11.17.22
Bath & Body Works reported net sales of $1.60 billion for the third quarter ended October 29, 2022. The figure represents a 5% decrease compared to net sales of $1.68 billion for the third quarter ended October 30, 2021, but an increase of 46% compared to the third quarter of 2019.
The company reported earnings from continuing operations per diluted share of $0.40 for the third quarter ended October 29, 2022, compared to $0.66 for the quarter ended Oct. 30, 2021. Third quarter operating income was $201.8 million compared to $408.5 million last year, and net income from continuing operations was $91.0 million compared to $177.1 million last year.
Reported 2021 results from continuing operations include a pre-tax loss of $89.1 million ($67.7 million net of tax, or $0.25 per diluted share) associated with the early extinguishment of debt.
On an adjusted basis, which excludes the above charge in 2021, third quarter 2022 earnings from continuing operations per diluted share were $0.40 compared to $0.92 last year, and net income from continuing operations was $91.0 million compared to $244.8 million last year.
“We are pleased to have delivered better-than-anticipated bottom-line performance as the team remained focused on innovation and newness, continued to leverage our vertically integrated supply chain to chase into key winners, and took aggressive action to control costs and improve overall efficiencies,” said Sarah Nash, executive chair and interim chief executive officer. “We are delighted with the pace and enrollment in our recently-launched loyalty program. We continue to be mindful of the challenging environment and inflationary pressure affecting our customers and our business.”