Value2020202120222023TTMSelling/general/admin expenses1.89 B1.78 B2 B1.97 B2.03 BResearch & development—————Operating income870 M478 M246 M310 M255 MNon-Operating Income, Total01 M03 M5 MInterest expense, net of interest capitalized27 M60 M99 M86 M74 MNon-Operating Income, excl. Interest Expenses-27 M-60 M-99 M-86 M-74 MUnusual income/expense01 M03 M5 MPretax income843 M417 M147 M221 M123 MEquity in earnings—————Taxes197 M79 M31 M52 M35 MNon-controlling/minority interest—10 M7 M4 M15 MAfter tax other income/expense—————Net income before discontinued operations646 M348 M109 M165 M128 MDiscontinued operations—————Net income646 M348 M109 M165 M128 MDilution adjustment—————Preferred dividends—————Diluted net income available to common stockholders646 M348 M109 M165 M128 MBasic earnings per share (Basic EPS)7.344.241.412.112.18Diluted earnings per share (Diluted EPS)7.184.141.392.052.13Average basic shares outstanding88 M82 M78 M79 M319 MDiluted shares outstanding90 M84 M79 M81 M323 MEBITDA1.17 B752 M505 M531 M502 MEBIT870 M478 M221 M273 M251 MCost of revenue4.03 B4.09 B3.94 B3.95 B4.05 BOther cost of goods sold—————Depreciation & amortization (cash flow)303 M274 M284 M258 M251 M
Victorias Secret & Co
Victoria's Secret is an American lingerie, clothing and beauty retailer. Founded in 1977 by Stanford graduate student Roy Raymond and his wife Gaye, the company's five lingerie stores were sold to Les Wexner in 1982. Wexner rapidly expanded into American shopping malls, expanding the company into 350 stores nationally with sales of $1 billion by the early 1990s, when Victoria's Secret became the largest lingerie retailer in the United States.
Since 1995, the Victoria's Secret Fashion Show has been a major part of the brand's image, featuring an annual runway spectacle of models promoted by the company as fantasy Angels. Being titled an “Angel” is considered a very prestigious title, and only given to models who regularly work with Victoria’s Secret. The 1990s saw the company's further expansion throughout shopping malls, along with the introduction of the 'miracle bra', the new brand Body by Victoria, and the development of a line of fragrances and cosmetics. In 2002, Victoria's Secret announced the launch of PINK, a brand that was aimed to teenagers and young women.