Bath & Body Works Boosts FY24 Outlook As Q1 Results Top Estimates
(RTTNews) - Home fragrance company Bath & Body Works, Inc. (BBWI) reported Tuesday that net income for the first quarter grew to $87 million or $0.38 per share from $81 million or $0.35 per share in the prior-year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter edged down 0.9 percent to $1.38 billion from $1.40 billion in the same quarter last year. Analysts expected revenue of $1.37 billion for the quarter.
Looking ahead to the second quarter, the company expects earnings in a range of $0.31 to $0.36 per share on revenues between a decline of 2 percent and flat from last years $1.56 billion, implying revenues between $1.49 billion and $1.56 billion.
Analysts expect the company to report earnings of $0.39 per share on revenues of $1.54 billion for the quarter.
For fiscal 2024, the company now projects earnings in a range of $3.05 to $3.35 per share on revenues between a decline of 2.5 percent and flat from last years $7.43 billion, implying revenues between $7.28 billion and $7.43 billion.
Previously, the company expected earnings in a range of $3.00 to $3.35 per share on revenues between a decline of 3.0 percent and flat.
The Street is looking for earnings of $3.31 per share on revenues of $7.40 billion for the year.
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