L Brands : September Sales Release

L BRANDS REPORTS SEPTEMBER 2018 SALES

-PURSUING ALL ALTERNATIVES FOR LA SENZA AS PART OF

ONGOING EFFORT TO DRIVE SHAREHOLDER VALUE-

Columbus, Ohio (Oct. 11, 2018)-L Brands, Inc. (NYSE: LB) reported net sales of $1.058 billion for the five weeks ended Oct. 6, 2018, an increase of 8 percent, compared to net sales of $981.6 million for the five weeks ended Sept. 30, 2017. Comparable sales increased 5 percent for the five weeks ended Oct. 6, 2018, compared to the five weeks ended Oct. 7, 2017.

The company reported net sales of $7.524 billion for the 35 weeks ended Oct. 6, 2018, an increase of 7 percent compared to net sales of $7.015 billion for the 35 weeks ended Sept. 30, 2017. Comparable sales increased 3 percent for the 35 weeks ended Oct. 6, 2018, compared to the 35 weeks ended Oct. 7, 2017.

As part of an ongoing effort to drive shareholder value and in order to focus on its larger core businesses, the company announced that it is pursuing all alternatives for its La Senza business. La Senza currently has 126 company-owned and operated stores in North America and 188 non-company owned international stores. Operating results for La Senza are included in the company's Other segment for financial reporting. The company estimates that La Senza's 2018 revenues and operating loss will be approximately $250 million and $40 million, respectively.

To hear further commentary provided on L Brands' prerecorded September sales message, call 1-866-639-7583, or log ontowww.LB.comfor an audio replay.

ABOUT L BRANDS: L Brands, through Victoria's Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, is an international company. The company operates 3,103 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are sold in more than 800 additional locations worldwide. The company's products are also available online atwww.VictoriasSecret.com,www.BathandBodyWorks.com,www.HenriBendel.comandwww.LaSenza.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or the September sales call or made by our company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," "planned," "potential" and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or the September sales call or otherwise made by our company or our management:

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general economic conditions, consumer confidence, consumer spending patterns and market disruptions including severe weather conditions, natural disasters, health hazards, terrorist activities, financial crises, political crises or other major events, or the prospect of these events; the seasonality of our business;

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the dependence on mall traffic and the availability of suitable store locations on appropriate terms;

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• our ability to grow through new store openings and existing store remodels and expansions;

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• our ability to successfully expand internationally and related risks;

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• our independent franchise, license and wholesale partners;

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• our direct channel businesses;

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• our ability to protect our reputation and our brand images;

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• our ability to attract customers with marketing, advertising and promotional programs;

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• our ability to protect our trade names, trademarks and patents; the highly competitive nature of the retail industry and the segments in which we operate; consumer acceptance of our products and our ability to manage the life cycle of our brands, keep up with fashion trends, develop new merchandise and launch new product lines successfully; our ability to source, distribute and sell goods and materials on a global basis, including risks related to:

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political instability, significant health hazards, environmental hazards or natural disasters; duties, taxes and other charges; legal and regulatory matters; volatility in currency exchange rates; local business practices and political issues; potential delays or disruptions in shipping and transportation and related pricing impacts; disruption due to labor disputes; and changing expectations regarding product safety due to new legislation;

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our geographic concentration of vendor and distribution facilities in central Ohio; fluctuations in foreign currency exchange rates; stock price volatility;

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• our ability to pay dividends and related effects;

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• our ability to maintain our credit rating;

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• our ability to service or refinance our debt;

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• our ability to retain key personnel;

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• our ability to attract, develop and retain qualified associates and manage labor-related costs; the ability of our vendors to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations; fluctuations in product input costs; our ability to adequately protect our assets from loss and theft; fluctuations in energy costs; increases in the costs of mailing, paper and printing; claims arising from our self-insurance; our ability to implement and maintain information technology systems and to protect associated data;

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our ability to maintain the security of customer, associate, third-party or company information; our ability to comply with regulatory requirements; legal and compliance matters; and tax, trade and other regulatory matters.

We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release or the September sales call to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in Item 1A. Risk Factors in our 2017 Annual Report on Form 10-K.

For further information, please contact:

L Brands:

Investor Relations	Media Relations
Amie Preston	Tammy Roberts Myers
[phone]	[phone]
[e-mail]	[e-mail]

L BRANDS SEPTEMBER 2018

Comparable Sales Increase (Decrease) (Stores and Direct):

Year-to-Year-to-

September	September	Date	Date
2018	2017	2018	2017
Victoria's Secret1	1%	(5%)	(1%)	(12%)
Bath & Body Works1	13%	4%	10%	4%
L Brands2	5%	(2%)	3%	(7%)

• 1- Results include company-owned stores in the U.S. and Canada and direct sales.

• 2- Results include company-owned stores in the U.S., Canada, the U.K. and Greater China and direct sales.

  Comparable Sales Increase (Decrease) (Stores Only):

Year-to- Year-to-

Victoria's Secret1	(2%)	(4%)
Bath & Body Works1	10%	0%
L Brands2	3%	(2%)

September September	Date	Date
2018 2017	2018	2017
(5%)	(10%)
8%	1%
(1%)	(6%)

• 1- Results include company-owned stores in the U.S. and Canada.

• 2- Results include company-owned stores in the U.S., Canada, the U.K. and Greater China.

Total Company-Owned Stores:

Victoria's Secret U.S.	984	1
PINK U.S.	140	-
Victoria's Secret Canada	39	-
PINK Canada	7	-
Total Victoria's Secret	1,170	1
Bath & Body Works U.S.	1,592	44
Bath & Body Works Canada	102	-
Total Bath & Body Works	1,694	44
Victoria's Secret U.K./Ireland	19	1
PINK U.K.	5	-
Victoria's Secret Beauty and Accessories	29	3
Victoria's Secret China	7	7
Total International	60	11
Henri Bendel	27	-
La Senza U.S.	5	3
La Senza Canada	119	-
Total L Brands Stores	3,075	59

Stores	Stores
Operating	Operating
at 2/3/18	Closed	at 10/6/18
(6)	979
-	140
-	39
(1)	6
(7)	1,164
(16)	1,620
-	102
(16)	1,722
-	20
-	5
(3)	29
-	14
(3)	68
(4)	23
-	8
(1)	118
(31)	3,103

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