E_Y_E Synopsis Bath & Body Works, Inc. (NYSE:BBWI) is a leading name in home fragrance and personal care, with 1,850 locations in North America and 480 franchises internationally. Despite a decline in sales in 2022 and 2023 due to inflationary pressure, BBWI's products are considered an affordable luxury, and the firm seems to remain resilient as compared to its peers. In addition, their loyalty program has been proven effective, with a strong customer base that accounts for nearly 80% of 2023 sales and is ...

COLUMBUS, Ohio, March 05, 2024 (GLOBE NEWSWIRE) -- Bath & Body Works, Inc. (NYSE:BBWI) announced today that Eva Boratto, chief financial officer, will participate in a fireside chat at the Bank of America Consumer & Retail Conference on Tuesday, March 12, 2024, at 8:00 a.m. EDT. A live audio webcast will be available at the time of the event and may be accessed through the Events and Presentations section of the company's website at https://investors.bbwinc.com/financial-reporting/events-presentations. The ...

COLUMBUS, Ohio, March 05, 2024 (GLOBE NEWSWIRE) -- Bath & Body Works, Inc. (NYSE: BBWI) announced today that Eva Boratto, chief financial officer, will participate in a fireside chat at the Bank of America Consumer & Retail Conference on Tuesday, March 12, 2024, at 8:00 a.m. EDT. A live audio webcast will be available at the time of the event and may be accessed through the Events and Presentations section of the company’s website at https://investors.bbwinc.com/financial-reporting/events-presentations. The ...

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 ...