Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q1 2024 Earnings Presentation
17 slides from Bath & Body Works's earnings presentation, Jun 4, 2024
Slide 1: Q1 2024 Results & 2024 Guidance
Q1 2024 Results & 2024 Guidance June 4, 2024
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 ma
Slide 3: First Quarter 2024 Financial Results and Highlights
First Quarter 2024 Financial Results and Highlights 3
Slide 4: Q1 2024 Financial Results Exceeded Expectations
Q1 2024 Financial Results Exceeded Expectations $1.4B 43.8% 13.5% $0.38 Net Sales Gross Margin Operating Margin Diluted EPS Down 0.9% YoY1 Up 110bp to LY Up 60bp to LY Up 15% to LY Adjusted EPS We delivered solid financial results exceeding our expectations for both Net Sales & EPS Net sales outpe
Slide 5: Enhancing Shareholder Value
Enhancing Shareholder Value First Quarter Capital Investment of $46 million • We continue to plan for $300 million - $325 million in capital projects during the year, focused on brick-and-mortar stores and technology Paid First Quarter Dividend of $45 Million; Announced Second Quarter Dividend of $0
Slide 6: Strong Loyalty Program
Strong Loyalty Program ~37M ~80% Active1 loyalty members as of Of Q1 2024 U.S. sales were made the end of Q1 2024 by loyalty members up more than 18% to up ~7 pts to Q1 LY Q1 LY 1 - Active members of our loyalty program represent loyalty program members who have purchased at least once directly from
Slide 7: First Quarter 2024 Exceeded Expectations
First Quarter 2024 Exceeded Expectations $ in millions, except earnings per share Key Highlights Metric Actuals LY Guidance (February 29, 20241) Net sales were $1.4 billion and declined 0.9% compared to the prior year. The change in year-over-year net sales benefited by Net Sales $1,384, down 0.
Slide 8: Q1 2024 North American Category – Grew Overall Unit Share
Q1 2024 North American Category – Grew Overall Unit Share Change to LY Highlights • Body Care outperformed the shop. Year-over-year growth drivers included: Lip, Hair, Men’s and Fine Fragrance Mist. • Limited launch of Everyday Luxuries collection of fine fragrance, approximately one-third of our U.
Slide 9: Sales by Channel Q1 2024
Sales by Channel Q1 2024 77% 19% 4% Stores – U.S. Direct – U.S. International & Canada & Canada $1,065M $261M $58M +3% to Q1 LY -7% to Q1 LY -29% to Q1 LY • In line with our performance in Q4 of • BOPIS net sales are recognized as • Decline was driven by lower wholesale 2023 on a comparable calendar
Slide 10: 2024 Guidance
Bath&Body Works: 2024 Guidance 10
Slide 11: FY 2024 Guidance – Raised the Mid-Point while Maintaining the High
FY 2024 Guidance – Raised the Mid-Point while Maintaining the High Key Highlights $ in millions, except earnings per share Guidance Guidance We now expect net sales results to range between down 2.5% Metric to flat year-over-year. At both the midpoint and at the high- (June 4, 20241) (February 29,
Slide 12: Q2 2024 Guidance
Q2 2024 Guidance $ in millions, except earnings per share Key Highlights Metric Guidance We expect second quarter sales range of down 2.0% to flat versus prior year, with the high end Net Sales Down 2.0% - Flat of the range reflecting sequential improvement over the prior quarter. We do not expect
Slide 13: Appendix – Other Financial Information
Appendix – Other Financial Information 13
Slide 14: Long-Term Debt Maturities
Long-Term Debt Maturities as of May 4, 2024 14
Slide 15: Adjusted Financial Information
Adjusted Financial Information $ in millions, except per share amounts 15
Slide 16: Q1 2024 v Q1 2023 General, Administrative and Store Operating Expenses Summary
Q1 2024 v Q1 2023 General, Administrative and Store Operating Expenses Summary $ in millions 16
Slide 17: Store Count and Company-Operated Selling Square Feet – Q1 2024 Actuals
Store Count and Company-Operated Selling Square Feet – Q1 2024 Actuals 17