Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q2 2026 Earnings Presentation
40 slides from Bath & Body Works's earnings presentation, Aug 26, 2026
Slide 1: Q2 Earnings & 2026 Guidance
BOARD OF DIRECTORS – JANUARY 2026 Q2 Earnings & 2026 Guidance August 26, 2026 1 PRIVATE & CONFIDENTIAL
Slide 2: Q2 Earnings Call Participants
Q2 Earnings Call Participants Daniel Heaf Tom Javitch Luke Long Chief Executive Officer Interim 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: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Second quarter net sales and adjusted EPS results both ahead of expectations. Gross Adjusted Gross Profit Rate, Adjusted Operating Income and Net Sales Profit Rate Adjusted Diluted EPS results included ~$80 million of tariff $1.5B 45.7% refunds. Excluding this benefit, a
Slide 5: Create Disruptive & Innovative Products
Create Disruptive & Innovative Products 5
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Slide 8: Bath & Body Works
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Slide 9: FOR BODY & HAll
FOR BODY & HAll _ 8FLOZ/236m Bath & Body Works"
Slide 10: Reignite The Brand
Reignite The Brand 10
Slide 11: We believe everybody deserves to feel good
We believe FEEL GOOD everybody Our Value System Feel Good is our ultimate deserves to emotional benefit and what we value most. feel good THE AMERICAN SPIRIT Our Cultural Lens We express feel good through a distinctly American perspective, rooted in optimism, creativity, resilience, and belonging. F
Slide 12: Bath & Body Works
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Slide 13: Introducing Fruit Fusion
Bath & Body Works Introducing Fruit Fusion = Q_ [Baths BodyWorks’ Aaa Introducing Fruit Fusion Four fruity sents. esl juicy benefit Introducing Fruit Fusion Four fruity scents, Real juicy benefits. Bath & Body Works
Slide 14: Bath & Body Works
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Slide 15: Win in the Marketplace
Win in the Marketplace Bath & Body Works"
Slide 16: Introducing the Preserve collection
se 51.95 Hand Cream & Sanitizer Sprays use code} J) Bath & Body Works’ & ‘ch for Hand Sanitizer} Farm to frai@rahce Introducing the Preserve collection, inspired by slow living and the artistry of nature. Shop now a
Slide 17: Amazon
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Slide 19: Botanicals & Blooms
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Slide 21: Operate With Speed & Efficiency
Operate With Speed & Efficiency 21
Slide 22: 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 23: Q2 2026 Financial Results
Q2 2026 Financial Results1 Key Highlights Net sales of $1.5B, a decline of (2.3%) to LY, above in millions, except earnings per share expectations. vs. LY GUIDANCE • Underlying business trends remained consistent ACTUALS Favorable/(Unfavorable) (May 27, 20262) with past several quarters, improved se
Slide 24: Q2 2026 North American Category Performance
Q2 2026 North American Category Performance Body Care Home Fragrance Soaps & Sanitizers Q2 sales down Q2 sales down Q2 sales flat mid-single digits low-single digits 24
Slide 25: Q2 2026 Net Sales By Channel
Q2 2026 Net Sales By Channel 75% 18% 7% Stores – U.S. Direct – U.S. International & Canada & Canada & Other $1.1B $275M $108M (5.4%) to LY +3.0% to LY +24.9% to LY • BOPIS net sales are reported as store • Normalized for our free shipping • Inclusive of domestic third-party net sales. threshold chan
Slide 26: Q2 2026 Financial Results
Q2 2026 Financial Results1 Key Highlights Net sales of $1.5B, a decline of (2.3%) to LY, above in millions, except earnings per share expectations. vs. LY GUIDANCE • Underlying business trends remained consistent ACTUALS Favorable/(Unfavorable) (May 27, 20262) with past several quarters, improved se
Slide 27: Store Count And Company-Operated Selling Square Feet
Store Count And Company-Operated Selling Square Feet Q1 2026 vs. Q2 2026 Total Company-Operated Stores Stores Selling Sq. Ft. (000’s) Opened/ 5/2/2026 Opened Closed 8/1/2026 5/2/2026 Closed 8/1/2026 Remodels Bath & Body Works U.S. 1,810 23 (10) 1,823 5,155 57 (22) 5,189 Bath & Body Works Canada 113
Slide 28: FY 2026 Guidance
Key Highlights FY 2026 Guidance1 Net sales now expected to be down (4%) to down (2.5%). • Underlying business trend down low single digits with comparable level of promotions to prior year. In millions, except earnings per share • Macro environment similar to 2025 with continued value-seeking consum
Slide 29: Q3 2026 Guidance
Q3 2026 Guidance1 in millions, except earnings per share Guidance Key Highlights Metric (August 26, 2026) Q2 net sales expected to be down (5%) to down (2.5%). Net Sales (5%) – (2.5%) • Underlying business trend down low-single digits with comparable level of promotions to prior year. Gross Profit R
Slide 30: Capital Allocation Highlights
Capital Allocation Highlights Q2 Year-to-Date Results FY’26 Guidance Capital Expenditures $98M ~$240M $80M Expect to maintain our annual Dividend Payments $0.40/share dividend dividend of $0.80/share $284M Notional ~$534M Notional Debt Repayment Redemption of January 2027 notes (Q1’26) Redemption of
Slide 31: 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 adjusted operating margin 3 hero categories: Home expectations of ~14%2 reflect Execute the Fragrance, Soaps & Sanitizers, disciplined cost management Consumer First and Bo
Slide 32: Q&A
32 Q&A Bath & Body Works"
Slide 33: Appendix
Appendix Other financial information 33
Slide 34: Debt Maturities
Debt Maturities as of August 26, 2026 $1,000 $900 $800 $844 $802 $700 $600 $575 $500 $400 $444 $300 $284 $200 $232 $201 $100 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 34
Slide 35: Store Count And Company-Operated Selling Square Feet
Store Count And Company-Operated Selling Square Feet Year-to-date Total Company-Operated Stores Stores Selling Sq. Ft. (000’s) Opened/ 1/31/2026 Opened Closed 8/1/2026 1/31/2026 Closed 8/1/2026 Remodels Bath & Body Works U.S. 1,814 36 (27) 1,823 5,166 88 (64) 5,189 Bath & Body Works Canada 113 1 - 1
Slide 36: Adjusted Financial Information – Q2 2026
Adjusted Financial Information – Q2 2026 $ in millions, except per share amounts 36
Slide 37: Forecasted Adjusted Financial Information – 2026
Forecasted Adjusted Financial Information – 2026 $ in millions, except earnings per share amounts 37
Slide 38: Forecasted Adjusted Financial Information – 2026, cont.
Forecasted Adjusted Financial Information – 2026, cont. $ in millions, except earnings per share amounts 38
Slide 39: Forecasted Free Cash Flow Information
Forecasted Free Cash Flow Information $ in millions, except share amounts 39
Slide 40: Find That Feeling
Bath & Body Works’ Find That Feeling