Personal care and home fragrance company Bath & Body Works, Inc. (BBWI) reported Thursday that its fourth-quarter net income from continuing operations was $428.2 million, compared to $592.6 million last year.
Earnings from continuing operations per share was $1.86, lower than $2.27 a year ago. The prior year’s adjusted net income from continuing operations was $599.7 million or $2.30 per share.
On average, 19 analysts polled by Thomson Reuters expected earnings of $1.62 per share for the quarter. Analysts’ estimates typically exclude special items.
The company reported net sales of $2.89 billion, a decrease of 5 percent from last year’s $3.03 billion. Analysts expected sales of $2.8 billion.
Looking ahead, the company expects first-quarter earnings from continuing operations to be between $0.17 and $0.27 per share, down from prior year’s $0.64 per share. Analysts expect first-quarter earnings of $0.44 per share.
First-quarter net sales are projected to decline low- to mid-single digits compared to $1.450 billion in 2022.
Further, for fiscal 2023, the company is forecasting earnings from continuing operations per share to be between $2.50 and $3.00, compared to $3.40 in 2022. Analysts expect full-year earnings of $3.64 per share.
The company is expecting flat net sales to a mid-single digit decline compared to $7.560 billion in 2022.
In pre-market activity on the NYSE, the shares were losing around 4 percent to trade at $40.36.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Source: Read Full Article