Bath & Body Works Tops Wall Street Forecasts in Q4 2023

Bathe & Body Works beat Wall Street forecasts on both the top and bottom lines in its fourth quarter.

The company reported net sales of $2.9 billion for the 14-week fourth quarter ended Feb. 3, an increase of 0.8 percent compared to a year earlier and beating Wall Street forecasts for $2.84 billion.

Net income from continuing operations was $579 million, compared to $428 million last year. Adjusted earnings per diluted share was $2.06, once again beating analysts’ estimates for $1.88.

Gina Boswell, chief executive officer of Bath & Body Works, said, “The team delivered fourth quarter net sales and earnings that exceeded the high end of our expectations. Underpinning these results was strong execution during the holiday season. Customers responded to innovation and newness as we delivered a seamless omnichannel shopping experience and drove continued enrollment in our loyalty program.”

However, the retailer’s fiscal year 2024 is unlikely to match last year’s performance, according to its full year forecast.

For fiscal 2024, the company is forecasting net sales to range between a decline of 3 percent to flat. Full-year earnings per diluted share is expected to be between $3 and $3.35, compared to $3.84 in 2023.

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