Bath & Body Works Offered a 'Prudent' Outlook. Its Shares Are Falling

Group 1 - Bath & Body Works expects net sales to decline between 2% and 4% in 2024, a revision from the previous guidance of down 2.5% to flat [1][2] - The company reported second-quarter net sales of $1.5 billion, a decrease of 2.1%, which fell short of analyst expectations [2] - CEO Gina Boswell described the lowered guidance as "prudent" due to challenging consumer spending trends and first-half sales performance [1][2] Group 2 - Bath & Body Works shares dropped 6%, contributing to a year-to-date loss exceeding 20% [2] - The company increased its share repurchase program by $100 million, bringing the total expected spending to $400 million for the year [2] - Diluted earnings per share for the second quarter were 68 cents, up from 43 cents in the same quarter last year, and above expectations [2]