate to investment banking, compensation received or 1% or more ownership. We’re prepared to read aloud disclosures for any issuer upon request. However, these disclosures are available in our most recent reports available to you on our firm portals. Disclosures and updates to those disclosures are also available by ticker on the firm’s website at www.gs.com. Okay.

With that out of the way, good morning, everyone. Welcome to our first fireside chat of the day of the Goldman Sachs thirty second Annual Global Retail Conference. It’s my pleasure to introduce Bath and Body Works, and I’ll be moderating our fireside chat. Today, we have with us Daniel Heath, Chief Executive Officer of Bath and Body Works. Daniel joined the company in May 2025, previously serving as NIKE’s Chief Strategy and Transformation Officer.

And we also have with us Eva Borrado, Chief Financial Officer. Eva has worked with Bath and Body Works since August 2023, previously serving as CFO of OpenTrans LabWorks and CFO of CVS Health Corporation. So thank you so much for joining us today. It’s great to have you. Daniel, since you’re newer to the role and newer to the company, we thought it might be helpful if you can maybe walk us through your background prior to Bath and Body Works and what attracted you to the opportunity?

Daniel Heath, Chief Executive Officer, Bath and Body Works: Morning, Kate, and good morning, everyone. It’s great to be here. This is my first Goldman retail conference, so be gentle to a certain extent. When I think about the reason for joining Bath and Body Works, there was a decision that was both from the head and from the heart. So from the heart, I love storied brands.

I love iconic brands that have a purpose in people’s lives. I love the fact that this brand brings such joy, such memories, such feelings to so many consumers. And in a world that’s pretty complex and with some turmoil, I think we offer some welcome relief at incredible price points that everybody can afford. It’s an affordable luxury. And I sort of love that about our brand.

And then there’s the head fit. You don’t take the role as your first public company CEO without having a very long look at the opportunity from the outside, and I loved what I saw. I love the platform that this company has built. Over 1,900 stores in North America, 50,000 amazing store associates. If you go into our stores, can feel the vibe.

It’s a great culture and a great attitude, and it comes across in the way that every store is presented, every consumer is greeted. The stores are tidy and clean and well presented. It doesn’t feel like some of our like some of the stores that you see in malls in America, it always has that energy and that vibe. It’s an iconic brand. It has its own supply chain and the business fundamentals are great.

It’s highly profitable, throws off a lot of cash and the share price is pretty suppressed by my view. If you deliver mid single digit growth and expand margins, I expect the stock to rerate pretty significantly. So that’s the heart and the head of that dynamic as far as I see it.

Kate, Moderator, Goldman Sachs: That’s very helpful. I mean I think it might also be helpful to walk through what you think the next chapter of growth is for the company. I think there is an initiative to grow the company faster or would like to grow the company faster. What’s the guiding philosophy behind how you will achieve this?

Daniel Heath, Chief Executive Officer, Bath and Body Works: Yes. So I’ve worked in a number of consumer good sectors. I’ve been in luxury. I’ve been in media. I’ve been in athletic footwear and apparel.

And now here I am in Beauty and Fragrance at Bath and Body Works. And what my experience has taught me is you put the consumer at the center of every decision. I spend a lot of time in stores talking to our store associates, talking to consumers, in our competitors’ doors because that’s where the answers are. You don’t sit in your office in Ohio reading PowerPoint presentations and analyst reports. You get down and you figure out what’s going on with the consumer.

You create coveted and innovative products. You tell bold, emotional, sharp brand stories and you bring it to life in an integrated marketplace. And that philosophy has worked at Burberry, it works at Nike, it works in the media sector. And I see flashes of brilliance when it works at Bath and Body Works. Today, we put live our second Disney collaboration, Disney Villains, beautiful social storytelling, incredible product, incredible product detail and packaging brought to life online and in our stores in an integrated and elevated way.

And I am sure it is going to be a success. But as a company, we need to do that more consistently with more frequency. And so that is the philosophy behind the growth.

Kate, Moderator, Goldman Sachs: And speaking of that, I mean, it sounds like there are quite a few tenants that you think are very positive about the company and about the business. But what do you think is a little bit more of a challenge that needs to be addressed?

Daniel Heath, Chief Executive Officer, Bath and Body Works: Yes. You always hope that in your first three months that the things that you recognize about the company from the outside are there’s something that you haven’t missed on the inside when you get there. Sort of what you bought is not quite what you expected, and that’s not true. All the things I said about this being an incredible platform for growth over the next few years, those are all absolutely true. And now I have the inside of the data to be able to know that with more certainty.

