Bath & Body Works has announced its third quarter 2023 results, which showed net sales were $1.562 billion, a decrease of 2.6% compared to net sales of $1.604 billion in the previous year. Analysts have generally declared the company's earnings as strong, but cautioned that holiday results could be challenged.
Gross profit was $682 million, compared to $678 million in the previous year.
Operating income was $221 million, compared to $202 million in the previous year.
Net income was $119 million, compared to $91 million in the previous year.
For fiscal 2023, the company expects net sales to decline 2.5% to 4% compared to $7.560 billion in 2022.
Gina Boswell, CEO of Bath & Body Works, said, “The team delivered third quarter net sales in line with the high end of our expectations and earnings that exceeded our plans. Our performance in the quarter was marked by strong merchandise margin improvement and the ongoing benefits of our cost optimization initiatives. As we close out the year, our team remains focused on delivering a great holiday assortment and omnichannel experience for customers while leveraging our agility to chase demand. Amidst the ongoing macroeconomic pressures affecting consumers, we continue to execute against our strategic initiatives to drive growth and create long-term value.”