Moreover, management projects earnings in the band of $3.05-$3.35 per share for fiscal 2017, sharply down from the fiscal 2016 earnings of $3.74 and fiscal 2015 earnings of $3.99. The earnings projection includes adverse impact of the company's decision to exit the swimwear category at Victoria's Secret, continued investment in China as well as investment in real estate at Victoria's Secret and Bath & Body Works.