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Bath & Body Works
🇺🇸 NYSE:BBWI
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Jul 29, 2023

Bath & Body Works Q2 2023 Earnings Report

Bath & Body Works' Q2 2023 earnings exceeded EPS guidance and increased the EPS outlook for the full year.

Key Takeaways

Bath & Body Works reported Q2 2023 net sales of $1.559 billion, a decrease of 3.6% compared to the previous year. EPS was $0.43, and operating income was $188 million. The company has updated its full-year forecast to reflect better-than-expected bottom line results.

Net sales were $1.559 billion, a decrease of 3.6% compared to Q2 2022.

Earnings per diluted share were $0.43, compared to $0.52 for the same period last year.

Operating income was $188 million, compared to $242 million last year.

The company expects full-year 2023 earnings per diluted share to be between $2.85 and $3.15.

Total Revenue
$1.56B
Previous year: $1.62B
-3.6%
EPS
$0.4
Previous year: $0.52
-23.1%
Gross Profit
$622M
Previous year: $660M
-5.8%
Cash and Equivalents
$790M
Total Assets
$5.2B

Bath & Body Works

Bath & Body Works

Bath & Body Works Revenue by Segment

Bath & Body Works Revenue by Geographic Location

Forward Guidance

The company has updated its full‐year forecast to reflect better-than-expected bottom line results in the second quarter, the impact of debt and share repurchases in the second quarter and narrowed sales expectations for the fiscal year.

Positive Outlook

  • The company expects full-year 2023 earnings per diluted share to be between $2.85 and $3.15.
  • Fiscal 2023 will include a 53rd week, with the fourth quarter of fiscal 2023 consisting of 14 weeks.
  • The company’s full-year outlook includes the impact of the 53rd week, estimated at 7 cents per diluted share.
  • The company expects third quarter earnings per diluted share to be between $0.30 and $0.40.
  • The company’s third quarter and full-year outlook exclude the impact of any future debt or share repurchase activity.

Challenges Ahead

  • For fiscal 2023, the company expects net sales to decline 1.5% to 3.5% compared to $7.560 billion in 2022.
  • The company now expects full-year 2023 earnings per diluted share to be between $2.85 and $3.15, compared to $3.40 in 2022.
  • The company expects full-year 2023 adjusted earnings per diluted share to be between $2.80 and $3.10.
  • The company expects third quarter net sales to decline 2.5% to 4.0% compared to $1.604 billion in the third quarter of 2022.
  • Third quarter earnings per diluted share are expected to be between $0.30 and $0.40, compared to $0.40 earnings per diluted share in the third quarter of 2022.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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