05.18.23
Global beauty company Bath & Body Works Inc. has reported its first quarter 2023 results.
Reported net sales were $1.396 billion for the first quarter ended April 29, 2023, a decrease of 4% compared to net sales of $1.450 billion for the first quarter ended April 30, 2022.
The company reported earnings per diluted share of $0.35 for the first quarter of 2023, compared to $0.64 for the same period of the prior year. First quarter operating income was $181 million compared to $280 million last year, and net income was $81 million compared to $155 million last year.
Gina Boswell, CEO of Bath & Body Works, commented, “We delivered first quarter sales in line with our expectations while our EPS was better than anticipated as we saw benefits from our work to improve merchandise margin as well as early benefits from our cost optimization initiatives.
The company has updated its full-year forecast to reflect better-than-expected bottom line results and the impact of the gain on the early extinguishment of debt in the first quarter.
For fiscal 2023, the company reiterates its forecast of flat net sales to a mid-single digit decline compared to $7.560 billion in 2022.
The company expects second quarter net sales to decline low- to mid-single digits compared to $1.618 billion in the second quarter of 2022.
Reported net sales were $1.396 billion for the first quarter ended April 29, 2023, a decrease of 4% compared to net sales of $1.450 billion for the first quarter ended April 30, 2022.
The company reported earnings per diluted share of $0.35 for the first quarter of 2023, compared to $0.64 for the same period of the prior year. First quarter operating income was $181 million compared to $280 million last year, and net income was $81 million compared to $155 million last year.
Gina Boswell, CEO of Bath & Body Works, commented, “We delivered first quarter sales in line with our expectations while our EPS was better than anticipated as we saw benefits from our work to improve merchandise margin as well as early benefits from our cost optimization initiatives.
Outlook
“Looking forward, we are moving quickly and implementing our plans to profitably grow sales and drive long-term value for our shareholders,” Boswell added. “I remain excited about the opportunities ahead, and I am confident that the future is bright for Bath & Body Works.”The company has updated its full-year forecast to reflect better-than-expected bottom line results and the impact of the gain on the early extinguishment of debt in the first quarter.
For fiscal 2023, the company reiterates its forecast of flat net sales to a mid-single digit decline compared to $7.560 billion in 2022.
The company expects second quarter net sales to decline low- to mid-single digits compared to $1.618 billion in the second quarter of 2022.
