Bath & Body Works Brand Management S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

L Brands, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Twenty-Six Weeks Ended						Fiscal Year Ended
	August 4, 2018		February 3, 2018		January 28, 2017		January 30, 2016		January 31, 2015			February 1, 2014
							($ in millions)
Earnings:
Income before income taxes, noncontrolling interest and cumulative effect of change in accounting principle	$	188	$	1,313	$	1,696	$	1,935	$	1,636		$	1,446
Fixed charges (excluding capitalized interest)		279		599		547		471		443			429
Distributions from equity method investments, net of income or loss from equity investees		10		9		12		7		(4	)		49
Total earnings	$	477	$	1,921	$	2,255	$	2,413	$	2,075		$	1,924
Fixed charges:
Portion of minimum rent representative of interest	$	82	$	192	$	153	$	137	$	119		$	114
Interest on indebtedness (including capitalized interest)		197		407		396		337		326			314
Total fixed charges	$	279	$	599	$	549	$	474	$	445		$	428
Ratio of earnings to fixed charges		1.7		3.2		4.1		5.1		4.7			4.5

For the purpose of calculating the ratios of earnings to fixed charges, we calculate earnings by adding fixed charges and distributions from equity method investees, net of income or losses from equity method investees, to pre-tax income from continuing operations before noncontrolling interests in consolidated subsidiaries and cumulative effect of changes in accounting principle. Fixed charges include total interest and a portion of rent expense, which we believe is representative of the interest factor of our rent expense. Interest associated with income tax liabilities is excluded from our calculation.