[SCHEDULE 13G] Bath & Body Works, Inc. SEC Filing

Rhea-AI Filing Summary

Victory Capital Management, Inc. has filed a Schedule 13G reporting a passive ownership position in Bath & Body Works, Inc. (BBWI) as of 30 June 2025.

• Shares owned: 12,773,211 common shares.
• Ownership percentage: 6.04 % of BBWI’s outstanding stock.
• Control rights: Sole voting power over 12,524,960 shares and sole dispositive power over the full 12,773,211 shares; no shared voting or dispositive authority.
• Filing basis: Rule 13d-1(b) as an investment adviser (Type IA), indicating the stake is held in the ordinary course of business and not for the purpose of influencing control.
• Reporting entity details: Victory Capital Management, Inc., 15935 La Cantera Pkwy, San Antonio, TX 78256; organized in New York. Signature by Chief Compliance Officer Barry Garrett dated 08 Aug 2025.

The disclosure confirms notable institutional interest in BBWI but does not signal activist intentions or strategic transactions.

Positive

• Victory Capital Management reports a 6.04 % stake in BBWI, reflecting confidence and adding a sizeable institutional holder.

Negative

• None.

Insights

Portfolio Manager

TL;DR: Victory Capital now holds a 6.0 % passive stake in BBWI—supportive institutional ownership but no control ambitions.

Analysis: A 6 % position from a respected asset manager adds depth to BBWI’s shareholder base, potentially improving stock liquidity and signaling fundamental confidence. Because the filing is on Schedule 13G, it is expressly passive; therefore, investors should not anticipate governance changes, board nominations, or near-term strategic activism. The stake size is meaningful but not large enough to dictate outcomes. Impact on valuation is generally neutral-to-modestly positive, mainly through heightened institutional coverage rather than direct operational influence.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

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

12,524,960.00

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

FAQ

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

The Schedule 13G reports 12,773,211 common shares beneficially owned.

What percentage of BBWI’s outstanding shares does this represent?

Victory Capital’s position equals 6.04 % of the common stock.

Is Victory Capital acting as an activist investor in BBWI?

No. The filing is on Schedule 13G, indicating a passive investment with no intent to influence control.

Does Victory Capital have sole voting power over the BBWI shares?

Yes. It has sole voting authority over 12,524,960 shares and no shared voting power.

When was the ownership position measured for this filing?

The ownership reflects holdings as of June 30, 2025.