Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q1 2022 Earnings Presentation
14 slides from Bath & Body Works's earnings presentation, May 19, 2022
Slide 1: First Quarter Earnings Presentation
First Quarter Earnings Presentation May 18, 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 • volatility in currency exchange rates; • local business practices and political issues; • delays or disruptions in shipping and transportation and related pricing impacts; • disruption due to labor disputes; and • cha
Slide 4: Adjusted Consolidated Statements of Income from Continuing Operations
BATH & BODY WORKS, INC. ADJUSTED CONSOLIDATED STATEMENTS OF INCOME FROM CONTINUING OPERATIONS THIRTEEN WEEKS ENDED APRIL 30, 2022 AND MAY 1, 2021 (Unaudited) (Dollars in millions except per share amounts) % Increase Increase 2022 2021 (Decrease) (Decrease) Net Sales $ 1,449.9 $ 1,469.5 $ (19.6) -1%
Slide 5: Consolidated Condensed Balance Sheets
BATH & BODY WORKS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In thousands) April 30, 2022 May 1, 2021 ASSETS Current Assets Cash and Cash Equivalents $ 650,772 $ 2,475,301 Accounts Receivable, Net 167,282 109,759 Inventories 820,195 635,569 Other 114,054 94,560 Current Assets of Discon
Slide 6: 2022 Outlook as of May 18, 2022
Bath & Body Works, Inc. 2022 Outlook as of May 18, 2022 Metric Second Quarter Full Year 2022 Sales Up low-single digits compared to $1.7 billion LY Up low-single digits compared to $7.9 billion LY Gross Margin Rate Down significantly to about 43% compared to 48.6% LY Decrease by about 500 basis poin
Slide 7: Company-Operated Store Count and Selling Sq Ft
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 93 (40) to (50) 40 1,694 to 1,704 43 to 53 3% t
Slide 8: 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 90 (3 to 6) 379 to 404 International - Travel Retail 21 2 to 5 (1 to 2) 21 to 25 Total Internat
Slide 9: Appendix
APPENDIX
Slide 10: Consolidated Statements of Income
BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED APRIL 30, 2022 AND MAY 1, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Net Sales $ 1,449,910 $ 1,469,479 Costs of Goods Sold, Buying and Occupancy (781,334) (727,781) Gross Profit 668,576 741,698 Gen
Slide 11: Adjusted Financial Information from Continuing Operations
BATH & BODY WORKS, INC. ADJUSTED FINANCIAL INFORMATION FROM CONTINUING OPERATIONS THIRTEEN WEEKS ENDED APRIL 30, 2022 AND MAY 1, 2021 (Unaudited) (In thousands except per share amounts) 2022 2021 Reported Adjusted Reported Adjusted Cont. Operations Adjustments Cont. Operations Cont. Operations Adjus
Slide 12: 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 quarter of 2022,
Slide 13: Company-Operated Stores and Selling Square Footage
BATH & BODY WORKS, INC. COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE At April 30, 2022 and May 1, 2021 April 30, 2022 May 1, 2021 Selling Selling Stores Sq. Ft. (000's) Stores Sq. Ft. (000's) Bath & Body Works U.S. 1,655 4,510 1,649 4,407 Bath & Body Works Canada 104 270 103 265 Total Bath &
Slide 14: 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 - 66,524 Spring Season 88,379 111,766 Third Quarter - 64,780 Fourth Quarter - 28,897 Year $ 88,379 $ 205,443 Depreciation & Amortization First Quarter $