Bath & Body Works(US:BBWI)2024-08-28 12:46Q2 2024 Financial Performance - Net sales reached $1.5 billion, a decrease of 2.1% compared to the previous year[8, 34, 35] - Gross margin increased by 110 basis points year-over-year[12] - Adjusted earnings per diluted share (EPS) was $0.37, exceeding expectations[8, 34] - The company's cost optimization initiatives delivered benefits of approximately $40 million in the quarter[35] Channel Performance - Stores in the U.S & Canada accounted for 75% of net sales, totaling $1.1 billion, a decrease of 0.3% compared to Q2 of the previous year[36] - Direct sales in the U.S & Canada represented 19% of net sales, amounting to $297 million, a decrease of 9.7% compared to Q2 of the previous year[36] - International sales contributed 6% of net sales, reaching $89 million, an increase of 2.2% compared to Q2 of the previous year[36] - Loyalty program members accounted for over 80% of year-to-date U.S sales, an increase of 6 percentage points compared to Q2 year-to-date of the previous year[19] Full Year 2024 Guidance - Net sales are projected to decline by 4% to 2% year-over-year[40, 41] - The company now expects gross profit rate to be approximately 44% and SG&A rate to be 27%[43] - Adjusted earnings per diluted share are expected to be in the range of $3.06 to $3.26[40] - Adjusted free cash flow is forecasted to be between $675 million and $775 million[25, 40] - The company increased its share repurchase forecast for FY24 from $300 million to $400 million[25, 40]