Bath & Body Works has reported its full-year 2022 results, which showed net sales were $7.560 billion, as compared to $7.882 billion in the previous year.
Gross profit was $3.255 billion, as compared to $3.855 billion in the previous year.
Operating income was $1.376 billion, as compared to $2.009 billion in the previous year.
Net income was $800 million, as compared to $1.333 billion in the previous year.
Q4
Net sales for the fourth quarter were $2.889 billion, as compared to $3.027 billion in the previous year.
Gross profit was $1.250 billion, as compared to $1.446 billion in the previous year.
Operating income was $653 million, as compared to $879 million in the previous year.
Net income was $434 million, as compared to $594 million in the previous year.
2023 Outlook
The company expects first quarter net sales to decline low- to mid-single digits compared to $1.450 billion in 2022.
For fiscal 2023, the company is forecasting flat net sales to a mid-single digit decline compared to $7.560 billion in 2022.
Gina Boswell, CEO of Bath & Body Works, said:
The team delivered better-than-expected earnings results despite a challenging macroeconomic environment, which is a testament to the strengths of this organization. Our customer base responded well to our holiday season, in part powered by our loyalty program, which now exceeds 33 million members. In addition, we continued to be disciplined in our expense and inventory management.
I am honored to lead this organization and I see a tremendous opportunity to strengthen our position as a leading global omnichannel home and personal care brand. We are focused on expanding our customer base, bringing exciting new products to market, and unlocking the potential of our omnichannel model, while aggressively pursuing opportunities for growth and margin expansion. I am very optimistic about our future and our ability to profitably grow our business and deliver long-term shareholder value.
