<PAGE>
 
                                                                      EXHIBIT 11
                                                                      ----------

                             INTIMATE BRANDS, INC.
                       COMPUTATION OF PER SHARE EARNINGS
 
                     (Thousands except per share amounts)
<TABLE>
<CAPTION>
 
 
                                                                  Quarter Ended                   
                                                       ------------------------------------         
                                                           February 1,        February 3,         
                                                              1997               1996             
                                                       ----------------     ---------------      
<S>                                                    <C>                  <C>                  
Net income                                                     $157,720            $131,916      
                                                       ================     ===============      
Common shares outstanding:                                                                       
   Weighted average                                             252,700             252,121      
   Dilutive effect of stock options                                 297                   -      
   Weighted average treasury shares                               (149)                   -      
                                                       ----------------     ---------------      
   Weighted average used to calculate                                                            
       net income per share                                     252,848             252,121      
                                                       ================     ===============      

Net income per share                                           $   0.62            $   0.52      
                                                       ================     ===============      
                                                                                                 
<CAPTION>                                                                                        
                                                                                                 
                                                                     Year Ended                  
                                                       ------------------------------------      
                                                           February 1,        February 3,        
                                                              1997               1996            
                                                       ----------------     ---------------      

Net income                                                     $258,210            $204,059      
                                                       ================     ===============      
Common shares outstanding:                                                                       
   Weighted average                                             252,700             221,300      
   Dilutive effect of stock options                                 397                   -      
   Weighted average treasury shares                                (42)                   -      
                                                       ----------------     ---------------      
   Weighted average used to calculate                                                            
       net income per share                                     253,055             221,300      
                                                       ================     ===============      

Net income per share                                           $   1.02            $   0.92      
                                                       ================     ===============       
</TABLE>