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Bath & Body Works, Inc. (NYSE:BBWI) fluctuated on Wednesday as its sales forecast fell and results for the second quarter were mixed.
For fiscal 2023, the company expects net sales to decline 1.5% to 3.5%, compared to a previous expectation of flat net sales to a mid-single digit decline.
The company expects full-year 2023 adjusted earnings per diluted share to be between $2.80 and $3.10, versus the previous estimate of between $2.68 and $3.08.
The company expects third quarter net sales to decline 2.5% to 4.0% versus the estimate of -$2.75. Third quarter earnings per diluted share are expected to be between $0.30 and $0.40, compared to expectation of $0.38.
For the second quarter, EPS of $0.40 beat the average analyst estimate by $0.06 and revenue of $1.56B missed by $10M.
“In the second quarter, we delivered net sales in line with our expectations, and the early benefits of our cost optimization and merchandise margin improvement initiatives helped drive earnings which outperformed our expectations,” Chief Executive Officer Gina Boswell said in a statement.
The stock has eight Strong Buys from Wall Street analysts, five Buys and seven Holds.
Shares are down 18% year-to-date.
