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Table of Content

Content

Brand Inventory
Company
Category
Products Within Category
Brand Analysis
Consumer Profile
Advertising/Marketing
Communication
Media
Promotions
Internet and New Media

Brand Exploratory
Qualitative Research
Recommendations
Sources

Page no.

Brand Audit
Thy Tran
Prof. Haworth
MKT 3320.001
Dec 14, 2014

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Brand Inventory
I.

Company

Location Organization and Major Activities

Bath and Body Works, LCC is a brand of bath and beauty products which owned by
the Limited Brands Company. Its main headquarter is located in New Albany, Ohio.
The major activities of the company are focusing on fragranced hand and body
lotions and bath-related items, fragrance for the home and other body-care
products as well.
In 1990, Bath and Body Works, LCC was established in New Albany, Ohio and now it
has expanded across United States and Canada with more than 1600 stores.
Brand History
Even though the Bath and Body Works, LCC company was known to first
established in New Albany, Ohio, it was actually born at a mall. In the late 80s,
Express an American fashion retailer owned by the Limited Brands Company as
well, sold a series of bath and body products that became so popular that its parent
company decided to create them the very own store. The very first store of Bath

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and Body Works was opened at a mall in Cambridge, Massachusetts in September
1990.
The first stores of Bath and Body Works was opened right next to the Express stores
that you could walk through one store to another.

Figure 1: Bath and Body Works in 1992

Key Personnels

Figure 2: Key Executives for Bath and Body Works, LLC

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Financial Data Annual Reports
Net Sales:
For 2013, net sales increased $30 million to $2.932 billion and comparable store
sales increased 1%. The net sales result was primarily driven by:
At Bath & Body Works Stores, net sales were roughly flat.
At Bath & Body Works Direct, net sales increased 16% with increases across all
categories including Signature Collection, home fragrance and soaps and sanitizers.
The increase in comparable store sales was driven by an increase in total
transactions and higher average dollar sales.
Gross Profit:
For 2013, gross profit decreased primarily driven by:
At Bath & Body Works Stores, gross profit decreased due to lower merchandise
margin dollars related primarily to increased promotional activity. The gross profit
decrease was also driven by higher buying and occupancy expenses primarily
driven by an increase in occupancy expense driven by investments in real estate
and store-related activity.
At Bath & Body Works Direct, gross profit increased due to higher merchandise
margin dollars as a result of the increase in net sales. The increase in merchandise
margin dollars was partially offset by higher buying and occupancy expenses due to
higher fulfillment costs associated with the increase in net sales.
The gross profit rate decrease was primarily driven by a decrease in the
merchandise margin rate due to increased promotional activity in the fourth quarter.
The gross profit rate decrease was also driven by an increase in the buying and
occupancy expense rate due to deleverage associated with the increase in
occupancy expense at Bath & Body Works Stores mentioned above.
Recent News
How Bath & Body Works Became Americas Biggest Mall Beauty
December 3, 2014
On average, Bath & Body Works stores have pulled in $1.6 billion dollars in sales
per year for the past four years; as a whole, L Brands' net revenue for 2013 was $11
billion. According to Forbes, "L Brands is among the very few specialty retailers in
the U.S. who have performed exceedingly well amid the retail market slump. The
company's shares are trading at an all-time high of $71, and have increased by
more than 20% in the last three months." The article adds, "The parent company of

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Victoria's Secret and Bath & Body Works is consistently performing better than
market expectations, thanks to its dominion in the intimates and personal care
markets."
Last year, Bath & Body Works stores pulled in $1.6 billion dollars in sales.Cia
explains that when she started blogging in 2011, "the company was really open
about telling us about their new products. They would tell us what they were going
to come out with six months out." She was fortunate to live near a test store, which
meant she could get her hands on new products before the rest of the country. Bath
& Body Works doesn't need fancy magazines to sell their story when they have
people like Cia.
Today, Bath and Body Works focus specifically on not only of store openings but also
on home products expansion. According to Columbus Business First reports, it
mentioned that next year L Brands plans to open more than 60 new stores for
Victoria's Secret, Pink, and Bath & Body Works, but it plans to remodel 163: The
company tends to refer to square footage in the U.S. as opposed to store count
since it has been remodeling and expanding so many of its stores over the past
several years. Those expansions have generated more than $250 million in
additional sales for the business."
The companys marketing campaign is not really focus on expressing interest in
going wholesale because its main strategy is to keep the brand image with the
seasonal themes, those aprons which close to home and controlled in-house. Bath
and Body Works is doing good in keeping customers engaged since theres always
a constant carousel of new product.
As Knotek said, "You can really test different shopping patterns and fragrances, and
you can really deliver the best shopping experience possible for your consumer."

