02.23.23
Bath & Body Works Inc. today reported fourth quarter and full-year 2022 results.
The company reported net sales of $2.889 billion for the fourth quarter ended Jan. 28, 2023, a decrease of 5% compared to net sales of $3.027 billion for the fourth quarter ended Jan. 29, 2022.
Net sales from continuing operations decreased 4% to $7.560 billion for the year ended Jan. 28, 2023, compared to $7.882 billion for the year ended Jan. 29, 2022.
Gina Boswell, CEO of Bath & Body Works, said, “The team delivered better-than-expected earnings results despite a challenging macroeconomic environment, which is a testament to the strengths of this organization. Our customer base responded well to our holiday season, in part powered by our loyalty program, which now exceeds 33 million members. In addition, we continued to be disciplined in our expense and inventory management.”
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.
“I see a tremendous opportunity to strengthen our position as a leading global omnichannel home and personal care brand. We are focused on expanding our customer base, bringing exciting new products to market, and unlocking the potential of our omnichannel model, while aggressively pursuing opportunities for growth and margin expansion. I am very optimistic about our future and our ability to profitably grow our business and deliver long-term shareholder value,” Boswell added.
The company reported net sales of $2.889 billion for the fourth quarter ended Jan. 28, 2023, a decrease of 5% compared to net sales of $3.027 billion for the fourth quarter ended Jan. 29, 2022.
Net sales from continuing operations decreased 4% to $7.560 billion for the year ended Jan. 28, 2023, compared to $7.882 billion for the year ended Jan. 29, 2022.
Gina Boswell, CEO of Bath & Body Works, said, “The team delivered better-than-expected earnings results despite a challenging macroeconomic environment, which is a testament to the strengths of this organization. Our customer base responded well to our holiday season, in part powered by our loyalty program, which now exceeds 33 million members. In addition, we continued to be disciplined in our expense and inventory management.”
2023 Outlook
The company expects first quarter net sales to decline low- to mid-single digits compared to $1.450 billion in 2022. For fiscal 2023, the company is forecasting flat net sales to a mid-single digit decline compared to $7.560 billion in 2022.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.
“I see a tremendous opportunity to strengthen our position as a leading global omnichannel home and personal care brand. We are focused on expanding our customer base, bringing exciting new products to market, and unlocking the potential of our omnichannel model, while aggressively pursuing opportunities for growth and margin expansion. I am very optimistic about our future and our ability to profitably grow our business and deliver long-term shareholder value,” Boswell added.
