Bath & Body Works, Inc. (NYSE: BBWI) reported Q1 EPS of $0.38, $0.05 better than the analyst estimate of $0.33. Revenue for the quarter came in at $1.38 billion versus the consensus estimate of $1.37 billion.

For fiscal 2024, the company has narrowed its guidance by raising the midpoint for both the top-and bottom-lines and is now forecasting net sales to range between a decline of 2.5% to flat, relative to $7,429 million of net sales in fiscal 2023. The 53rd week in fiscal 2023 represents a headwind of approximately 100 basis points to net sales growth in fiscal 2024. Full-year 2024 earnings per diluted share is now expected to be between $3.05 and $3.35, compared to earnings per diluted share of $3.84 and adjusted earnings per diluted share of $3.27 in fiscal 2023. The company’s full-year guidance includes the anticipated impact of approximately $300 million of cash deployed towards share repurchases.

The company expects second quarter 2024 net sales to range between a decline of 2% to flat, compared to $1,559 million in the second quarter 2023. Second quarter earnings per diluted share is expected to be between $0.31 and $0.36, compared to earnings per diluted share of $0.43 and adjusted earnings per diluted share of $0.40 in the second quarter 2023. The company’s second quarter guidance includes the anticipated impact of approximately $75 million of cash deployed towards share repurchases.

The company’s second quarter and full-year guidance excludes the impact of any future debt repurchase activity.

For earnings history and earnings-related data on Bath & Body Works, Inc. (BBWI) click here.