L Brands Beats On Revenues And Profits; Raises Full Year Guidance

November 20, 2014
L Brands recently reported a 43% rise in its Q3 fiscal 2014 profits, which was much
better than its recently increased guidance. The companys profits for the quarter
totaled at $131.8 million or $0.44 per share, 4 cents higher than its outlook of $0.40
per share. It must be noted that L Brands had raised it EPS outlook for the third
quarter from $0.38 to $0.40 at the beginning of the month. The parent company
of Victorias Secret and Bath & Body Works, L Brands is one of the few apparel
retailers in the U.S. market, that have performed well amid the edgy retail
environment. Its strong market position and loyal customer base of affluent buyers
have played a crucial role in ensuring steady revenue and profit growth. During the

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third quarter, L Brands revenues increased by 7%, while its comparable store sales
went up by 5%. The company generated $2.319 billion in revenues during the
quarter, which was marginally ahead of the market consensus of $2.315 billion. L
Brands overall gross profits increased 10.5% to $946.42 million with 130 basis
points improvement in gross margin rate to 40.8%. The improvement in gross
margins, despite the highly promotional environment in the U.S., is a pleasing
development for the company. It indicates that Victorias Secrets and Bath & Body
Worksseasonal collections have resonated very well with customers and that has
allowed the brands to operate with fewer markdowns. L Brands operating margins
improved 260 basis points to 12.3% during the quarter, implying that the retailer
has seen some success for its cost control efforts. General, administrative and store
occupancy expenses as percentage of revenues fell 118 basis points, as L Brands
improved its expense management.
Following its better-than-expected results in Q3, L Brands raised its full year
guidance for the second time in the last two quarters. It now expects full year EPS
to be in the range of $3.31-$3.21, up from its previous guidance of $3.18-$3.03.
However, despite its earnings beat and a promising guidance, L Brands shares fell
slightly by 1.2% in off-hours trading. This can be attributed to the fact that the
retailers guidance for the fourth quarter fell short of analysts estimates. The
company guided its Q4 EPS in the $1.71-$1.61 range, while analysts polled by
Thomson Reuters were expecting the figure to be around $1.75. It appears that L
Brands weaker-than-expected guidance for the most important quarter for the retail
industry overshadowed its solid Q3 results and upbeat full year guidance.
On the expansion front, L Brands opened 29 company operated stores during the
third quarter, and reduced its franchise store count by 23. Since the beginning of
the year, the retailer has opened 41 Victorias Secretstores in the U.S. and has
closed five stores at the same time. In international markets, the brands store
count has gone up by 10. For Bath & Body Works North America, year-to-date store
openings and closures stand at 23 and 12, respectively.

Limited Smells Success at Bath & Body Works

December 7, 2009
Limited Brands Inc. is known for its high-profile lingerie chain Victoria's Secret, but
its fortunes are increasingly dependent on its soap-and-fragrance chain Bath & Body

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Works, which is expected to produce slightly more than 40% of its parent's
operating profits this year.
That is largely the result of a turnaround engineered by Camille McDonald, a
veteran developer of luxury fragrances who has revamped the Bath & Body Works
product line and store design.
Following 24 months of flat or falling same-store sales (sales at stores open at least
a year), the 1,600-store chain has posted gains in the past three months. Most
recently, on Thursday, the division reported same-store sales up 4% over the yearago period for November, the first month of the holiday shopping season. Bath &
Body Works' performance contributed to a 3% rise in overall same-store sales for
Limited, which besides Victoria's Secret also owns Canadian lingerie retailer La
Senza and Henri Bendel luxury-accessories stores. Analysts had projected a 2.5%
decrease in Limited's same-store sales.
The real verdict, however, will come this month. "I'm pretty optimistic about the
Christmas season," Limited Chief Executive Leslie Wexner said at a recent analyst
meeting. The sustained improvement at Bath & Body Works is real, he said, not
"just fairy dust."
Limited, with sales topping $9 billion last year, is one of the largest mall-based
specialty retailers in the country. This year, Bath & Body Works' product line of highmargin shower gels and lotions are expected to contribute $313 million, or 41%, of
Limited's operating profit. That is up from 30% the previous year, according to
Richard Jaffe, managing director of apparel and softline retail at Stifel Nicolaus.
Limited Brands sold the majority interest in its apparel brands, Limited and Express,
in 2007.
Bath & Body Works had found itself struggling before the recession arrived. With
prices generally in the middle to lower range, it was fighting off department stores
at the high end, as well as drug stores selling discounted scented lotions and soaps.
When the economy soured, consumers started skipping unnecessary indulgences,
and sales plunged further.
Sales of upscale fragrances have slumped 12%, to $1.52 billion, from January to
October, compared with the same period last year, according to market-research
firm NPD Group.
To give Bath & Body Works a makeover, Limited in 2004 enlisted Ms. McDonald, who
had developed fragrances under designer names that included Marc Jacobs. For five
years, Ms. McDonald overhauled the chain's soap-and-lotion formulas, packaging
and store decor. This holiday season marks the first time that all the chain's stores
will reflect her biggest change, its fragrance development.

