Bath & Body Works Reports Fourth Quarter and Full-Year 2022 Sales and Earnings Results
Exceeds Fourth Quarter and Full-Year Earnings per Share Guidance
COLUMBUS, Ohio, Feb. 23, 2023 -- Bath & Body Works, Inc. (NYSE: BBWI) today reported fourth quarter and full-year 2022 results.
Gina Boswell, CEO of Bath & Body Works, commented, “The team delivered better-than-expected earnings results despite a challenging macroeconomic environment, which is a testament to the strengths of this organization. Our customer base responded well to our holiday season, in part powered by our loyalty program, which now exceeds 33 million members. In addition, we continued to be disciplined in our expense and inventory management.”
“I am honored to lead this organization and I see a tremendous opportunity to strengthen our position as a leading global omnichannel home and personal care brand. We are focused on expanding our customer base, bringing exciting new products to market, and unlocking the potential of our omnichannel model, while aggressively pursuing opportunities for growth and margin expansion. I am very optimistic about our future and our ability to profitably grow our business and deliver long-term shareholder value.”
Fourth Quarter 2022 Results
The company reported net sales of $2.889 billion for the fourth quarter ended Jan. 28, 2023, a decrease of 5% compared to net sales of $3.027 billion for the fourth quarter ended Jan. 29, 2022.
The company reported earnings from continuing operations per diluted share of $1.86 for the fourth quarter of 2022, compared to $2.27 for the same period of the prior year. Fourth quarter operating income was $652.7 million compared to $879.2 million last year, and net income from continuing operations was $428.2 million compared to $592.6 million last year.
Reported 2021 results from continuing operations above include a pre-tax charge of approximately $9.4 million ($0.03 per share) related to the write-off of inventory that was destroyed by a tornado at a vendor’s factory.
Excluding this significant item, adjusted fourth quarter 2021 earnings from continuing operations per diluted share was $2.30, adjusted operating income was $888.6 million and adjusted net income from continuing operations was $599.7 million.
Full-Year 2022 Results
Net sales from continuing operations decreased 4% to $7.560 billion for the year ended Jan. 28, 2023, compared to $7.882 billion for the year ended Jan. 29, 2022.
The company reported earnings from continuing operations per diluted share of $3.40 for the year, compared to $3.94 in 2021. Full-year operating income was $1.376 billion compared to $2.009 billion last year, and net income from continuing operations was $794 million compared to $1.075 billion last year.
Reported full-year 2021 results from continuing operations also include pre-tax losses of $194.6 million ($147.9 million net of tax, or $0.54 per diluted share) associated with the early extinguishments of debt.
Excluding significant items, adjusted full-year 2021 earnings from continuing operations per diluted share was $4.51, adjusted operating income was $2.019 billion and adjusted net income from continuing operations was $1.230 billion.
At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the significant items.
The following information was filed by Bath Body Works, Inc. (BBWI) on Thursday, February 23, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.