Bath & Body Works(BBWI) - 2025 Q1 - Quarterly Results

Financial Performance - Net sales for Q1 2024 were $1.384 billion, a decrease of 0.9% compared to $1.396 billion in Q1 2023[3]. - Diluted earnings per share for Q1 2024 were $0.38, up 9% on a GAAP basis and 15% on an adjusted basis compared to $0.35 in Q1 2023[3][4]. - Operating income for Q1 2024 was $187 million, compared to $181 million in the same period last year[3]. - The company reported a net income of $87 million for Q1 2024, compared to $81 million in Q1 2023[3][4]. - Net income for Q1 2024 was $87 million, up from $81 million in Q1 2023, representing a 7.4% increase[19]. - Adjusted net income for Q1 2024 was $87 million, compared to $76 million in Q1 2023, reflecting a 14.5% increase[22]. - Adjusted earnings per diluted share for Q1 2024 were $0.38, up from $0.33 in Q1 2023[23]. Guidance and Forecast - The company has narrowed its full-year 2024 guidance, forecasting net sales to decline between 2.5% to flat relative to $7.429 billion in fiscal 2023[5]. - Full-year 2024 earnings per diluted share are expected to be between $3.05 and $3.35, compared to $3.84 in fiscal 2023[5]. - Second quarter 2024 net sales are expected to decline between 2% to flat compared to $1.559 billion in Q2 2023[6]. - Second quarter earnings per diluted share are expected to be between $0.31 and $0.36, compared to $0.43 in Q2 2023[6][7]. Sales Performance - Total sales for Bath & Body Works in Q1 2024 were $1,384 million, a slight decrease of 0.9% compared to $1,396 million in Q1 2023[26]. - U.S. and Canada store sales increased by 3.0% to $1,065 million, while direct sales decreased by 6.8% to $261 million[26]. - International sales fell by 29.3% to $58 million from $82 million in the previous year[26]. Store Operations - The company operated a total of 1,850 stores as of May 4, 2024, with 16 new stores opened and 11 closed since February 3, 2024[28]. Cash Flow and Financing - Net cash provided by operating activities was $76 million, significantly higher than $44 million in Q1 2023[19]. - Net cash used for financing activities totaled $259 million, compared to $135 million in the previous year[20]. - Cash and cash equivalents at the end of the period were $855 million, down from $1,046 million at the end of Q1 2023[20]. Other Factors - The company experienced a headwind of approximately 100 basis points to net sales growth in fiscal 2024 due to the 53rd week in fiscal 2023[5].