Bath & Body Works has announced its second quarter 2022 results that reported net sales were $1.618 billion, a decrease of 5% compared to $1.704 billion in the previous year. Per reports, the company is also cutting 130 jobs.
Operating income was $241.8 million, compared to $384.2 million in the previous year.
Net income was $120.0 million, compared to $215.3 million in the previous year.
Gross profit was $659,364 million, compared to $828,378 million in the previous year.
First Half 2022
Net sales for the first half of 2022 were $3.067 billion, compared to $3.173 billion in the previous year.
Gross profit was $1.327 billion, compared to $1.540 billion in the previous year.
Bath & Body Works is forecasting third quarter earnings from continuing operations per diluted share between $0.10 and $0.20.
For fiscal year 2022, the company is forecasting earnings from continuing operations per diluted share between $2.70 and $3.00.
Sarah Nash, executive chair and interim CEO, said, “Our results in the second quarter were better than our most recent expectations, reflecting improvement in sales toward the end of the quarter as customers responded to newness in our assortment as well as favorability in expenses. The business continues to perform at levels significantly above pre-pandemic and our team is effectively navigating the challenging environment and inflationary pressure affecting our customers and our business.”
Nash continued, “We are leveraging the dynamic environment to better position ourselves to capture new opportunities and drive future growth. While we are taking aggressive action to control costs and improve overall efficiencies, we remain focused on customer-facing investments, including the upcoming launch of our loyalty program throughout the U.S. Looking to the back half of the year, we believe that our planned fall and holiday assortments are well-positioned to resonate with our customers and our inventories are clean and forward facing. Our product development and innovation capabilities, combined with our predominantly North American, vertically integrated supply chain, provide us with the agility to chase into key winners during the season.”