Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q4 2021 Earnings Presentation
20 slides from Bath & Body Works's earnings presentation, Feb 24, 2022
Slide 1: Fourth Quarter Earnings Presentation
Fourth Quarter Earnings Presentation February 23, 2022
Slide 2: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
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 management involve risks and
Slide 3: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 • local business practices and political issues; • delays or disruptions in shipping and transportation and related pricing impacts; • disruption due to labor disputes; and • changing expectations regarding product safe
Slide 4: Adjusted Consolidated Statements of Income from Continuing Operations, Thirteen Weeks
BATH & BODY WORKS, INC. ADJUSTED CONSOLIDATED STATEMENTS OF INCOME FROM CONTINUING OPERATIONS THIRTEEN WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 (Unaudited) (Dollars in millions except per share amounts) % Increase Increase 2021 2020 (Decrease) (Decrease) Net Sales $ 3,027.4 $ 2,718.2 $ 309.
Slide 5: Adjusted Consolidated Statements of Income from Continuing Operations, Fifty-Two Weeks
BATH & BODY WORKS, INC. ADJUSTED CONSOLIDATED STATEMENTS OF INCOME FROM CONTINUING OPERATIONS FIFTY-TWO WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 (Unaudited) (Dollars in millions except per share amounts) % Increase Increase 2021 2020 (Decrease) (Decrease) Net Sales $ 7,881.5 $ 6,434.1 $ 1,4
Slide 6: Consolidated Condensed Balance Sheets
BATH & BODY WORKS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In thousands) January 29, 2022 January 30, 2021 ASSETS Current Assets Cash and Cash Equivalents $ 1,979,161 $ 3,567,491 Accounts Receivable, Net 239,506 147,374 Inventories 709,064 571,478 Other 80,970 53,074 Current Assets o
Slide 7: 2022 Outlook as of February 23, 2022
Bath & Body Works, Inc. 2022 Outlook as of February 23, 2022 Metric First Quarter Full Year 2022 Sales Down low to mid-single digits compared to $1.469 billion LY Flat to up 4% compared to $7.9 billion LY Gross Margin Rate Down significantly to about 45% compared to 50.5% LY Decrease by 300 to 400 b
Slide 8: Company-Operated Store Count and Selling Sq Ft, 2021 Actuals
BATH & BODY WORKS, INC. COMPANY - OPERATED STORE COUNT AND SELLING SQ FT 2021 Actuals 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 1,633 53 (35) 74 1,651 18 1% Selling Sq Ft 000's 4,344
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 94 (40) to (50) 37 1,695 to 1,705 44 to 54 3% t
Slide 10: International Store Count, 2021 Actuals
BATH & BODY WORKS, INC. INTERNATIONAL STORE COUNT 2021 ACTUALS 2020 2021 2021 2021 Year End New Stores Closures Year End Bath & Body Works International Partner - Operated Stores International 270 55 (8) 317 International - Travel Retail 18 3 - 21 Total International 288 58 (8) 338 10
Slide 11: 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 68 to 96 (4 to 6) 379 to 409 International - Travel Retail 21 2 to 5 (0 to 2) 21 to 26 Total Internat
Slide 12: Appendix
APPENDIX
Slide 13: Consolidated Statements of Income, Thirteen Weeks Ended January 29, 2022
BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 (Unaudited) (In thousands except per share amounts) 2021 2020 Net Sales $ 3,027,403 $ 2,718,192 Costs of Goods Sold, Buying and Occupancy (1,580,975) (1,311,855) Gross Profit 1,446,42
Slide 14: Consolidated Statements of Income (Loss), Fifty-Two Weeks Ended January 29, 2022
BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) FIFTY-TWO WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 (Unaudited) (In thousands except per share amounts) 2021 2020 Net Sales $ 7,881,513 $ 6,434,102 Costs of Goods Sold, Buying and Occupancy (4,026,161) (3,338,346) Gross Profit
Slide 15: Adjusted Financial Information from Continuing Operations, Thirteen Weeks
BATH & BODY WORKS, INC. ADJUSTED FINANCIAL INFORMATION FROM CONTINUING OPERATIONS THIRTEEN WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 (Unaudited) (In thousands except per share amounts) 2021 2020 Reported Adjusted Reported Adjusted Cont. Operations Adjustments Cont. Operations Cont. Operation
Slide 16: Adjusted Financial Information from Continuing Operations, Fifty-Two Weeks
BATH & BODY WORKS, INC. ADJUSTED FINANCIAL INFORMATION FROM CONTINUING OPERATIONS FIFTY-TWO WEEKS ENDED JANUARY 29, 2022 AND JANUARY 30, 2021 (Unaudited) (In thousands except per share amounts) 2021 2020 Reported Adjusted Reported Adjusted Cont. Operations Adjustments Cont. Operations Cont. Operatio
Slide 17: Notes to Reconciliation of GAAP Financial Measures to Non-GAAP, Fiscal 2021
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 2021 In the fourth quarter of 2021
Slide 18: Notes to Reconciliation of GAAP Financial Measures to Non-GAAP, Fiscal 2020
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 2020 In the third quarter of 2020,
Slide 19: Company-Operated Stores and Selling Square Footage
BATH & BODY WORKS, INC. COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE At January 29, 2022 and January 30, 2021 January 29, 2022 January 30, 2021 Selling Selling Stores Sq. Ft. (000's) Stores Sq. Ft. (000's) Bath & Body Works U.S. 1,651 4,485 1,633 4,344 Bath & Body Works Canada 104 270 103 26
Slide 20: 2021 Selected Data
BATH & BODY WORKS, INC. 2021 Selected Data (Unaudited) (In thousands) 2021 2020 Capital Expenditures First Quarter $ 45,242 $ 27,962 Second Quarter 66,524 25,667 Spring Season 111,766 53,629 Third Quarter 64,780 35,056 Fourth Quarter 28,897 12,367 Year $ 205,443 $ 101,052 Depreciation & Amortization