Bath & Body Works, Inc. Q1 2023 net sales totaled $1.396 billion (ended April 29, 2023), a decrease of 4% compared to net sales of $1.450 billion for the first quarter ended April 30, 2022. This was a better-than-expected result, per the company.
Report: Baths, Showers & Beauty: Consumers Tell All
Notably, cash and cash equivalents shot up from $651 million in Q1 2022 to $1,046 million in Q1 fiscal 2023.
Its operating income was $181 million compared to $280 million last year, and net income was $81 million compared to $155 million last year.
For fiscal 2023, the company expects to achieve flat net sales to a mid-single digit decline.
In the near term, the company expects Q2 net sales to decline low- to mid-single digits compared to $1.618 billion in the second quarter of 2022.
Gina Boswell, CEO of Bath & Body Works, said, “We delivered first quarter sales in line with our expectations while our EPS was better than anticipated as we saw benefits from our work to improve merchandise margin as well as early benefits from our cost optimization initiatives. I want to thank our team for their continued dedication and efforts in delivering innovation and newness to our customers as well as leveraging the agility of our vertically integrated supply chain to meet demand and capture market opportunities. In addition, we maintained our intense focus on efficiency and navigated the ongoing challenging macroeconomic environment. Looking forward, we are moving quickly and implementing our plans to profitably grow sales and drive long-term value for our shareholders. I remain excited about the opportunities ahead, and I am confident that the future is bright for Bath & Body Works.”