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"We've really looked at prestige and brought it down to our level," noted Diane Neal,
Bath & Body Works' chief executive.
Limited's ability to fend off the advances of discounters is crucial for both Bath &
Body Works and Victoria's Secret. Under pressure from the likes of Target Corp.
and J.C. Penney Co. , Limited has introduced lower-priced bras at Victoria's Secret.
Bath & Body Works began in 1990 as a rival to the U.K.-based The Body Shop, now
owned by L'Oreal SA.
Limited's version evolved into country-themed outlets that paired red gingham and
wicker with folksy scents like Sun-Ripened Raspberry and Country Apple. From 1993
to 1995, sales more than quadrupled, to $475 million.
But over the past decade, Bath & Body Works' competition has intensified. Beauty
companies have flooded department-store counters with new designer and celebrity
fragrances, backed by lavish marketing and launch events. Drug stores have
expanded their beauty aisles as consumer-product titans like Procter & Gamble Co.
and Unilever upgraded their Olay and Dove lotions and soaps and added exotic
fragrances.
Ms. McDonald scratched five existing eau de toilette products and created complex
fragrances like musky Twilight Woods.
So as to not alienate existing shoppers, she retained Bath & Body Works' simple but
popular scents, like the flowery Sweet Pea, and developed eau de toilet versions for
those as well.

II.

Category

Category Definition
Bath and Body Works is considered the largest body products brand in the USA. It
has been one of the leading brands in the fragrance industry since 1990.
Size of Category
According to the University of Oregon Investment Groups report, it stated that
Bath and Body Works and Victorias Secret Beauty operate in the Beauty,
Cosmetics and Fragrance store industry as well and Limited Brands has a 19.8%
market share in this industry
The report also emphasized that the competition within the beauty, cosmetic and
fragrance industry is increasing between Bath and Body Works and some other
department stores such as Wal-Mart, Target, Fred Meyer and so on. Below is the
global market size of the products and service segments in the industry.

Figure 3: Global Market Size of Products and Segments in the Industry

Bath and Body Works and Victorias Secret Beauty offer products in 5 of the 7
segments (at 85%). The only two segments where Limited Brands does not offer
products is sun care, baby care, and other products and deodorants and shaving
products.
Category History and Growth
According to Nasdaqs article, not only having strong brand recognition, Bath and
Body Works also have its product diversity boosted its growth and this is likely to
remain one of the main strategies going forward..
Category Growth Projections
The ingredient cost is rising will lead to the rise of production cost (Renewing
resource of ingredients that could reduce waste).
Distribution Chanel
Retail store has been the largest value share of Bath & Body Works distribution in
the US, Canada and other countries. According to Ms Dowlings post on Multichannel
Merchant website in 2006, she said Bath & Body Works has made the leap from
one channel to three and it launched a transactional Website in October and is now
mailing its first print catalog.

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Major Manufactures/Players
Bath and Body Works, LCC company
Seasonal Factor
Bath and Body Works started offering seasonal scents since 2006 with many
specific products for customer to get into the Spring, Summer, Fall or Winter spirit.
Thus, this seasonal campaign attracts customer to consume their products all the
seasons every year.
Regional Factor
Bath and Body Works is one of the top beauty, cosmetic and fragrances companies
that has a strong position and high brand recognition in the USA. There are more
than 1600 stores, specifically located at the mall in North America. Moreover, now it
is also expanding their brand in the Middle East, Latin America, Russia, Turkey and
Singapore.
Major Trade Publications and Organizations in Category
Not available.

