Victory Capital Amends 13G: 12.77M Shares (6.04%) of BBWI

Rhea-AI Filing Summary

Filing type: Amendment to Schedule 13G filed by Victory Capital Management, Inc. relating to Bath & Body Works, Inc. (CUSIP 070830104).

Holdings: Victory Capital reports beneficial ownership of 12,773,211 shares, representing 6.04% of common stock. The filing states sole voting power of 12,524,960 shares and sole dispositive power of 12,773,211 shares; no shared voting or dispositive power is reported. The Date of Event requiring filing is 06/30/2025 and the amendment is signed on 08/08/2025.

Purpose: Filed on Schedule 13G (Amendment No. 1) and includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control. The amendment comment notes it corrects the sole voting power figure.

Positive

• Material institutional ownership: Victory Capital reports 12,773,211 shares (6.04%), a significant holding above the 5% reporting threshold.
• Clear dispositive authority: The filer reports sole dispositive power for all 12,773,211 shares, clarifying control over trading decisions.

Negative

• Corrective amendment: Filing is an Amendment No. 1 to correct the reported sole voting power, indicating a prior disclosure error.
• Passive intent only: Filed on Schedule 13G with certifications of non-interference in control, so the position is unlikely to drive governance changes.

Insights

Financial Analyst

TL;DR: Victory Capital holds a material 6.04% passive stake in BBWI; amendment corrects voting-power disclosure.

Victory Capital's reported 12,773,211 shares (6.04%) is a material institutional position above the 5% reporting threshold and therefore meaningful for shareholder registry and analyst ownership metrics. The filing on Schedule 13G signals passive intent, with explicit certifications that the holdings are not intended to influence control. The amendment corrects sole voting power to 12,524,960, an administrative correction that clarifies voting authority but does not change dispositive ownership. For investors, this updates institutional ownership tables and confirms an active asset manager holds a non-controlling, sizable stake.

Corporate Governance Expert

TL;DR: A >5% Schedule 13G position is material to governance monitoring; amendment fixes a voting-power disclosure error.

The Schedule 13G amendment indicates Victory Capital is a significant passive holder of BBWI with sole dispositive power over 12,773,211 shares and sole voting power over 12,524,960 shares, with no shared powers reported. The filer reiterates that the stake is held in the ordinary course of business and not to effect control, consistent with 13G treatment. The corrective amendment improves transparency of voting authority; it does not, by itself, signal activist intent or a change in control dynamics based on the statements contained in the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Bath & Body Works, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

070830104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 070830104

1

Names of Reporting Persons

Victory Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,524,960.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 12,773,211.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,773,211.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.04 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bath & Body Works, Inc.
(b)	Address of issuer's principal executive offices: THREE LIMITED PKWY Columbus, Oh 43230
Item 2.
(a)	Name of person filing: Victory Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: 15935 La Cantera Pkwy San Antonio, TX 78256
(c)	Citizenship: New York
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 070830104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 12,773,211
(b)	Percent of class: 6.04 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 12,524,960
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 12,773,211
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Victory Capital Management, Inc. is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Victory Capital Management, Inc.

Signature:	Barry Garrett
Name/Title:	Chief Compliance Officer
Date:	08/08/2025

Comments accompanying signature: Amendment to correct sole voting power.

FAQ

How many Bath & Body Works (BBWI) shares does Victory Capital own?

Victory Capital reports beneficial ownership of 12,773,211 shares of BBWI.

What percentage of BBWI does Victory Capital own?

The filing reports a 6.04% ownership stake in the class of common stock.

What voting and dispositive powers does Victory Capital report?

The filer reports sole voting power of 12,524,960 shares and sole dispositive power of 12,773,211 shares; no shared powers are reported.

When was the Schedule 13G event date and when was the amendment signed?

The Date of Event requiring the filing is 06/30/2025 and the amendment was signed on 08/08/2025.

What does the amendment state in comments?

The comments state: "Amendment to correct sole voting power."

What is the CUSIP for Bath & Body Works referenced in the filing?

The CUSIP reported is 070830104.