08.17.22
Bath & Body Works, Inc. reported net sales of $1.618 billion for the second quarter ended July 30. The figure represents a decrease of 5% compared to net sales of $1.704 billion for the prior-year quarter, but an increase of 45% compared to the second quarter of 2019.
The company reported earnings from continuing operations per diluted share of $0.52 for the second quarter ended July 30, compared to $0.77 for the prior-year quarter. Second quarter operating income was $241.8 million compared to $384.2 million last year, and net income from continuing operations was $120.0 million compared to $215.3 million last year.
“Our results in the second quarter were better than our most recent expectations, reflecting improvement in sales toward the end of the quarter as customers responded to newness in our assortment as well as favorability in expenses,” said Sarah Nash, executive chair and interim CEO. “The business continues to perform at levels significantly above pre-pandemic and our team is effectively navigating the challenging environment and inflationary pressure affecting our customers and our business.”
Nash says the company will leverage customer-facing investments, such as the forthcoming launch of its loyalty program throughout the US. Its end-of-year fall and holiday assortments, she added, are “well-positioned” to resonate with customers.
“Our product development and innovation capabilities combined with our predominantly North American, vertically-integrated supply chain provide us with the agility to chase into key winners during the season,” Nash said.