Bath & Body Works has announced its first quarter 2024 results, which showed net sales of $1,384 million, a decrease of 0.9%, as compared to $1,396 million for the previous year.
Operating income was $187 million, as compared to $181 million in the previous year.
Net income was $87 million, as compared to $81 million in the previous year.
Gross profit was $606 million, as compared to $596 million in the previous year.
2024 Outlook
For fiscal 2024, the company is forecasting net sales to range between a decline of 2.5% to flat, relative to $7,429 million of net sales in fiscal 2023.
The company expects second quarter 2024 net sales to range between a decline of 2% to flat, compared to $1,559 million in the second quarter 2023.
Gina Boswell, CEO of Bath & Body Works, said, "We delivered a better-than-expected start to the year with net sales and earnings per share above the high-end of our guidance range. We are particularly excited with the success of our product introductions and newness, which drove the performance of both our core business and new adjacencies. Our focus on building strong brand awareness and engagement is delivering greater customer retention and loyalty. With our strong start to the year, we are pleased to narrow our full-year guidance range while raising the midpoint for both the top- and bottom-lines. I am proud of the way our team is executing on our strategic initiatives, and looking ahead, we remain confident in our ability to deliver long-term profitable growth.”