Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q3 2022 Earnings Presentation
18 slides from Bath & Body Works's earnings presentation, Nov 17, 2022
Slide 1: Third Quarter Earnings Presentation
Third Quarter Earnings Presentation November 16, 2022
Slide 2: Forward-Looking Statements
Forward-Looking Statements Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this presentation or made by our company or our
Slide 3: Forward-Looking Statements
Forward-Looking Statements • our geographic concentration of vendor and distribution facilities in central Ohio; • stock price volatility; • our reliance on a limited number of suppliers to support a substantial portion of our inventory • our ability to pay dividends and make share repurchases under
Slide 4: Adjusted Consolidated Statements of Income, Thirteen Weeks Ended October 29, 2022
BATH & BODY WORKS, INC. ADJUSTED CONSOLIDATED STATEMENTS OF INCOME FROM CONTINUING OPERATIONS THIRTEEN WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (Dollars in millions except per share amounts) % Increase Increase 2022 2021 (Decrease) (Decrease) Net Sales $ 1,604.5 $ 1,680.9 $ (76.
Slide 5: Adjusted Consolidated Statements of Income, Thirty-Nine Weeks Ended October 29, 2022
BATH & BODY WORKS, INC. ADJUSTED CONSOLIDATED STATEMENTS OF INCOME FROM CONTINUING OPERATIONS THIRTY-NINE WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (Dollars in millions except per share amounts) % Increase Increase 2022 2021 (Decrease) (Decrease) Net Sales $ 4,671.9 $ 4,854.1 $ (
Slide 6: Consolidated Condensed Balance Sheets
BATH & BODY WORKS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In thousands) October 29, 2022 October 30, 2021 ASSETS Current Assets Cash and Cash Equivalents $ 294,941 $ 1,441,424 Accounts Receivable, Net 241,838 242,243 Inventories 1,268,538 1,149,336 Other 142,229 152,451 Total Curren
Slide 7: Consolidated Statements of Cash Flows
BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Thirty-Nine Weeks Ended October 29, 2022 October 30, 2021 (a) Operating Activities: Net Income $ 365,942 $ 738,612 Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Dep
Slide 8: 2022 Outlook as of November 16, 2022
Bath & Body Works, Inc. 2022 Outlook as of November 16, 2022 Metric Fourth Quarter Full Year 2022 Sales Down mid-single to low-double digits compared to $3.027 billion LY Down mid-single digits compared to $7.9 billion LY Gross Margin Rate Approximately 41% to 42% Approximately 42% to 43% SG&A Expen
Slide 9: Company-Operated Store Count and Selling Sq Ft, 2022 Forecast
BATH & BODY WORKS, INC. COMPANY - OPERATED STORE COUNT AND SELLING SQ FT 2022 Forecast Total Beginning of Reconstructions New Stores Closures End of Year Increase / (Decrease) Year and Change in SSF Bath & Body Works Bath & Body Works Store Count 1,651 96 (50) 40 1,697 46 3% Selling Sq Ft 000's 4,48
Slide 10: International Store Count 2022 Forecast
BATH & BODY WORKS, INC. INTERNATIONAL STORE COUNT 2022 FORECAST 2021 2022 2022 2022F Year End New Stores Closures Year End Bath & Body Works International Partner - Operated Stores International 317 81 to 90 3 to 5 393 to 404 International - Travel Retail 21 3 to 5 1 to 2 22 to 25 Total Internationa
Slide 11: Appendix
APPENDIX
Slide 12: Consolidated Statements of Income, Thirteen Weeks Ended October 29, 2022
BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Net Sales $ 1,604,461 $ 1,680,905 Costs of Goods Sold, Buying and Occupancy (926,870) (842,149) Gross Profit 677,591 838,
Slide 13: Consolidated Statements of Income, Thirty-Nine Weeks Ended October 29, 2022
BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF INCOME THIRTY-NINE WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Net Sales $ 4,671,874 $ 4,854,110 Costs of Goods Sold, Buying and Occupancy (2,666,343) (2,445,187) Gross Profit 2,005
Slide 14: Adjusted Financial Information from Continuing Operations, Thirteen Weeks
BATH & BODY WORKS, INC. ADJUSTED FINANCIAL INFORMATION FROM CONTINUING OPERATIONS THIRTEEN WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Reported Adjusted Reported Adjusted Cont. Operations Adjustments Cont. Operations Cont. Operation
Slide 15: Adjusted Financial Information from Continuing Operations, Thirty-Nine Weeks
BATH & BODY WORKS, INC. ADJUSTED FINANCIAL INFORMATION FROM CONTINUING OPERATIONS THIRTY-NINE WEEKS ENDED OCTOBER 29, 2022 AND OCTOBER 30, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Reported Adjusted Reported Adjusted Cont. Operations Adjustments Cont. Operations Cont. Operat
Slide 16: Notes to Reconciliation of GAAP Financial Measures to Non-GAAP
BATH & BODY WORKS, INC. NOTES TO RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (Unaudited) The “Adjusted Financial Information from Continuing Operations” provided in the attached reflects the following non-GAAP financial measures: Fiscal 2022 In the first, second and thir
Slide 17: Company-Operated Stores and Selling Square Footage
BATH & BODY WORKS, INC. COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE At October 29, 2022 and October 30, 2021 October 29, 2022 October 30, 2021 Selling Selling Stores Sq. Ft. (000's) Stores Sq. Ft. (000's) Bath & Body Works U.S. 1,681 4,646 1,672 4,514 Bath & Body Works Canada 106 280 103 26
Slide 18: 2022 Selected Data
BATH & BODY WORKS, INC. 2022 Selected Data (Unaudited) (In thousands) 2022 2021 Capital Expenditures First Quarter $ 88,379 $ 45,242 Second Quarter 72,711 66,524 Spring Season 161,090 111,766 Third Quarter 91,128 64,780 Fourth Quarter - 28,897 Year $ 252,218 $ 205,443 Depreciation & Amortization Fir