Bath & Body Works Reports 2024 Fourth Quarter and Full-Year Results and Provides 2025 Guidance

Core Viewpoint - Bath & Body Works, Inc. reported strong performance in the fourth quarter of fiscal 2024, exceeding expectations on both revenue and earnings, driven by product innovation and enhanced customer experience [2][11]. Fourth Quarter 2024 Results - The company reported net sales of $2,788 million for the fourth quarter, a decrease of 4.3% compared to $2,912 million in the previous year, primarily due to a shift in the fiscal calendar [3][38]. - Earnings per diluted share for the fourth quarter were $2.09, down from $2.55 in the previous year [4][27]. - Operating income for the fourth quarter was $678 million, compared to $696 million last year, while net income decreased to $453 million from $579 million [4][21]. Full-Year 2024 Results - For the full fiscal year 2024, net sales decreased by 1.6% to $7,307 million from $7,429 million in fiscal 2023 [6][38]. - Full-year earnings per diluted share were $3.61, down from $3.84 in the previous year [7][27]. - The company repurchased 10.4 million shares for $400 million and reduced long-term debt by $514 million [7]. Adjusted Financial Information - Adjusted earnings per diluted share for fiscal 2024 were $3.29, compared to $3.27 in the previous year [10][27]. - Adjusted net income for the full year was $729 million, down from $747 million in fiscal 2023 [10][26]. 2025 Guidance - The company forecasts net sales growth of 1% to 3% for fiscal 2025, with expected earnings per diluted share between $3.25 and $3.60 [13][14]. - Anticipated free cash flow for fiscal 2025 is projected to be between $750 million and $850 million [13][28]. Share Repurchase Program - The Board of Directors authorized a new share repurchase program of up to $500 million, replacing the previous authority of approximately $120 million [15]. Store Performance - As of February 1, 2025, the total number of company-operated stores increased to 1,895, with 1,782 in the U.S. and 113 in Canada [40]. - Internationally, the total number of partner-operated stores rose to 529 [41].