Dear Fellow Shareholders,

It was a momentous year for Bath & Body Works as we became a standalone public company. We delivered record financial results, with net sales increasing 22% to nearly $7.9 billion and adjusted earnings per share increasing 45% to $4.51.

Throughout the year, our teams focused on continuing to serve our customers, despite the impact of the COVID-19 pandemic on our industry and global supply chains. In 2021, we delivered significant and balanced two-year growth across all of our major product categories and channels and grew our active customer file to a record 60 million customers, an increase of 13% compared to pre-pandemic levels. Through it all, we demonstrated agility to read, react and re-plan the business in response to significant customer demand, coupled with broader inflationary pressures and production constraints. Despite global supply chain pressures, we presented full merchandise assortments to our customers as our vertically integrated, primarily North American supply chain provided a competitive advantage.

Importantly, we are continuing to meet our customers how, when and where they want. Across the business, we’ve focused on an omni-channel mindset and enhanced our capabilities to engage our customers whether online through an upgraded order management system, via expanded buy-online-pick-up-in-store (BOPIS) capabilities, through our Canada e-commerce site or in our stores, where about 60% of our stores have been remodeled or newly opened in the past seven years. We also started planning and constructing a new company-run fulfillment center to support the future growth of our online business.

We continued to invest in our team, without whom none – absolutely none – of these accomplishments would have been possible. I’d like to thank them for their hard work and dedication to our business. In 2021, we increased wages in our stores and distribution centers and made key hires needed to support our standalone business and help lead critical areas, such as sustainability, social responsibility and corporate governance. In addition, we established a new separate and dedicated team to innovate into new categories and businesses. Throughout the year, our associates have maintained an energy and can-do attitude that is extraordinary, and I am grateful to have worked alongside them to help lead the business to reach new heights in 2021.

Given I’m stepping down this May, I wanted to reiterate my gratitude for Bath & Body Works and all of our stakeholders. It’s been such an honor and a privilege to lead this great company as CEO and be a part of an extraordinary team for nearly two decades. I’d like to thank Sarah Nash for stepping in at this important moment in our company’s history as Interim CEO. I have full confidence in her and the rest of our management team’s ability to continue building on our strong momentum through 2022 and beyond.

Looking ahead, Bath & Body Works is well-positioned to grow and thrive as a leading global brand. Our enduring success lies in staying close to customers and continuing to deliver a high level of service and compelling merchandise that our customers have come

Andrew Meslow Chief Executive Officer