III.

Products Within Category

Share of Category by Product

For Bath and Body Works, Limited Brands has a 19.8% market share in this
industry. It is affected by consumer sentiment, disposable income, and external
competitors. Bath and Body Works is facing an increase in competition from big and
small department stores, such as Wal-Mart, Target, and Fred Meyer.
Product Form Description
Bath and Body Works caters to our customers entire well-being, providing shower
gels and lotions, aromatherapy, soaps and sanitizers, home fragrance and personal
care accessories.
New Product Introduction
Bath and Body Works introduce their new products every single season in order to
attract consumers and attach the emotional connection with them. Their latest
products this Winter Season are the signature Holiday Tradition body care and
hand soaps, Forever Red fragrance, the Ultimate Cuddly Blend cashmere glow,
the Dark Amber signature collection body care for men and the Mason Jar
candles.

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Figure 4: Holiday Traditions signature collection

Benefits and Appeals of New Products

Dark Amber signature collection body care for men: a smooth blend of
fresh bergamot and warm amber, benefiting Vitamin E and Aloe Vera combine with
Shea butter to nourish skin and give a fresh-out experience of fragrance for
consumers.
Forever Red fragrance: the most luxurious fragrance of Bath and Body Works
for consumers who want to experience the passionate blend of pomegranate and
red ormanthus with a sexy surprise of vanilla rum.

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Cashmere Glow signature body care: deliver consumers the warmth of
vanilla and golden peach layered with luxurious cashmere musk that make the skin
softer and cleaner.
Holiday Traditions signature body care and hand soap: the collection which
bring out the pure and comfort joy for consumers with the Holiday spirit.
Mason Jar candles: the latest model of candles which made with the highest
concentration of fragrance oil and exclusive blend of vegetable wax for consumers
to ensure a wonderful fragrance experience and burn.

Figure 5: Dark Amber signature collection body care for men

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Figure 6: Cashmere Glow signature body care

Figure 7: Forever Red Fragrance

Figure 8: Mason Jar candles

Recent News about Product Category

Bath and Body Works rolls out new fragrance collection
September 27, 2012
US-based beauty care brand Bath and Body Works is planning to launch the new
Cashmere Glow fragrance collection, a new collection of fragrances.

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The firm said the new fragrance is a result of intertwining of chords of shimmering
vanilla and golden peach, enveloped in the softest and most sensual cashmere
musk.
Cashmere Glow fragrance includes the top notes of bergamot, pink guava, exotic
berries, apricot and peach; while the middle notes include lily of the valley, mimosa,
peony and jasmine; and the base notes comprises cashmere musk, vanilla,
sandalwood and dulce de lece.

IV.

Brand Analysis

Top Brands by Dollar or Unit Sales

Bath and Body Works is top brand by dollar.
Growth trends of top brand
Despite Bath & Body Works strong position in the U.S. market, it has not expanded
much internationally. The brands international presence is limited to 69 stores in
Canada. Compare this to Limited Brands which operates around 1,600 Bath & Body
Works stores in the U.S. Although Bath and Body Works enjoys strong brand
recognition in Canada and is expanding, its revenue contribution still remains low.
Category Share by Country and by Region
Not available.
Pricing Trend
Bath and Body Works products are available in many different categories such as
lotion and creams, bath and shower, fragrance, spa products, soaps and sanitizers
and so on. There are also available in different sizes in both small, convenient
product for traveling and regular for home usage. They are all sold with economical
prices that would satisfy consumers needs.

V.

Consumer Profile

Demographic
The target audience of Bath and Body Works are counted more than 90% of women
from 18 to 56.
Sophisticate, intelligent women who want to have an impactful aroma in their
everyday lives. A busy body who can multi-task, and embraces all of her roles is the
woman that shops at Bath and Body Works. A woman to maintain a seductive smell
and leave a trace of her personal aroma anywhere she goes.

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Frequent of Purchase/Usage
Consumers mostly buy Bath and Body Works products during peak sales and
holidays since those are time that give out the most promotion.
Place of Purchase
Bath and Body Works products are sold at retail stores which mostly locates at
Malls. Online purchase is also available for consumers these years lately.
Heavy-user Profile
People who are loyal to the brand and who is just absolutely love fragrances, and
sees fragrances as an essential part of their lifestyle. More than 90% of consumers
are woman, teenagers and college students.
Awareness and Attitude
Bath and Body Works stores are usually perceived as the sweet stores that smell
like heaven on earth with their large selection of body products. It attracts a large
population of women and teenagers. However, it fails in attracting men due to its
lack of mens product. Additionally, its

Figure 9: Brand Awareness

Decision Maker vs. Purchaser
They are the same people as usually.
Normal Purchase Cycle
It depends on peak sales and holiday sales.

