Bath & Body Works lowers full year forecast

Bath & Body Works reported second quarter net sales of 1,526 million dollars, a decrease of 2.1 percent.

Earnings per diluted share were 68 cents for the quarter compared to 43 cents for the same period of the prior year, operating income decreased to 183 million dollars, while net income increased to 152 million dollars.

On an adjusted basis, earnings per diluted share reached 37 cents compared to 40 cents last year, and net income decreased to 83 million dollars.

Commenting on the trading results, Gina Boswell, CEO of Bath & Body Works, said in a statement: “We delivered net sales in line with our guidance range while adjusted earnings per diluted share exceeded our expectations, as we improved gross margins and executed on our Fuel for Growth initiatives. We are taking a prudent approach to our outlook and adjusting our full-year guidance given the choppier macroeconomic environment and first half sales trends.”

For fiscal 2024, the company has updated its guidance and now expects net sales to range between a decline of 4 percent to a decline of 2 percent, earnings per diluted share are now expected to be between 3.37 dollars and 3.57 dollars and adjusted earnings per diluted share to be between 3.06 dollars and 3.26 dollars.

The company expects third quarter net sales to range between flat to an increase of 2.5 percent, earnings per diluted share to be between 41 cents and 47 cents.