Core Insights - Bath & Body Works, Inc. reported fourth quarter and full-year 2025 results, indicating a decrease in net sales and earnings compared to the previous year [1][3][5]. Fourth Quarter 2025 Results - The company reported net sales of $2,724 million for the fourth quarter, a decrease of 2% from $2,788 million in the same quarter of the previous year [3][10]. - Earnings per diluted share were $1.99, down from $2.09 in the prior year [3][10]. - Operating income for the fourth quarter was $599 million, compared to $678 million last year [3][10]. - Net income decreased to $403 million from $453 million in the previous year [3][10]. - Adjusted earnings per diluted share were $2.05, with adjusted operating income at $614 million and adjusted net income at $415 million [4][10]. Full-Year 2025 Results - For the full year, net sales were $7,291 million, a slight decrease of 0.2% from $7,307 million in 2024 [5][6]. - Earnings per diluted share for the year were $3.11, down from $3.61 in 2024 [6][9]. - Full-year operating income was $1,126 million, compared to $1,266 million last year [6][9]. - Net income for the year was $649 million, down from $798 million in the previous year [6][9]. - The company repurchased 15.1 million shares for $400 million during the fiscal year [6]. Business Transformation and Future Guidance - The CEO emphasized the ongoing transformation of the business, aiming to reposition Bath & Body Works as a premier global brand [2]. - For fiscal 2026, the company forecasts a decline in net sales between 4.5% to 2.5% compared to 2025, with earnings per diluted share expected to be between $3.00 and $3.25 [10][12]. - The company anticipates generating approximately $600 million in free cash flow for fiscal 2026 [12][49]. Store Operations - As of January 31, 2026, the total number of company-operated stores increased to 1,927, with 94 new openings and 62 closures [35][36]. - The total number of partner-operated stores internationally rose to 573, with 74 new openings and 30 closures [36].

Core Insights - Cooper Creek Partners Management sold its entire holding of Bath & Body Works shares, valued at approximately $128.98 million, as of February 17, 2026 [1][2]. Company Overview - Bath & Body Works reported a total revenue of $7.35 billion and a net income of $699 million for the trailing twelve months (TTM) [4]. - The company has a dividend yield of 3.24% and its stock price was $24.67 as of February 17, 2026 [4]. Recent Performance - The company's third-quarter sales decreased by 1% to $1.6 billion, with earnings per share (EPS) reported at $0.37 and adjusted EPS at $0.35 [10]. - Operating income fell to $161 million from $218 million year-over-year, and management revised full-year EPS guidance to at least $2.83, or $2.87 adjusted [10]. Strategic Initiatives - Bath & Body Works is implementing a transformation plan aimed at reigniting product innovation and brand relevance while targeting $250 million in cost savings over two years [11]. - The company is facing macroeconomic pressures and elevated inventory levels of $1.25 billion [11]. Market Context - As of February 17, 2026, Bath & Body Works shares have declined by 36.3% over the past year, significantly underperforming the S&P 500, which increased by approximately 16% [8]. - The company operates a vertically integrated specialty retail model, distributing products through various channels including physical stores and e-commerce [9].

Core Insights - Graphene Investments has completely liquidated its position in Bath & Body Works, selling 114,700 shares for an estimated $2.95 million, indicating a significant loss of confidence in the company's turnaround prospects [2][3][9] Company Overview - Bath & Body Works reported a total revenue of $7.35 billion and a net income of $699 million for the trailing twelve months (TTM) [5] - The company has a dividend yield of 3.74% and its share price was $21.45 as of January 26, 2026 [5] Transaction Details - The sale of 114,700 shares resulted in a decrease in the position's end-of-quarter value by $2.95 million, reflecting both the sale and price changes [3][7] - This transaction accounted for 1.85% of Graphene Investments' 13F reportable assets under management (AUM) [7] - Post-sale, Graphene Investments holds zero shares of Bath & Body Works, which previously represented 1.9% of its AUM [7][8] Market Performance - As of January 26, 2026, Bath & Body Works shares have decreased by 39.5% over the past year, underperforming the S&P 500 by 54.05 percentage points [8] Implications for Investors - The complete exit from Bath & Body Works by Graphene Investments suggests a fundamental change in the investment thesis rather than routine portfolio rebalancing, especially following a 25% drop in stock price after disappointing third-quarter results [9] Company Profile - Bath & Body Works offers a range of products including home fragrance, body care, soaps, and sanitizers, primarily through direct-to-consumer sales in North America, with additional revenue from international franchises and wholesale arrangements [10] - The company targets a broad consumer base in the United States and Canada seeking personal care and home fragrance products [10]

Company Overview - Bath & Body Works, Inc. is a leading specialty retailer in the North American personal care and home fragrance market, utilizing a multi-channel distribution strategy that includes retail stores, e-commerce, and international partnerships to enhance sales and brand recognition [5][8] - The company offers a variety of products, including home fragrance, body care, soaps, and sanitizers under the Bath & Body Works and White Barn brands [8] Financial Performance - For the trailing twelve months (TTM), Bath & Body Works reported revenue of $7.36 billion and a net income of $699 million, with a dividend yield of 3.6% [3] - The stock price as of November 12, 2025, was $22.40, reflecting a significant decline from a 52-week intraday high of $41.87 [3][9] - The company experienced a 1% year-over-year decline in net sales during the quarter, which contributed to a considerable drop in net income, attributed to lower discretionary spending and increased promotional activities [11] Recent Developments - Blueshift Asset Management, LLC disclosed a reduction in its holding of Bath & Body Works shares by 105,980 shares, valued at approximately $3.14 million, resulting in a remaining holding of 42,412 shares worth $1.09 million [2][11] - Following the sale, Bath & Body Works represented only 0.34% of Blueshift's total assets under management (AUM), indicating a diminished significance within the fund's portfolio [1][11] - The stock's performance has been notably poor, with a one-year total return of -27.15%, significantly underperforming the S&P 500 by 41.22 percentage points [7]

Core Insights - Barington Companies Management, LLC initiated a new position in Bath & Body Works, acquiring 125,000 shares valued at $3.22 million, representing 2.42% of its total reportable assets of $133.17 million as of September 30, 2025 [2][3] Company Overview - Bath & Body Works, Inc. operates 1,755 company-owned retail stores and has a significant online presence, focusing on strong brand recognition and a robust product pipeline to maintain customer loyalty [5] - The company generates revenue primarily from direct retail sales in the U.S. and Canada, supplemented by international licensing and wholesale arrangements [8] - As of November 12, 2025, Bath & Body Works reported a revenue of $7.37 billion and a net income of $699 million, with a dividend yield of 3.57% [3] Investment Position - Barington's investment in Bath & Body Works is relatively small at 2.42% of its assets under management, which is notable given the fund's concentrated portfolio of only 12 stocks [9][10] - The stock has experienced a one-year total return of -27.15%, significantly underperforming the S&P 500 by 41.22 percentage points [7] - The P/E ratio of Bath & Body Works was 7 at the time of the filing, which may have attracted Barington to this investment [11] Market Performance - As of November 12, 2025, Bath & Body Works shares were priced at $22.40, with a market cap of $4 billion [12] - The stock has been on a downward trajectory since February, and it may take time for Barington to see positive returns on this investment [10][13]