Bath & Body Works raises earnings forecast

Bath & Body Works reported net sales of 1.60 billion dollars for the third quarter ended October 29, 2022, a decrease of 5 percent compared to the third quarter of last year but an increase of 46 percent compared to the third quarter of 2019.

The company is forecasting fourth quarter earnings per diluted share between 1.45 dollars and 1.65 dollars.

For fiscal 2022, the company is forecasting earnings per diluted share between 3 dollars and 3.20 dollars compared to its prior full year forecast of 2.70 dollars to 3 dollars.

Commenting on the third quarter trading, Sarah Nash, executive chair and interim chief executive officer, said: “We continue to be mindful of the challenging environment and inflationary pressure affecting our customers and our business.”

“Long-term, we are confident in the fundamentals and potential of our business, and we are excited for Bath & Body Works’ next growth chapter as we officially welcome global personal care and beauty industry veteran, Gina Boswell, as the company’s next chief executive officer in December,” Nash added.

The company reported earnings per diluted share of 40 cents compared to 66 cents and operating income of 201.8 million dollars compared to 408.5 million dollars last year. Net income for the quarter was 91 million dollars compared to 177.1 million dollars last year.

On an adjusted basis, third quarter earnings per diluted share were 40 cents compared to 92 cents last year and net income was 91 million dollars compared to 244.8 million dollars last year.