Earnings Results: Bath & Body Works rockets higher on elevated profit forecast

by | Nov 16, 2022 | Stock Market

Shares of Bath & Body Works Inc. surged after hours on Wednesday, after the retail chain hiked its full-year profit outlook and reported third-quarter results that beat expectations. The retailer — which sells personal-care items, beauty products and home fragrances — reported net income of $91.03 million, or 40 cents a share, compared with $87.8 million, or 66 cents a share, in the same quarter last year. Revenue fell 5% to $1.6 billion, compared with $1.68 billion in the prior-year quarter.

Analysts polled by FactSet expected Bath & Body Works
to report adjusted earnings per share of 20 cents, on sales of $1.56 billion. For the fourth quarter, which includes the key holiday shopping season, management forecast earnings per share of $1.45 to $1.65. FactSet forecast $1.54. For the full year, executives said they expected earnings of between $3.00 a share and $3.20 a share, up from a prior forecast of $2.70 to $3.00. For the full year, FactSet expects Bath & Body Works to earn $2.89 a share, on revenue of $7.39 billion. “Looking forward through the remainder of the year and beyond, we are pleased with our assortment — a great mix of returning holiday favorites and new gifta …

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