Bath & Body Works hails positive third quarter momentum
Bath & Body Works saw its third quarter sales decline to $1.681 billion from $1.702 billion in the same period last year.
However, sales were up 53% on the third quarter of 2019.
Reported earnings per share from continuing operations were $0.66 compared to $0.69 for the same period in 2020. Third quarter operating income from continuing operations was $408.5 million compared to $436.1 million last year, and net income from continuing operations was $177.1 million compared to a prior $196.1 million..
Meanwhile, adjusted third quarter earnings per share from continuing operations were $0.92 compared to $0.83 last year, while operating income from continuing operations was $408.5 million compared to $436.1 million last year. Adjusted net income from continuing operations was $244.8 million compared to $236.2 million last year.
Andrew Meslow, chief executive of Bath & Body Works, said: “In our first quarter as a standalone business, Bath & Body Works continued our positive momentum.
“We achieved third quarter results that exceeded our expectations, with a net sales increase of 53% and an adjusted earnings per share from continuing operations increase of 360% compared to the third quarter of 2019.
“This performance was driven by ongoing strong customer response to our merchandise assortment, a growing, loyal customer base and the exceptional efforts of our associates. As we head into the important holiday season, our mostly domestic supply chain and market leadership in key categories position us well to deliver continued growth.”
Previously known as L Brands, the company is forecasting fourth quarter earnings per share of between $2.10 and $2.25, compared to earnings per share from continuing operations of $1.96 in 2020 and $1.41 in 2019.
The company completed a spin-off of its former Victoria’s Secret business into a new, independent, publicly traded company in August.