What I see is a business that has built this platform, but has not brought in as many new consumers as it must do to capture the growth in the sector. We see the growth across the sectors we operate in. We love this sector. We love the innovation. We love the usefulness of it.

We love the fact that it’s a growth sector, and we are not keeping up. And the reason why we’re not keeping up is because we’re not acquiring that new consumer. I mean the flip side to that is this management team, this platform has been incredibly successful at driving spend and repeat purchase from existing consumers. So when we capture a consumer and we bring them onto our platform, it is incredibly effective, but it is that opportunity from a new consumer is the challenge. And then I can see, as you know, I was one of those lucky public company CEOs that got to do their first earnings call in the first five days of being appointed, in fact, fifth day in Ohio, my fifth day in the company.

And we didn’t need to do this long winded piece of strategy work to start getting after this issue. Now, I am sure you are all big fans of our website, but let me tell you, it is materially lower in terms of its consumer experience and in terms of its frictionless commerce. For some reason, there was this feeling internally that you couldn’t sell fragrance online. Obviously, that is not true because all our competitors are selling effectively online. And we know exactly how to do this, and we are on it.

And it will relaunch our app in, I don’t know, a week. Is it a week? And then we’ll relaunch mobile web another month from then. And we have a road map now that takes us out a year. And it will do two or three things.

Yes, of course, it will drive digital sales as an example of something that will accelerate growth. But it will also sharpen the brand. Consumers discover brands online. It is true that people might not buy a Ferrari online, but they do spend a lot of time researching Ferraris on the Internet, as an example. When they see how we present our product and our brand, it will unquestionably capture the imagination of new consumers and drive them into our stores as well as to purchase online.

So it has this sort of multiplicity in terms of advantages.

Kate, Moderator, Goldman Sachs: So that sounds like the of your no regret moves, that sounds like the elevating digital part of it. I wondered if you could maybe talk to the two other legs of that stool, the improving product efficacy and the new channels of distribution.

Daniel Heath, Chief Executive Officer, Bath and Body Works: Yes. Another thing that was obvious to me when we came in, and many of our consumers have said the same, what’s important for the younger consumer, what’s important for the consumer that is driving the sector is the efficacy of the product. How good is the moisturizing? Is the product dermatologically tested? Is the ingredients that you are using clean and good for the environment.

Bath and Body Works has done the hard work. It has invested significantly in its supply chain to create incredible formulas, and the product is fantastic. But our packaging does not say that. Our packaging does not make the benefits clear. In fact, some of the noisiness around our packaging, some of the sort of aesthetics of the packaging take away from that feeling of cleanliness and of efficacy.

So starting in the fall, we’ve already begun rolling out some new packaging, particularly in our Roma Therapy line that now has sleep benefits labeled on the front. In our moisturizing body wash, we’ll talk about our forty eight hour moisturizing claim, which we believe is puts us at a competitive advantage. And then throughout our stores, we’ll message to our consumers that every product that we offer is dermatologically tested. And we’ll keep refining this message, but it won’t be a campaign, it’s always on. It will be front and center of our packaging, will be front and center of our stores.

And then the final no regret move, the three things that I launched on the fifth day is another thing that I have learned in my experience at Burberry and at Nike, which is to be either direct to consumer or wholesale is no longer really how consumers think about the world, not how they think about brands. They shop brands, not channels. If we’re going to acquire the new consumer, we are going to be in the path of the new consumer. We have to be in their path. And so rolling out now, and we did the first deal, I think, about a month ago, we’re going to be taking Bath and Body Works, this product, into new channels of distribution that are strategically aligned to the consumer that we want to acquire with a select component of our assortment that we believe is right for them.

So it’s a very strategic move. We’ve launched into 600 college bookstores in the last few weeks, just as all those college kids, including my own, go back to college. 7,000,000 young students who are going to be in the path of, it’s a start and it’s a signal of something bigger to come.

Kate, Moderator, Goldman Sachs: Speaking of revenue growth, and I did just see one of your displays at one of the college visits here just on here, so it looked great. Revenue growth is obviously a core focus, and there’s a lot of ways and lot of drivers, including the core business, promotional moments like the semiannual sale and Candle Day, the collabs like the villains that you just highlighted and category adjacencies along with the expanded distribution. So can you walk us through how each of these have a role in your growth and how you prioritize them?

Daniel Heath, Chief Executive Officer, Bath and Body Works: So let’s talk about our core business. I love the core business. I think it’s fantastic. I love the categories that we are in. Body care, home fragrance, soaps and sanitizers, those are all growing categories.

