Bath & Body Works, Inc. (BBWI) Tops Q2 EPS by 1c, Misses on Revenue
Bath & Body Works, Inc. (NYSE: BBWI) reported Q2 EPS of $0.37, $0.01 better than the analyst estimate of $0.36. Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.55 billion.
For fiscal 2024, the company has updated its guidance and now expects net sales to range between a decline of 4% to a decline of 2%, 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 change in fiscal 2024. Full-year 2024 earnings per diluted share is now expected to be between $3.37 and $3.57, compared to earnings per diluted share of $3.84 in 2023. Full-year 2024 adjusted earnings per diluted share is now expected to be between $3.06 and $3.26, compared to adjusted earnings per diluted share of $3.27 in fiscal 2023. The company’s full-year guidance includes the anticipated impact of $400 million of cash deployed towards share repurchases, which is an increase from the prior expectation of $300 million.
The company expects third quarter 2024 net sales to range between flat to an increase of 2.5%, compared to $1,562 million in the third quarter 2023. We expect the third quarter will benefit by approximately 200 basis points from the shifted fiscal calendar, resulting from the extra week in 2023. Third quarter earnings per diluted share is expected to be between $0.41 and $0.47, compared to earnings per diluted share of $0.52 and adjusted earnings per diluted share of $0.48 in the third quarter 2023.
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