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Bath Body Works, Inc. (BBWI) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 28, 2023

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Bath Body Works, Inc.

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CIK: 701985 Ticker: BBWI

Exhibit 99.1

bbwa.jpg
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.

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Assess how Bath Body Works, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Bath Body Works, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

  • Voting Procedures
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  • Peers / Competitors

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Inside Bath Body Works, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Total Equity (Deficit)
Consolidated Statements Of Total Equity (Deficit) (Parenthetical)
Accrued Expenses And Other
Accrued Expenses And Other (Details)
Accrued Expenses And Other (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Description Of Business And Summary Of Significant Accounting Policies - Depreciable Life Range Of Property Plant And Equipment (Details)
Description Of Business And Summary Of Significant Accounting Policies - Narrative (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Schedule Of Cash Flow Statement (Details)
Discontinued Operations - Schedule Of Consideration And Costs Recognized For Transition Service Agreements (Details)
Discontinued Operations - Schedule Of Consideration Received For Domestic Transportation Services Agreement (Details)
Discontinued Operations - Schedule Of Income (Loss) From Discontinued Operations (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Shares Utilized For The Calculation Of Basic And Diluted Earnings Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Carrying Value And Fair Value Of Long-Term Debt, Disclosure (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Activity Related To Its Unrecognized Tax Benefits (Details)
Income Taxes - Effect Of Temporary Differences That Cause Deferred Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate And The Effective Tax Rate (Details)
Intangible Assets
Intangible Assets - Narrative (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Lease Maturities (Details)
Leases - Lease Term And Discount Rate (Details)
Leases - Narrative (Details)
Leases - Supplemental Cash Flow Information (Details)
Long-Lived Assets
Long-Lived Assets (Tables)
Long-Lived Assets - Details Of Property And Equipment, Net (Details)
Long-Lived Assets - Narrative (Details)
Long-Term Debt And Borrowing Facilities
Long-Term Debt And Borrowing Facilities (Tables)
Long-Term Debt And Borrowing Facilities - Issuance And Repurchase Of Notes (Details)
Long-Term Debt And Borrowing Facilities - Revolving Facility And Letters Of Credit Narrative (Details)
Long-Term Debt And Borrowing Facilities - Schedule Of Long-Term Debt Instruments (Details)
Long-Term Debt And Borrowing Facilities - Schedule Of Principal Payments On Long-Term Debt (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) - Narrative (Details)
Quarterly Financial Data (Unaudited) - Summarized Quarterly Financial Data (Details)
Retirement Benefits
Retirement Benefits - Narrative (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Tables)
Share-Based Compensation - Restricted Stock And Performance Share Units (Details)
Share-Based Compensation - Share-Based Compensation Expense (Details)
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) (Tables)
Shareholders' Equity (Deficit) - Dividends Paid (Details)
Shareholders' Equity (Deficit) - Narrative (Details)
Shareholders' Equity (Deficit) - Schedule Of Repurchase Of Common Stock (Details)

Material Contracts, Statements, Certifications & more

Bath Body Works, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 4.25: Description Of Registrant'S Securities
Exhibit 10.1: Form Of Indemnification Agreement With The Directors And Executive Officers
Exhibit 10.11: 2020 Stock Option And Performance Incentive Plan Rsu Award Agreement
Exhibit 10.14: Offer Letter Between The Company And Gina Boswell
Exhibit 10.15: Confidentiality, Non-Competition And Ip Agreement With Gina Boswell
Exhibit 10.16: Executive Severance Agreement Between The Company And Gina Boswell
Exhibit 10.18: Confidentiality, Non-Competition And Ip Agreement With Wendy Arlin
Exhibit 10.22: Confidentiality, Non-Competition And Ip Agreement With Deon Riley
Exhibit 10.26: Confidentiality, Non-Competition And Ip Agreement With Julie Rosen
Exhibit 10.29: Confidentiality, Non-Competition And Ip Agreement With Michael Wu
Exhibit 10.30: Offer Letter Between The Company And Michael Wu
Exhibit 10.31: Executive Severance Agreement Between The Company And Michael Wu
Exhibit 10.32: Executive Retention Agreement Between The Company And Michael Wu
Exhibit 10.35: Second Amended And Restated Master Aircraft Time Sharing Agreement
Exhibit 10.39: Amendment No. 2 To L Brands To Vs Transition Services Agreement
Exhibit 10.42: Amendment No. 2 To Vs To L Brands Transition Services Agreement
Exhibit 21: Subsidiaries Of The Registrant
Exhibit 22: List Of Guarantor Subsidiaries
Exhibit 23.1: Consent Of Ernst &Amp; Young Llp
Exhibit 24: Powers Of Attorney
Exhibit 31.1: Section 302 Certification Of Ceo
Exhibit 31.2: Section 302 Certification Of Cfo
Exhibit 32: Section 906 Certification Of Ceo And Cfo
Ticker: BBWI
CIK: 701985
Form Type: 10-K Annual Report
Accession Number: 0000701985-23-000008
Submitted to the SEC: Fri Mar 17 2023 5:17:26 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Saturday, January 28, 2023
Industry: Retail Womens Clothing Stores

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