07.21.22
Bath & Body Works, Inc. expects second quarter sales to be down 6 to 7% compared to last year versus its previous guidance for a low, single-digit-percent-increase compared to 2021.
The company expects second quarter earnings from continuing operations per diluted share to be $0.40 to $0.42 versus its previous guidance of $0.60 to $0.65.
“Our business continues to perform at levels significantly above pre-pandemic, although we are navigating a challenging operating and macroeconomic environment with inflationary pressure affecting our customers and our business,” said Sarah Nash, executive chair and interim chief executive officer. “Our team is executing well, and our agility and clean inventory position allow the company to effectively adapt to changing consumer demand and preferences. We will continue to leverage our vertically integrated supply chain to mitigate risk and chase winners. We are focused on driving improved merchandise margins and pursuing aggressive options to control costs and combat inflationary pressures.”
The company expects full-year sales to be down mid- to high-single digits compared to last year versus its previous guidance of a low single digit percent increase compared to 2021. The company estimates the full-year operating income rate as a percentage of sales to be in the mid-teens.
The company will report second quarter earnings mid-next month.