Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q1 2026 Earnings Presentation
37 slides from Bath & Body Works's earnings presentation, May 27, 2026
Slide 1: Q1 Earnings & 2026 Guidance
Q1 Earnings & 2026 Guidance May 27, 2026
Slide 2: Q1 Earnings Call Participants
Q1 Earnings Call Participants Daniel Heaf Eva Boratto Luke Long Chief Executive Officer Chief Financial Officer GVP Strategy & Investor Relations 2
Slide 3: 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 ma
Slide 4: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights First quarter net sales and adjusted EPS results both Adjusted Gross ahead of expectations. Net Sales Profit Rate1 $1.4B 42.7% Underlying business trends remained pressured, and performance was consistent with past several quarters. Reaffirming all elements of full-year
Slide 5: Create Disruptive & Innovative Products
Create Disruptive & Innovative Products 5
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6
Slide 7: Q1 2026 North American Category Performance
Q1 2026 North American Category Performance Body Care Home Fragrance Soaps & Sanitizers Q1 sales down Q1 sales down Q1 sales up mid-teens low-single digits low-single digits 7
Slide 8: Princess
PRINCESS Bath&BodyWorks § “tl 23 i | aE
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9
Slide 10: Reignite The Brand
Reignite The Brand . . ee \ 4 . % ‘ it | \ Sa > , —“— i ee.)
Slide 11: Slide 11
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12
Slide 13: Raspberries & Whipped Vanilla
raspberries & whipped vanilla hio honey Bath & Body Works"
Slide 14: Win in the Marketplace
Win in the Marketplace VIOLET | & MUSK Violet Blossoms, Fresh Bergamot, Velvety Musk j SOY WAX BLEND CANDLE |
Slide 15: Bath & Body Works
Bath & Body Works"
Slide 16: Botanicals & Blooms
( a | BOTANICALS = & BLOOMS
Slide 17: Light a Candle.
ge. Light a Candle. After a long day of being that git, you've finally found a place where you can just be.
Slide 18: Body Works
ime Books Registry GiftCards - Smart Home New Releases Groceries - Todays Deals Pharmacy Body Works*
Slide 19: Operate With Speed & Efficiency
Operate With Speed & Efficiency 19
Slide 20: The Consumer First Formula
The Consumer First Formula Putting the consumer at the center, with focus on the four largest revenue driving opportunities Create Disruptive & Reignite The Brand Win In The Marketplace Operate With Speed & Efficiency Innovative Products Best in class Body Care, Home A brand with cultural currency T
Slide 21: Q1 2026 Financial Results
Q1 2026 Financial Results1 Key Highlights Net sales of $1.4B, a decline of (3%) to LY, above in millions, except earnings per share expectations. vs. LY GUIDANCE • Underlying business trends remained consistent ACTUALS Favorable/(Unfavorable) (March 4, 20262) with past several quarters. Net Sales $1
Slide 22: Q1 2026 Net Sales By Channel
Q1 2026 Net Sales By Channel 77% 18% 5% Stores – U.S. Direct – U.S. International & Canada & Canada & Other $1.1B $246M $70M (4.3%) to LY (1.5%) to LY +9.0% to LY • BOPIS net sales are reported as store • Normalized for our free shipping • Inclusive of domestic third-party net sales. threshold chang
Slide 23: Store Count And Company-Operated Selling Square Feet
Store Count And Company-Operated Selling Square Feet Q4 2025 vs. Q1 2026 Total Company-Operated Stores Stores Selling Sq. Ft. (000’s) Opened/ 1/31/2026 Opened Closed 5/2/2026 1/31/2026 Closed 5/2/2026 Remodels Bath & Body Works U.S. 1,814 13 (17) 1,810 5,166 31 (42) 5,155 Bath & Body Works Canada 11
Slide 24: FY 2026 Guidance
Key Highlights FY 2026 Guidance1 Reaffirming all elements of our fiscal full-year 2026 guidance. Net sales expected to be down (4.5%) to down (2.5%). In millions, except earnings per share • Underlying business trend down ~3% with comparable level of promotions to prior year. Guidance Guidance • Mac
Slide 25: Q2 2026 Guidance
Q2 2026 Guidance in millions, except earnings per share Key Highlights Guidance Q2 net sales expected to be down (5%) to down (3%). Metric (May 27, 2026) • Underlying business trend down low-single digits with Net Sales (5%) – (3%) comparable level of promotions to prior year. • International net sa
Slide 26: Capital Allocation Highlights
Capital Allocation Highlights Q1’26 Results FY’26 Guidance Capital Expenditures $49M ~$270M $40M Expect to maintain our annual Dividend Payments $0.20/share dividend dividend of $0.80/share Debt Repayment $284M Notional N/A Redemption of January 2027 notes in Q1’26 Free Cash Flow1 ~$600M 26 1 - See
Slide 27: A Strong Foundation to Execute the Consumer First Formula
Leader In Margins That Support A Strong Attractive Space Strategic Investment Foundation to A market leader in each of our FY26 operating margin 3 hero categories: Home expectations of ~13%2 reflect Execute the Fragrance, Soaps & Sanitizers, disciplined cost management Consumer First and Body Care1
Slide 28: Q&A
Q&A 28
Slide 29: Appendix
Appendix Other financial information 29
Slide 30: Debt Maturities
Debt Maturities as of May 2, 2026 30
Slide 31: Adjusted Financial Information – Q1 2026
Adjusted Financial Information – Q1 2026 $ in millions, except per share amounts 31
Slide 32: Adjusted Financial Information – Q1 2026, cont.
Adjusted Financial Information – Q1 2026, cont. $ in millions, except per share amounts 32
Slide 33: Adjusted Financial Information – Q1 2026, cont.
Adjusted Financial Information – Q1 2026, cont. $ in millions, except per share amounts 33
Slide 34: Forecasted Adjusted Financial Information – 2026
Forecasted Adjusted Financial Information – 2026 $ in millions, except earnings per share amounts 34
Slide 35: Forecasted Adjusted Financial Information – 2026, cont.
Forecasted Adjusted Financial Information – 2026, cont. $ in millions, except earnings per share amounts 35
Slide 36: Forecasted Free Cash Flow Information
Forecasted Free Cash Flow Information $ in millions, except share amounts 36
Slide 37: Bath & Body Works
Bath & Body Works"