Bath & Body Works Reports Mixed Q2 Results, Raises Full-Year Earnings Guidance Investing.com

Bath & Body Works (NYSE: ) reported mixed second-quarter results and raised full-year 2024 earnings guidance.

The specialty retailer posted earnings per share (EPS) of $0.37 in Q2, just ahead of consensus expectations of $0.36. The company’s revenue for the quarter came in at $1.5 billion, missing the consensus estimate of $1.55 billion.

In the US and Canada, same-store sales came in at $1.14 billion, just below estimates of $1.15 billion. Direct sales in these regions totaled $297 million, missing estimates by $320 million.

Operating income for the quarter was $183 million, down 2.7% year-over-year but still above estimates of $173.9 million.

Shares of BBWI traded slightly higher in premarket trading on Wednesday.

For fiscal 2024, Bath & Body Works revised its guidance, now expecting EPS between $3.37 and $3.57, up from its previous forecast of $3.05 to $3.35. Analysts had expected EPS of $3.25.

The company now expects full-year adjusted diluted earnings per share to be between $3.06 and $3.26, compared to $3.27 in fiscal 2023.

For full-year net sales, BBWI forecasts a decline of 4% to 2% from net sales of $7.43 billion in fiscal 2023.

The company said its guidance included the impact of $400 million in cash set aside for share buybacks, up from the $300 million previously expected.

For the third quarter, Bath & Body Works expects EPS to be in the range of $0.41 to $0.47, below analysts’ estimates of $0.52. The company also expects Q3 2024 net sales to range from flat growth to 2.5% growth, compared to $1.56 billion in Q3 2023.