They’re strong categories. And we will innovate in those categories, tell sharper stories in those categories, and we will accelerate growth in those categories. I think that is where a lot of our intention and energy is focused right now. When it comes to collaborations, of course, we love them. We will do more of them.

We just announced a multiyear partnership with Disney, turning a one off with princesses into something that will deliver multiple collaborations over multiple years across some of the world’s most incredible storytelling on IP. We just launched our villains collection, as I mentioned, the second Disney collaboration. It looks beautiful. It had a very strong start online, and we put it in stores today for the first time, and I know it’s going to be successful. So, Colab, they’re good at driving energy into the brand.

And then when I think about retail moments, retail moments are really important. They’re really important consumer part of the calendar, and I think we need to be bigger and sharper in those moments. And some of those moments are promotional. Part of the fun of Bath and Body Works is hunting for the deal. That said, there are other moments in the calendar, moments like back to school or moments that we can create ourselves where we can drive energy, newness and innovation in the retail calendar.

I think we have become a bit formulaic and the consumer kind of knows what to expect of us in terms of our retail calendar. So I think we can take what we love from it and then shake up the mold. And then to your final point on adjacencies, the company obviously focused on building out adjacencies, what we call our adjacencies business, men’s lip, laundry are some examples of that. They are big sectors, big pans. Those businesses are growing for us.

But it comes back to something I mentioned on our most recent earnings call, which is consumers find our assortment in our stores overwhelming. I think it’s part of the reason why we are finding it difficult to attract new consumers across the lease line. And so we are going to focus on a smaller number of categories. We are going to tell better stories around a smaller number of categories. We are going to have fewer SKUs and we are going to drive more productivity through better full price selling across those SKUs.

I don’t think we can operate across all of those adjacencies and all of our core categories with enough spend and focus to truly accelerate growth. Trying to do 1,000 things well is very difficult. Trying to do four or five things very well is much easier for the organization culturally, and it is much easier for us to make sure that we’re putting the right amount of investment in and we’re delivering the return.

Kate, Moderator, Goldman Sachs: If we could just maybe move on. I mean, think a lot of the conversations we’ve had about Bath and Body Works over the last year or so is just how well positioned you are when it comes to tariffs. And so I wondered if you could help remind us just how much tariff exposure you do have and how we should think about tariff pressure in 2025 versus 2026?

Daniel Heath, Chief Executive Officer, Bath and Body Works: This is where I get to talk to my wonderful CFO, Eva.

Eva Borrado, Chief Financial Officer, Bath and Body Works: Thank you. So overall, we believe we’re relatively well positioned, right? 80% of our supply chain is U. S. Sourced, about 10% from China and another 7% -ish in Mexico.

So as we believe over a multiyear period, we can mitigate tariffs through supply chain optimization, leveraging our beauty park partners, shifting supply chain to The U. S. That doesn’t happen overnight. It takes time. Second, optimizing our assortment.

This year, we weren’t really able to affect the first half of the year. We were able to affect the second half of the year that helped mitigate the overall tariff impact. And third, taking reducing promotions where we’re able to. But we want to do that in a proper way with our agility meeting the consumer mindset to drive the performance. So as we look at it longer term, that’s how we’re thinking about it and working each and every day to mitigate the impact.

As you think about 2026, while we’re not giving 2026 guidance today, what I would say is the Q4 impact that I quoted of about 100 basis points in the fourth quarter is a fair way to think about the runway. Canada retaliatory was fully out by then, the mix of our assortment, our mitigation efforts. Obviously, we’re working now as we head into 2026 to further mitigate that, but I think that’s a fair way to think about the run rate exiting this year.

Kate, Moderator, Goldman Sachs: And when you talk about maybe mitigating in a way and managing the promotions, is there just a natural evolution that can occur here just using the data from your loyalty program becoming more personalized with those promotions? How are you maybe on that time line? And how could that maybe dovetail with mitigating some of the tariff impact?

Eva Borrado, Chief Financial Officer, Bath and Body Works: Yes. I think, Kate, as you think about it, right, as you look at Q1 and Q2, our mix adjusted AURs were up low single digits, right, coming off being less promotional in both of those quarters, coming off of a couple of quarters where we were more promotional. So we read the consumer, the consumer response to our assortment, the competitive landscape. Longer term, where this brand has historically been is AUR increases have been a core part of the growth algorithm. That remains our focus.

We continue to see in the immediate term a value seeking consumer. So we want to balance both aspects of that. But we’re certainly focused on it and reducing promotions wherever we have the opportunity. I’ll use the early access Disney Villains launch just last week, right? What you saw on that early access website was full ticket, accessories full ticket.

