Market Updates
Bath & Body Works Lowers Outlook, Adds 18 New Stores
Scott Peters
19 May, 2022
New York City
Bath & Body Works Inc reported net sales decreased 1.3% to $1.45 billion in the first quarter ended April 30, 2022.
Net income in the quarter fell 43% to $154 million and diluted earnings per share declined to 64 cents from 97 cents a year ago.
Prior year's quarter included pre-tax loss of $105.5 million associated with early extinguishment of debt.
On an adjusted basis, which excludes the above charge in 2021, first quarter 2022 earnings from continuing operations per diluted share increased 7% to $0.64 compared to $0.60 last year, and net income from continuing operations was $154.9 million compared to $170.4 million last year.
Earnings per share increased because the number of outstanding shares declined to 243.3 million from 284.4 million a year ago.
The company opened 18 new stores in the quarter and total store count increased to 356.
Guidance and Outlook
The company guided second quarter earnings per share from continuing operations to fall between 60 and 65 cents compared to 77 cents a year ago.
For the full-year the retailer estimated earnings per share for continuing operations to fall between $3.80 and $4.15 compared to $4.51 a year ago and lowered from its previous guidance between $4.30 to $4.70.
Company and Stocks
Bath & Body Works operates 1,750 stores selling home fragrance and personal care products in the U.S. and Canada and franchises 350 stores at international locations.
Bath & Body Works stock declined 6.8% to $40.03 after the release of earnings and has declined 42.5% in the year so far.
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