Bath & Body Works lowers earnings outlook

Bath & Body Works, Inc. reported net sales of 1.450 billion dollars for the first quarter ended April 30, 2022, a decrease of 1 percent compared to the first quarter ended May 1, 2021.

For fiscal 2022, the company is forecasting earnings per diluted share between 3.80 dollars and 4.15 dollars compared to 4.51 dollars per diluted share in 2021 and its previous guidance of between 4.30 dollars and 4.70 dollars.

Commenting on the first quarter trading, Sarah Nash, executive chair and interim CEO of Bath & Body Works, said: “We have built on the past two years of extraordinary growth with strong momentum as we entered fiscal 2022. We are pleased to have delivered better-than-expected sales and earnings results in the quarter.”

The company reported earnings per diluted share of 64 cents compared to 32 cents for the quarter ended May 1, 2021. First quarter operating income was 280 million dollars compared to 337.2 million dollars last year, and net income was 154.9 million dollars compared to 90.3 million dollars last year.

The company is forecasting second quarter earnings per diluted share between 60 cents and 65 cents compared to 77 cents per diluted share in the prior year.