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Brand Loyalty
Despite a strong brand identity, brand loyalty is low within the personal care
industry as consumers are more concerned about better bargain.

VI.

Advertising/Marketing Communications

Creative Strategies of Top Brands:

The company was developed with the intention of bringing spa level products into
the homes of consumers.
Specific Promises, Appeals, Claims, Special Effects
Bath and Body Works are well-known for its flavorful body care and home-fragrance
products. Promises that that Bath and Body Works are bringing the spa level
products into the homes of consumers and creating luxurious products with
variety of scents and body care options. They are focusing on creating effective
products that can deliver the personal care and wellness to everybody.
Examples of Past and Current Executions:
In the past, Bath and Body Works theme was heartland. However, for the past few
years, the company decided to upgrade the heartland theme into another modern
apothecary theme with the blue gingham and pink logo. This is due to its
expanding target audience to younger consumers.

VII.

Media

Seasonality: During Halloween, Thanksgiving, Christmas nd other holidays, Bath

and Body Works enhances its interaction with its sale promotion.
Media Employed by Top Brands: Direct mailing and email newsletter.
Spending Patterns: Not available.
Spending Compared with Market Share: Not available.

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VIII.

Promotion

Promotion is available throughout the year both in store and online, specifically
every season and holidays. Additionally, Bath and Body Works coupons are offered
in store after consumers purchase any products. Consumers are then asked for
email, mailing address and phone number in order to receive up-coming coupons

through those media.

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Figure 10: Bath

and Body
Works Promotion

IX.

Internet and New Media

Website/URL: http://www.bathandbodyworks.com/home/index.jsp
Purpose of Site: selling products online
E-commerce Activities: very active
Social Media Activities: Facebook, Twitter, Instagram as well as Pinterest are
highly active in posting promotion information, new products or new signature
scents collection as well as Bath and Body Works products photos taken by fans
and consumers.
Marketing/Advertising Problem:
Bath and Body Works does not use traditional mass media like other brands. Their
main marketing strategy is to focus on direct mailing, news letter through email,
new products and in-store coupons. Additionally, Bath and Body Works has a variety
of many different kinds of products such as body lotion, shower gel, hand sanitizer,
hand soaps, fragrance, candles and spa treatment. Therefore, it does not focus
specifically on any product which could make them fail in reaching to more
consumers and lower their brand identity when other brands have a greater homefragrance specialization.

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Brand Exploratory
A. Qualitative Research
1. One-on-one Interviews
I approached five people which include two college students, one teenager and two
adults. I asked to have one-on-one interviews with them to gain more in-depth
knowledge on the brand awareness. Below is my list of questions:
1. Have you heard of Bath and Body Works? In what situation did you learn
about it?
2. Have you purchased their products before? If yes, when and where was the
first time you purchased it? Did you like it then?
3. When was the last time you used it? Do you still like it now? How often do you
use it?
4. Have you tried the new signature scents collection of Bath and Body Works?
5. What do you think about Bath and Body Works mens product?
6. What do you think is special about Bath and Body Works compared to other
body products brand?
As a result, five people I approached are all well-known about the brand and people
generally like the products. Most people find the products are high quality with
many different scents seasonally and with an appropriate price. One special and
significant thing about Bath and Body Works people recognize that no other brand
in the same industry has is its impressive promotion which keeps them coming back
for more and more products. However, when compare to other brand, some people
think that Bath and Body Works is still limited in producing natural-ingredient
products and mens product, which could prevent them from attracting more
consumers the next following years.

2. Brand Collage
I asked those five people to think of five-picture that collage of how they think of
Bath and Body Works and here is the result:
Bath and Body Works:

Sweet-smelling, pink, gifts, signature scents, Japanese cherry blossom

Sanitizer, sweet, teenagers, young love, gifts
Country chic, blue gingham, seasonal scents, holiday, happiness
Scented, Japanese cherry blossom, girly, cute package, sweet

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Gifts, signature collection, sales, sweet-smelling, teenager

All five people I asked have a clear vivid of images of the brand through their
experience of buying and using the products. On another hand, they dont really
have vivid images of how high quantity and natural ingredients that the products
have. However, Bath and Body Works have a really high brand image based on the
peoples answers and this could help marketers to improve and create more brand
awareness from it.

