July 20, 2022 07:30 ET | Source: Bath & Body Works, Inc. Bath & Body Works, Inc.
COLUMBUS, Ohio, July 20, 2022 (GLOBE NEWSWIRE) -- Bath & Body Works, Inc. (NYSE: BBWI) today updated its second quarter and full year 2022 guidance.
Sarah Nash, Executive Chair and Interim Chief Executive Officer, 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.”
The company currently expects second quarter sales to be down six to seven percent compared to last year versus its previous guidance for a low single digit percent increase compared to 2021. The company currently expects 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.
The company currently expects full year sales to be down mid to high single digits compared to last year versus its previous guidance of a low single digit percent increase compared to 2021. The company currently estimates the full year operating income rate as a percentage of sales to be in the mid-teens. The company will provide further details regarding its full year 2022 outlook, including an update regarding expectations for full year earnings from continuing operations per diluted share, when it reports second quarter earnings.
The company will report second quarter earnings on Aug. 17, 2022.
Further commentary on Bath & Body Works’ forecasted results can be found on our website, www.BBWInc.com.
ABOUT BATH & BODY WORKS:
Home of America’s Favorite Fragrances®, Bath & Body Works is a global leader in personal care and home fragrance, including the #1 selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. Powered by agility and innovation, the company’s predominantly U.S.-based supply chain enables the company to deliver quality, on-trend luxuries at affordable prices. Bath & Body Works serves and delights customers however and wherever they want to shop, from welcoming, in-store experiences at more than 1,770 company-operated Bath & Body Works locations in the U.S. and Canada and more than 360 international franchised locations to an online storefront at bathandbodyworks.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,” “potential” and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or otherwise made by our company or our management:
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in “Item 1A. Risk Factors” in our 2021 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and our subsequent filings.
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