Bath & Body Works has announced its second quarter 2023 results, which showed net sales were $1.559 billion, a 3.6% decline compared to $1.618 billion in the previous year.
Operating income was $188 million, as compared to $242 million in the previous year.
Net income was $99 million, as compared to $120 million last year.
Gross profit for the quarter was $622 million, as compared to $660 million in the previous year.
For fiscal 2023, the company expects net sales to decline 1.5% to 3.5%, as compared to $7.560 billion in 2022.
Third quarter net sales are expected to decline 2.5% to 4.0%, as compared to $1.604 billion in the third quarter of 2022.
Gina Boswell, CEO of Bath & Body Works, said, “In the second quarter, we delivered net sales in line with our expectations and the early benefits of our cost optimization and merchandise margin improvement initiatives helped drive earnings which outperformed our expectations. Our team remained agile in response to the dynamic macroeconomic environment, with a focus on delivering innovation and building capabilities to position our company for topline growth and margin expansion. We are executing well against a diverse set of opportunities within our key areas of focus, which will enable us to better serve our customers, drive profitable growth and create long-term value for our stakeholders.”