B. Recommendations
1. Targeting
Bath and Body Works should expand their target market to men, elderly and kids.
The current target audience 18s-60s women can not only buy the products for
themselves, but also for their family like brothers, husbands, parents and kids.
Targeting kids can be done by adding more fun or animated-appearance to the
packages and ads. Additionally, targeting to elderly can be done by adding some
treatment products with natural ingredients that could help release stress and
sickness

2. Brand Image

Product: Add more products with high quality and natural ingredients for
consumers to believe the products they purchased are not only sweet-smelling but
also good for their skin.
Promotion: Continue to provide sale promotions during not only holidays, seasonal
events but also off-seasonal events and end of holidays to increase the brand
image.
Price: Not necessary to change the price currently since it is pretty appropriate.
Place: Increase the availability in metropolitan areas.

3. Advertising
Managers and marketers should expand the range of advertising since most ads are
mostly through direct mailing, email news letter and in store. Some options are
advertising through magazines (including online) and out-door advertising in order
to catch more consumers attention.

4. Social Media

Social media is becoming a part of humans life and Bath and Body Works has been
really active on their Social Media (Facebook, Instagram, Twitter, Pinterest,).
However, Bath and Body Works still need to improve on this side by adding more
some fun events on social media like competitions with valuable prizes to attract
more consumers and followers. Using Hootsuite to manage the social media sites is
also a good option.

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Works Cited
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-. Web. 14 Dec. 2014. <http://bbwheartland.tumblr.com/about>.
2/ "Bath & Body Works Annual Report." Behance. Web. 14 Dec. 2014.
<https://www.behance.net/gallery/16683215/Bath-Body-Works-Annual-Report>.
3/ "What's The Oulook For Limited Brands' Bath & Body Works?" NASDAQ.com. Web.
14 Dec. 2014. <http://www.nasdaq.com/article/whats-the-oulook-for-limited-brandsbath-body-works-cm215570>.

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4/ Holmes, Elizabeth, and Ellen Byron. "Limited Smells Success at Bath & Body
Works." WSJ. 7 Dec. 2009. Web. 14 Dec. 2014.
<http://www.wsj.com/news/articles/SB100014240527487037350045745717017905
33932>.
5/ "Bath & Body Works: Body Care, Home Fragrance, Beauty, Great Gifts &
More!" Bath & Body Works: Body Care, Home Fragrance, Beauty, Great Gifts &
More! Web. 14 Dec. 2014. <http://www.bathandbodyworks.com/home/index.jsp>.
6/ Dowling, Mellisa. "Bath & Body Works Goes Direct - Multichannel
Merchant." Multichannel Merchant. 1 May 2006. Web. 14 Dec. 2014.
<http://multichannelmerchant.com/mcm/bath-body-works-goes-direct01052006/#_>.
7/ "Bath & Body Products." : A Brief History of Bath and Body Works. 27 May 2013.
Web. 14 Dec. 2014. <http://bathbodyproduct.blogspot.com/2013/05/a-brief-historyof-bath-and-body-works.html>.
8/ "Key Executives for Bath & Body Works, LLC." Businessweek.com. Web. 14 Dec.
2014. <http://investing.businessweek.com/research/stocks/private/people.asp?
privcapId=4166585>.
9/ "Annual Report & Proxy." L Brands. Web. 14 Dec. 2014.
<http://www.lb.com/investors/annual_report/AnnualReport.aspx>.
10/ "L Brands Beats On Revenues And Profits; Raises Full Year Guidance -Trefis." Trefis. 20 Nov. 2014. Web. 14 Dec. 2014.
<http://www.trefis.com/stock/lb/articles/266353/publish-todayl-brands-beats-onrevenues-and-profits-but-shares-fall-no-transcript-available/2014-11-20>.
11/ "Limited Brand Inc." 4 Feb. 2011. Web. 14 Dec. 2014.
<http://uoinvestmentgroup.org/wp-content/uploads/2011/04/LTD.pdf>.
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<http://www.urbandictionary.com/define.php?term=bath and body works>.
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Beauty Brand."Racked National. 3 Dec. 2014. Web. 14 Dec. 2014.
<http://racked.com/archives/2014/12/03/bath-body-works.php>.