05.18.23
Bath & Body Works, Inc. reported net sales of $1.396 billion for the first quarter ended April 29, 2023, a decrease of 4% compared to net sales of $1.450 billion for the first quarter ended April 30, 2022.
The company reported earnings per diluted share of $0.35 for the first quarter of 2023, compared to $0.64 for the same period of the prior year. First quarter operating income was $181 million compared to $280 million last year, and net income was $81 million compared to $155 million last year.
Reported first quarter 2023 net income includes a $7 million pre‐tax gain ($5 million after‐tax gain) associated with the early extinguishment of debt, resulting from the open market repurchase and retirement of $84 million principal amount of the company’s senior notes during the first quarter.
Excluding the gain on the early extinguishment of debt, adjusted first quarter 2023 earnings per diluted share were $0.33 and adjusted net income was $76 million.
“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…,” said Gina Boswell, Bath & Body Works CEO. “In addition, we maintained our intense focus on efficiency and navigated the ongoing challenging macroeconomic environment. Looking forward, we are moving quickly and implementing our plans to profitably grow sales and drive long‐term value for our shareholders.”