Bath & Body Works lowers second quarter outlook
Bath & Body Works has lowered its sales and earnings outlook due to its trading environment becoming more challenging.
The company now expects second quarter sales to be down between 6% and 7% on last year versus its previous guidance for a low single digit percentage increase compared to 2021. In addition, it anticipates that 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.
Sarah Nash, executive chair and interim chief executive of Bath & Body Works, said: “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.
“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.”
In addition to its online store, Bath & Body Works has more than 1,770 company-operated Bath & Body Works locations in the US and Canada and over 360 franchised locations worldwide.
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