Bath & Body Works Q1 Net Sales Down 4% to $1.396 billion
- Chaileedo Press
- May 19, 2023
- 2 min read
Updated: Jun 5, 2023
Bath & Body Works released its 2023 Q1 result. In the first quarter ending on April 29, 2023, the company's net sales totaled $1.396 billion, which is a 4% decrease from the net sales of $1.450 billion in the first quarter that ended on April 30, 2022.
Bath & Body Works has released its Q1 results for 2023, indicating that the company's net sales for the quarter ending on April 29, 2023, were $1.396 billion, which represents a 4% decline compared to the net sales of $1.450 billion for the same quarter that ended on April 30, 2022.
Bath & Body Works is a retail chain that specializes in the sale of candles, fragrances, soaps, and lotions. The company was established in 1990 in New Albany, Ohio, and has since expanded its operations to six continents around the world.
In the first quarter of 2023, Bath & Body Works' earnings per diluted share were $0.35, compared to $0.64 for the same period the previous year. The operating income for the first quarter was $181 million, a decrease from last year's $280 million, while the net income was $81 million, a decline from last year's $155 million.
The net income for the first quarter of 2023 includes a pre-tax gain of $7 million ($5 million after-tax gain) related to the early extinguishment of debt, which was due to the company's repurchase and retirement of $84 million principal amount of senior notes in the open market during the first quarter.
The company has maintained its previous guidance for the fiscal year 2023, which predicts that net sales will remain flat or decrease by a mid-single-digit percentage compared to the $7.56 billion net sales in 2022. However, the company has revised its earnings per diluted share guidance for the full year 2023 to be between $2.70 and $3.10, which is lower than the earnings per diluted share of $3.40 in 2022.
Bath & Body Works has forecasted a low to mid-single-digit decline in net sales for the second quarter of 2023 compared to the second quarter of 2022, which had net sales of $1.618 billion.
Gina Boswell, CEO of Bath & Body Works, commented, “We delivered first-quarter sales in line with our expectations while our EPS was better than anticipated as we saw benefits from our work to improve merchandise margin as well as early benefits from our cost optimization initiatives.”
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