Financial Data and Key Metrics Changes - In Q4 2023, net sales reached $2.9 billion, growing 0.8% compared to the previous year, exceeding expectations [6][28] - Adjusted earnings per diluted share were $2.06, up nearly 11% year-over-year, driven by strong merchandise margin improvements of 290 basis points [6][29] - Average unit retails (AUR) increased by 2%, the highest growth seen throughout the year, attributed to a well-planned pricing strategy [6][28] Business Line Data and Key Metrics Changes - The men's shop contributed significantly to growth, with two-thirds of category growth coming from new products and a successful influencer marketing campaign [8][19] - Body care sales grew low-single-digits, driven by men's products and strong performance during promotional events [20] - Home fragrance sales declined low-single-digits, but the company achieved record sales during the Candle Day event [20][29] Market Data and Key Metrics Changes - U.S. and Canadian store net sales totaled $2.2 billion, a 4% increase year-over-year, while direct net sales declined by 8% [28] - International net sales were $94 million, down 1% due to challenges in the Middle East, with overall international retail sales declining mid-single digits [29] - The company reported a gross profit rate of 45.9%, an increase of 260 basis points compared to the prior year [29] Company Strategy and Development Direction - The company focuses on five key growth drivers: brand elevation through innovation, extending reach via new categories and international growth, customer engagement, seamless omnichannel experience, and operational excellence [9][16] - Plans for 2024 include increasing marketing investments, expanding product adjacencies, and enhancing the loyalty program to drive customer acquisition [33][34] - The company aims to achieve $10 billion in net sales and a 20% operating income margin in the long term [38] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2024, anticipating macroeconomic pressures but expecting net sales to grow in the second half of the year [16][38] - The company is focused on reducing leverage and returning cash to shareholders, with a new share repurchase authorization of up to $500 million [17][25] - Management acknowledged the normalization of the candle category and the need to adapt to changing consumer spending behaviors [16][68] Other Important Information - The company generated $954 million in operating cash flow in fiscal 2023, with $656 million in free cash flow available for shareholder returns and debt reduction [24][25] - The company plans to invest between $300 million and $325 million in capital projects during 2024 [26] - The loyalty program has seen strong enrollment, with nearly 80% of U.S. revenue flowing through loyalty, and 36% of new loyalty members were new to the brand [15][16] Q&A Session Summary Question: Drivers of the fourth quarter AUR increase - Management highlighted a balanced approach to pricing and promotions, with selective price increases contributing to the AUR growth [41][43] Question: Level of innovation expected in fiscal year 2024 - Management indicated that new product adjacencies, particularly in men's products and hair care, will drive innovation and customer acquisition [45][49] Question: Merchandise margin improvement drivers - Management expects continued merchandise margin expansion due to deflation and cost reduction initiatives, while also investing in product reformulation [51][52] Question: Size and growth potential of the men's category - The men's category currently represents a single-digit percentage of sales, with significant growth potential in a $12 billion market [56][57] Question: First quarter sales guidance and traffic trends - Management indicated that cautious consumer behavior is expected to persist, impacting sales trends into the first quarter [60][62] Question: Pricing plans and promotional strategies - Management plans to implement modest pricing increases while maintaining a competitive edge through agile promotional strategies [71][73]

Financial Performance - Revenue for the quarter ended January 2024 was $2.91 billion, up 0.8% year-over-year [1] - EPS for the quarter was $2.06, compared to $1.86 in the year-ago quarter [1] - Revenue surpassed the Zacks Consensus Estimate of $2.83 billion by 2.79% [1] - EPS exceeded the consensus estimate of $1.85 by 11.35% [1] Store Metrics - Total company-operated stores in the US were 1,739, slightly above the three-analyst average estimate of 1,736 [2] - Total company-operated stores in Canada were 111, matching the three-analyst average estimate [2] - Total partner-operated international stores were 485, slightly below the two-analyst average estimate of 489 [2] - Total partner-operated international travel retail stores were 31, slightly above the two-analyst average estimate of 30 [2] Geographic Sales - US and Canada store net sales were $2.16 billion, surpassing the four-analyst average estimate of $2.05 billion [2] - International store net sales were $94 million, exceeding the four-analyst average estimate of $90.30 million [2] - US and Canada direct net sales were $656 million, slightly below the four-analyst average estimate of $663.04 million [2] Stock Performance - Shares of Bath & Body Works returned +13.3% over the past month, outperforming the Zacks S&P 500 composite's +3.9% change [3] - The stock currently has a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

MUNCY, PENNSYLVANIA, UNITED STATES - 2022/11/21: A Bath and Body Works store stands at the Lycoming ... [+] Crossing Shopping Center in Muncy. The Christmas holiday shopping season in the United States traditionally begins after Thanksgiving. (Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesBath & Body Works stock (NYSE: BBWI), the largest specialty home fragrance & body care product retailer in the U.S., formerly known as L Brands, is scheduled to repor ...

Exhibit 99.1 Bath & Body Works Reports Fourth Quarter and Full-Year 2023 Results and Provides 2024 Outlook Fourth Quarter and Full-Year Net Sales and Earnings Per Share Exceed Guidance Board of Directors Authorizes New Share Repurchase Program COLUMBUS, Ohio – Feb. 29, 2024 - Bath & Body Works, Inc. (NYSE: BBWI) today reported fourth quarter and full-year 2023 results. Gina Boswell, CEO of Bath & Body Works, commented, "The team delivered fourth quarter net sales and earnings that exceeded the high end of o ...

