Bath & Body Works(BBWI) - 2025 Q2 - Quarterly Results

Financial Performance - Net sales for Q2 2024 were $1.526 billion, a decrease of 2.1% compared to $1.559 billion in Q2 2023[2] - Earnings per diluted share for Q2 2024 were $0.68, up from $0.43 in the same period last year[2] - Adjusted earnings per diluted share for Q2 2024 were $0.37, compared to $0.40 in Q2 2023[2] - The company reported a net income of $152 million for Q2 2024, compared to $99 million in Q2 2023[2] - Operating income for Q2 2024 was $183 million, slightly down from $188 million in the prior year[2] - Net income for year-to-date 2024 increased to $239 million from $180 million in 2023, representing a 32.8% increase[15] - Total sales for the second quarter of 2024 were $1,526 million, a decrease of 2.1% compared to $1,559 million in the second quarter of 2023[25] - The adjusted net income per diluted share for year-to-date 2024 was $0.76, compared to $0.73 in 2023[19] Guidance and Forecast - The company updated its fiscal year 2024 guidance, expecting net sales to decline between 4% to 2% relative to $7.429 billion in fiscal 2023[3] - Full-year 2024 earnings per diluted share is now expected to be between $3.37 and $3.57, down from $3.84 in 2023[3] - Q3 2024 net sales are expected to range from flat to an increase of 2.5% compared to $1.562 billion in Q3 2023[4] - Q3 2024 earnings per diluted share is projected to be between $0.41 and $0.47, compared to $0.52 in Q3 2023[4] - The forecasted adjusted net income per diluted share for full-year 2024 is projected to be between $3.06 and $3.26[21] Share Repurchase and Capital Expenditures - The company plans to increase share repurchases to $400 million from the previous expectation of $300 million[4] - The company repurchased $248 million of common stock in year-to-date 2024, compared to $48 million in the same period of 2023[16] - Capital expenditures for year-to-date 2024 were $101 million, down from $178 million in 2023[16] Sales and Store Expansion - Direct sales in the U.S. and Canada decreased by 9.7% to $297 million in Q2 2024 from $329 million in Q2 2023[25] - The company opened 40 new stores in the U.S. and Canada, bringing the total to 1,761 stores as of August 3, 2024[27] - International partner-operated stores increased by 25 to a total of 497 stores as of August 3, 2024[28] Cash Flow - The company reported a net cash provided by operating activities of $30 million for year-to-date 2024, down from $77 million in 2023[15]