Bath & Body Works ($BBWI) Reports Decline in Sales, Shares Drop 13%
Sectors & Industries
June 14, 2024
Bath & Body Works' ($BBWI) shares dropped nearly -13% June 4th, heading for their worst day since 2021. Although the retailer surpassed first-quarter earnings and revenue estimates, it provided disappointing guidance for the second quarter.
The company expects earnings between 31 cents and 36 cents per share, below estimates of 38 cents per share.
Net sales slipped less than 1% year-over-year to $1.38 billion, just above analyst expectations of $1.37 billion, according to estimates compiled by Visible Alpha.
Profit rose 7% to $87 million, or 38 cents per share, better than the $72.4 million and 32 cents per share analysts had expected.
In guidance released in its previous quarterly report, Bath & Body Works had projected a first-quarter sales decline of 2% to 4.5%, with EPS expected between 28 cents to 33 cents.
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