Bath & Body Works Inc (NYSE:BBWI)
$ 29.28 -0.64 (-2.14%) Market Cap: 6.42 Bil Enterprise Value: 11.27 Bil PE Ratio: 7.09 PB Ratio: 0 GF Score: 77/100
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Q1 2024 Bath & Body Works Inc Earnings Call Transcript

Jun 04, 2024 / 01:00PM GMT
Release Date Price: $45.17 (-12.82%)

Key Points

Positve
  • Better-than-expected Q1 sales and earnings performance.
  • Net sales of $1.4 billion, down only 0.9% from the prior year, exceeding guidance.
  • First quarter earnings per diluted share of $0.38, up 15% from the prior year's adjusted EPS.
  • Strong customer response to new product introductions and marketing activities.
  • Significant growth in loyalty program with active members up 18% year-over-year to approximately 37 million.
Negative
  • International business pressured due to the war in the Middle East, leading to a 29% decline in international net sales.
  • Average unit retails (AUR) declined 1% versus the expectation of flat.
  • Direct net sales declined 7% compared to last year.
  • Home fragrance sales were down mid-single digits, with a decline in candle sales.
  • Sanitizers category declined due to the decision to exit the full-size form.
Operator

Good morning. My name is Donna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bath & Body Works first quarter 2024 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

I will now turn the call over to Mike McGuire, Interim Head of Investor Relations. Mike, you may begin.

Mike McGuire
Bath & Body Works Inc - Interim Head of IR

Good morning, and welcome to Bath & Body Works' first quarter 2024 earnings conference call. Joining me on the call today are Gina Boswell, Chief Executive Officer; Julie Rosen, President, Retail; and Eva Boratto, Chief Financial Officer.

In addition to this call and this morning's press release, we have posted a slide presentation on our website that summarizes the information in these prepared remarks in addition to providing some related facts and figures regarding our operating performance and guidance.

Today's call may contain certain forward-looking statements related to future

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