We have the ability in stores to do exclusions, to use good, better, best, to price the tickets up. So they’re all things we’re looking at to drive AUR increases.

Daniel Heath, Chief Executive Officer, Bath and Body Works: And maybe I’ll just comment on the consumer side of how I think about promotions. The consumer is obviously under pressure at this time. We see that across the retail landscape. We’re looking to take price unlike where we sit, but we are going to thoughtfully reduce promotions. And one of the reasons to do that is our promotional schedule has got in the way of what we stand for as a brand.

If you go on our website, you think we stand for three for two or XYZ promotion. In fact, the deals are so complicated. There are online forums dedicated to figuring them out. It’s almost become a game, but I think that, that breaks trust with consumers. Do you understand what we stand for as a brand?

Or do we stand for promo, not product? And even if you do love promo, are you getting the best deal? It’s very difficult to work out. And so of course, promotion is always going to be part of our business, part of the fun of retail. It’s part of the deal seeking opportunity.

But we can be so much clearer, and we can build trust with the consumer while doing so.

Kate, Moderator, Goldman Sachs: Was wondering if we could just switch over to margins. A question that we get frequently is if there’s any risk around Bath and Body Works’ very high operating margins of almost 20%, just given your initiatives to grow the business faster?

Daniel Heath, Chief Executive Officer, Bath and Body Works: I’ll do a better job of answering this question than I have done historically, but I am clear in my mind about what it is that we’re trying to achieve. We are investing in those no regret moves now. We believe that they will accelerate growth and we will get a good return from those investments. And we are going to take money from elsewhere in that business elsewhere in our business to invest in the new growth drivers, some of which we have now, more of which will be disclosed as we take our full strategy to market. Our ambition hasn’t changed, grow mid single digit and expand our margins.

In the short term, we will be investing in the business and we won’t dilute our margins. So it is about reallocating capital from within the business to make sure that we are driving consistent, profitable, durable growth on the top line. So that’s how we’re thinking about it.

Kate, Moderator, Goldman Sachs: And then maybe if I could just ask one question. I’m not sure if I’ve heard you talk yet about your view on real estate. And I wondered if we could maybe visit that a little bit, where now there’s 57% of your stores are off mall. That’s definitely up over the last couple of years. Are you still working towards the goal of two thirds off mall versus one third on mall?

And do you have any time line of when you think you might achieve this?

Eva Borrado, Chief Financial Officer, Bath and Body Works: Yes. Thanks for that question, Kate. Overall, our off mall locations continue to perform really well. They’ve outperformed mall locations pretty consistently over the last number of quarters. So we like our strategy moving off mall.

We actually believe there’s a potential to get to about 75% up from the twothree. We haven’t put a precise time line on that, right, as we’re you’ve seen our strategy as we’re opening new stores. We’re also closing, I’d say, those more vulnerable, what we think about as D and F malls that are lower performing. We want to make sure we get the right locations to get the right returns to fill the voids in the market. But we believe there’s still opportunity to grow and continue that shift.

Kate, Moderator, Goldman Sachs: Great. One last question I want to ask is on the loyalty program. It’s been about three years, I think, since you’ve rolled out your loyalty program with really great success. And I think now your member count is 39,000,000, if that’s the latest number. Just how are you thinking about growth in the program going forward?

And what is it about it that you think has been so successful in making these customers so sticky?

Eva Borrado, Chief Financial Officer, Bath and Body Works: Sure. Let We’re me just quite pleased with our loyalty program, right? We’re in about year three of that program. We’ve consistently been able to grow the program. Our retention rates have continued to improve.

We believe we’ve added new enhancements, whether it’s loyalty member exclusives that gives them access, whether it was Disney villains, whether it’s holiday assortment, right? It gives them a moment to feel special. So we’ve been growing their share of wallet. And we continue to see opportunities as we bring in new customers to bring in those customers, have them join the loyalty program and expand that way, but also continue to engage with our loyalty members in new and exciting ways to increase their loyalty to the brand. Great.

Kate, Moderator, Goldman Sachs: This is our first fireside chat of the day, as I mentioned, but our plan is for the day is to ask five questions of every company so that we can get a view from everyone on five different aspects of what you expect in the coming months for the industry and for your business. So they’re kind of going to be like little rapid fire questions. The first is, and we haven’t really talked about this yet, is just what your expectation is for the environment in the 2025 relative to your recent results more in the context of the health of the consumer? How do you think their spending habits will look in the back half versus the first half? Occasions are different in the back half for you than the first half.