COLUMBUS, Ohio, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Bath & Body Works, Inc. (NYSE: BBWI) announced today that it will report its fourth quarter and fiscal 2023 financial results before market open on Thursday, February 29, 2024. In conjunction with this release, the company will host a conference call that morning at 9:00 a.m. EST, during which Gina Boswell, chief executive officer, Eva Boratto, chief financial officer, and Julie Rosen, president, retail, will provide a business update and discuss the company ...

COLUMBUS, Ohio, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Bath & Body Works, Inc. (NYSE:BBWI) announced today the declaration of its regular quarterly dividend of $0.20 per share payable on Mar. 8, 2024, to shareholders of record at the close of business on Feb. 23, 2024. ABOUT BATH & BODY WORKS: Home of America's Favorite Fragrances®, Bath & Body Works is a global leader in personal care and home fragrance, including top-selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home ...

Brett_Hondow Summary Readers may find my previous coverage via this link. My previous rating was a buy, as I was encouraged by Bath & Body Works (NYSE:BBWI) efforts to turn around the business. Their execution was great, and they were also driving the right product innovations. My buy thesis did well and was well reflected in the share price movement (now at $43 vs. my previous price target of $40.80). I am reiterating my buy rating for BBWI, as I am very positive about the 3Q24 performance and the grow ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 28, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8344 _________________________________ BATH & BODY WO ...

Financial Data and Key Metrics Changes - Third quarter net sales were $1.6 billion, a decline of 2.6% year-over-year, but in line with the higher end of expectations, showing a 100 basis points sequential improvement from the second quarter [5][21] - Adjusted diluted earnings per share were $0.48, exceeding guidance of $0.30 to $0.40 per diluted share [20] - Gross profit rate increased by 140 basis points year-over-year, marking the first gross profit rate expansion in nine quarters [23] - Merchandise margin rate improved by 200 basis points year-over-year, driven by deflation benefits and lower product costs [23] Business Line Data and Key Metrics Changes - Sales of soaps and wallflowers increased year-over-year, while body care sales were flat, and candles and sanitizers declined as expected [5][16] - The men's business outperformed, with high single-digit sales growth, and the introduction of men's grooming products received positive customer feedback [6][16] - Halloween event sales increased by 5% compared to the previous year, indicating strong seasonal merchandising performance [6][15] Market Data and Key Metrics Changes - U.S. and Canadian store sales totaled $1.2 billion, a decrease of approximately 1% versus the prior year [21] - International net sales were $77 million, declining 5% year-over-year, although year-to-date international net sales increased by 1% [22] - Direct net sales decreased by 8% compared to last year, with a 5% decrease when adjusted for Buy Online Pickup In Store (BOPIS) [21] Company Strategy and Development Direction - The company is focusing on five key growth drivers: brand elevation through innovation, extending reach through new categories and international growth, deepening customer engagement, enabling a seamless omnichannel experience, and enhancing operational excellence [9][13] - Plans for 2024 include building capabilities to drive profitable growth and a path to positive sales growth in the second half of the year [8][32] - The company aims to achieve a $10 billion sales target and deliver industry-leading operating income margins of 20% over time [13] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer spending remains cautious, impacting basket size and conversion rates, and anticipates continued softer topline trends in the fourth quarter [7][32] - The company is confident in its ability to navigate the macroeconomic pressures and category normalization trends while focusing on strategic initiatives [32] - Management expressed optimism about the early results from strategic initiatives and the potential for growth in the men's line and adjacent categories [32] Other Important Information - The company is on track to deliver approximately $150 million of planned annual cost savings in 2023 [13] - The company repurchased $161 million in senior notes during the quarter, maintaining a disciplined approach to inventory management [24] - The loyalty program has nearly 41 million members, with loyalty sales representing approximately three-quarters of U.S. sales since its national launch [10] Q&A Session Summary Question: Thoughts on post-pandemic candle normalization timeline - Management indicated that while they cannot pinpoint a specific date for normalization, they are innovating in the candle category and maintaining market leadership [36][38] Question: Insights on fourth quarter gross margin expectations - Management expects about $55 million of deflation benefits in the fourth quarter, with merchandise margin rate expected to expand by about 100 basis points [39] Question: Confidence in sales growth in the second half of 2024 - Management is building capabilities and launching products designed to drive customer acquisition and sales growth, with confidence in achieving positive sales growth in the second half of 2024 [42][43] Question: Drivers of free cash flow for next year - Management expects free cash flow to be similar to this year's $675 million to $725 million, with ongoing evaluations for capital allocation [64][65] Question: Comments on adjacency categories like men's haircare and laundry - Management noted that these categories are attracting new customers and expanding the basket size, with significant addressable markets [60][62]

Third Quarter Earnings Supplemental Material Forward-Looking Statements Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 Wecautionthatanyforward-lookingstatements(assuchtermisdefinedinthePrivateSecuritiesLitigationReformActof1995)containedinthispresentationormadebyourcompanyorour management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may diff ...