Bath & Body Works Inc. (NYSE: BBWI), a provider of personal care and home fragrance products, has announced financial results for the first quarter of 2023.
- First-quarter net sales decreased 4% annually to $1.40 billion from $1.45 billion in the comparable period of 2022
- Net income was $81 million in the April quarter, compared to $155 million in the prior-year quarter
- On an adjusted basis, earnings nearly halved to $0.35 per share from $0.64 per share last year
- Excluding the gain on the early extinguishment of debt, adjusted earnings per share fell to $0.33 from $0.64 per share
- The company reaffirmed its earlier guidance of flat net sales to a mid-single-digit decline for fiscal 2023
- Full‐year earnings per share, on a reported basis, are expected to be between $2.70 and $3.10, compared to $3.40 in 2022
- The company expects full‐year 2023 adjusted earnings per share to be in the range of $2.68 to $3.08
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