Bath & Body Works, Inc. (NYSE: BBWI) has reported its third quarter 2024 results, with net sales coming in at $1.6 billion, marking a 3% increase over the same period last year. Earnings per diluted share for the third quarter were reported at $0.49, exceeding the company's guidance. However, this figure represents a slight decrease from the $0.52 reported in the third quarter of 2023.
The company's third quarter operating income stood at $218 million, down from $221 million in the third quarter of 2023. Net income for the third quarter of 2024 was $106 million, a decrease from $119 million in the same period last year.
Looking ahead, Bath & Body Works expects a decline in net sales for the 13-week fourth quarter of 2024, ranging between 6.5% and 4.5%, compared to the 14-week fourth quarter of 2023. The company also anticipates fourth quarter earnings per diluted share to be between $1.94 and $2.07, down from $2.55 in the fourth quarter of 2023.
For the full fiscal year 2024, the company has revised its guidance, now expecting net sales to range between a decline of 2.5% to a decline of 1.7% compared to fiscal 2023. Earnings per diluted share for the full year 2024 are now expected to be between $3.46 and $3.59, compared to $3.84 in 2023. Adjusted earnings per diluted share for the full year 2024 are expected to be between $3.15 and $3.28, down from $3.27 in fiscal 2023.
It's worth noting that the company's full-year guidance includes the anticipated impact of $400 million of cash deployed towards share repurchases.
Following these announcements, the company's shares moved 16.8%, and are now trading at a price of $35.87. For the full picture, make sure to review Bath & Body Works's 8-K report.