But do you expect that consumer to be the same, better or worse?

Eva Borrado, Chief Financial Officer, Bath and Body Works: Where our expectations are, they’re about the same.

Kate, Moderator, Goldman Sachs: Okay. And we talked a little bit about pricing and promotions already, and there hasn’t really been any kind of push in price necessarily. But what would you say about elasticity, and the response of the consumer if, you were to take a little bit more price or again reduce promotion?

Daniel Heath, Chief Executive Officer, Bath and Body Works: I think we think about it less in the macro and more that when you bring a great product to market, you tell and communicate that product super effectively. There is definitely price elasticity. Consumers will pay for product like villains, as Eva said, at fantastic margins at full ticket. And yet, I think that the reverse is also true. There are moments and there will be moments in the retail calendar as we move towards holiday that consumers are value seeking.

So it will drive traffic, it will drive foot footfall. It will drive transactions. But we know that to be true, and I’m sure that will be more true in the back half.

Kate, Moderator, Goldman Sachs: Our third question is about inventory. Can you talk about your expectations for inventory growth into the second half? And have you or do you expect to see any kind of disruption in shipments due to any kind of global supply disruption?

Eva Borrado, Chief Financial Officer, Bath and Body Works: Sure. Let me take the second question first. We have not seen nor do we expect to see any disruption in shipments. As we’re planning our inventory, we do expect inventory to be up in the second half, not to the same magnitude as the first half, given some of the timing changes that we made in the portfolio. But overall, given tariffs, we expect inventory to be up again.

Kate, Moderator, Goldman Sachs: Our fourth question is around margins and fully acknowledging there’s no guidance about 2026. But how are you thinking about some of the non tariff margin drivers as we go into the back half into the New Year? This is like freight, wages, materials. Do you expect those costs to be the same, better or worse?

Eva Borrado, Chief Financial Officer, Bath and Body Works: It’s early, right? I think we don’t anticipate any meaningful changes in those markets. We’ve done a nice job managing some of the pressures over the past several years and driving expansion to our margins, and we’ll continue to look to mitigate those external pressures or investments in new products that we want to make to drive our margins.

Kate, Moderator, Goldman Sachs: Okay. And then our final question is just about the competitive landscape. I think we’ve been a little surprised about just how many bankruptcies and store closures actually we’ve seen this year. And we wondered your thoughts on what you expect from market share consolidation in the back half and leading into 2026, if you think it will speed up, slow down or be about the same?

Daniel Heath, Chief Executive Officer, Bath and Body Works: I would say I’m pretty clear on our strategy. It’s going to be about taking share. We operate an extremely profitable fleet, and we will use the platform that we’ve historically invested in to drive growth and to take share across our core categories. So I’m looking forward to competing in the marketplace.

Kate, Moderator, Goldman Sachs: And my time is off because this is my first fireside chat, so I got to get better on this, but we still have four minutes. So can I ask one more question? Absolutely. I should have ended with those five, but I’m going to just circle back to our revenue growth conversation. We talked about collabs, the adjacencies, expanded distribution, but I didn’t ask about the semiannual sale, which I know is a big part of your business.

And it seems like the semiannual sale in the second quarter performed well. We just wondered if you could walk us through some of the changes you made during this sale versus the prior year and just what we could maybe expect going forward from that event? Sure. We were

Eva Borrado, Chief Financial Officer, Bath and Body Works: very pleased with the performance of semiannual sale. We’ve come off of a couple of difficult semiannual sales. So as we always do, we high insight what worked, what didn’t work. And the key changes we made were we pushed the event back two weeks to meet what we believed was the right time in the marketplace, the consumer mindset. It also freed up some space for Father’s Day.

So we liked that change. It worked. The stores were clear. It was our semiannual sale. It was our moment.

We were focused on that consumer customer treasure hunt and getting their deal, and we had the right assortment overall to meet the consumer mindset. So and finally, how could I forget, we leverage social influencers, whether it was our mascot, Billy the Duck or other social influencers in the space to create buzz and excitement and awareness. And we were pleased all around with those changes. We’ll continue to hindsight, are there things we could even do better, but very pleased with the performance of semi annual sales. Feel we got it right.

Great.

Kate, Moderator, Goldman Sachs: All right. We’ll end on that note. Thank you so much for joining us today. Thank you very Pleasure to speak Thank with

Daniel Heath, Chief Executive Officer, Bath and Body Works: you so much, everybody.

Eva Borrado, Chief Financial Officer, Bath and Body Works: Thank you, everyone.

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