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Aug 03, 2024
Bath & Body Works Q2 2024 Earnings Report
Bath & Body Works' Q2 2024 results were reported, with net sales in line with guidance and adjusted earnings per diluted share exceeding expectations.
Key Takeaways
Bath & Body Works reported Q2 2024 net sales of $1.526 billion, a 2.1% decrease compared to the previous year. Earnings per diluted share were $0.68, while adjusted earnings per diluted share were $0.37, exceeding guidance. The company has updated its fiscal year 2024 guidance and increased its full-year expected share repurchases to $400 million.
Net sales were $1.526 billion, a decrease of 2.1% compared to Q2 2023.
Earnings per diluted share were $0.68, compared to $0.43 in the same period last year.
Adjusted earnings per diluted share were $0.37, exceeding expectations.
Full-year expected share repurchases increased to $400 million from $300 million.
Bath & Body Works
Bath & Body Works
Bath & Body Works Revenue by Segment
Bath & Body Works Revenue by Geographic Location
Revenue by Segment
Stores – U.S. and Canada Revenue
CapyFin.comDirect – U.S. and Canada Revenue
CapyFin.comInternational Revenue
CapyFin.comRevenue by Geographic Location
U.S. and Canada Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
For fiscal 2024, the company 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. 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. 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. 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.
Positive Outlook
- Full-year 2024 earnings per diluted share is now expected to be between $3.37 and $3.57
- Full-year 2024 adjusted earnings per diluted share is now expected to be between $3.06 and $3.26
- The company’s full-year guidance includes the anticipated impact of $400 million of cash deployed towards share repurchases
- Third quarter 2024 net sales to range between flat to an increase of 2.5%
- Third quarter earnings per diluted share is expected to be between $0.41 and $0.47
Challenges Ahead
- 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
- 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
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income