Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q4 2022 Earnings Presentation
10 slides from Bath & Body Works's earnings presentation, Feb 23, 2023
Slide 1: Fourth Quarter Earnings Supplemental Material
Fourth Quarter Earnings Supplemental Material February 23, 2023
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: Forward-Looking Statements
Forward-Looking Statements • our geographic concentration of vendor and distribution facilities in central Ohio; • stock price volatility; • our reliance on a limited number of suppliers to support a substantial portion of our inventory • our ability to pay dividends and make share repurchases under
Slide 4: 2023 Outlook as of February 23, 2023
2023 Outlook as of February 23, 2023 Metric First Quarter 2023 Full Year 2023 Sales Down low- to mid-single digit Flat to down mid-single digits Gross Margin Rate Approximately 41% Approximately 42% SG&A Expense Rate Approximately 30% Approximately 26% Net Non-Operating Expense Approximately $80 mil
Slide 5: 2019 to 2022 Operating Income Margin Walk
2019 to 2022 Operating Income Margin Walk 5
Slide 6: 2022 v 2019 General, Administrative and Store Operating Expenses Summary
2022 v 2019 General, Administrative and Store Operating Expenses Summary $ in millions 2022 Q1 Q2 Q3 Q4 Full-Year $s % Net Sales $s % Net Sales $s % Net Sales $s % Net Sales $s % Net Sales Selling Expenses $ 245 16.9% $ 269 16.6% $ 300 18.7% $ 391 13.5% $ 1,205 15.9% Home Office & Marketing Expenses
Slide 7: Company-Operated Store Count and Selling Square Feet – 2022 Actuals
Company-Operated Store Count and Selling Square Feet – 2022 Actuals Total Beginning of Reconstructions New Stores Closures End of Year Increase Year and Change in SSF Bath & Body Works Bath & Body Works - U.S. Store Count 1,651 90 (48) 39 1,693 42 3% Selling Sq Ft 000's 4,485 281 (103) 50 4,712 228
Slide 8: Company-Operated Store Count and Selling Square Feet – 2023 Forecast
Company-Operated Store Count and Selling Square Feet – 2023 Forecast Total Beginning of Reconstructions New Stores Closures End of Year Increase Year and Change in SSF Bath & Body Works Bath & Body Works - U.S. Store Count 1,693 89 (39) to (49) 19 1,733 to 1,743 40 to 50 2% to 3% Selling Sq Ft 000's
Slide 9: International Store Count – 2022 Actuals
International Store Count – 2022 Actuals Beginning End of Year New Stores Closures of Year Bath & Body Works International Partner - Operated Stores International 317 89 (5) 401 International - Travel Retail 21 6 (1) 26 Total International 338 95 (6) 427 9
Slide 10: International Store Count – 2023 Forecast
International Store Count – 2023 Forecast Beginning End of Year New Stores Closures of Year Bath & Body Works International Partner - Operated Stores International 401 60 to 82 (3 to 6) 455 to 480 International - Travel Retail 26 0 to 4 (0 to 1) 25 to 30 Total International 427 60 to 86 (3 to 7) 480