Posting adjusted earnings of $0.48 per share in fiscal Q3, Bath & Body Works (BBWI, Financial) beat analyst expectations of $0.47 per share. Rising 3.2% YOY to $1.61 billion, revenue for the quarter exceeded the average estimate of $1.58 billion.
Bath & Body Works projects net sales in Q4 of fiscal 2024 to drop between 6.5% and 4.5%, from $2.91 billion in the 14-week fourth quarter of fiscal 2023. The company pointed out that for Q4 net sales, the additional week in fiscal 2023 acts as a 500-basis-point disadvantage. Given adjusted EPS of $2.06 in the previous year, Q4 diluted earnings per share are projected between $1.94 and $2.07. For the period analysts had projected $1.97 per share.
Rising its full-year projection for fiscal 2024, the business expected net sales to drop between 2.5% and 1.7%, compared to $7.43 billion in fiscal 2023. Up from the last projection released in August, full-year adjusted earnings are estimated to range from $3.15 to $3.28 per share, in line with the consensus estimate of $3.20. The updated guidance covers the impact of a $400 million share repurchase program.
As stated in its announcement, the business linked the revised view to operational efficiencies and strategic efforts.
