Bath & Body Works, Inc. (NYSE:BBWI) shares are moving higher in early Thursday trading after the company reported better-than-expected Q1 results.
BBWI posted an EPS of $0.33 on revenue of $1.4 billion, topping the consensus for EPS of $0.27 on revenue of $1.39B.
“We delivered first quarter sales in line with our expectations while our EPS was better than anticipated as we saw benefits from our work to improve merchandise margin as well as early benefits from our cost optimization initiatives,” Gina Boswell, CEO of Bath & Body Works, commented.
“Looking forward, we are moving quickly and implementing our plans to profitably grow sales and drive long-term value for our shareholders.”
For FY24, profit per share is seen at $2.88 at the midpoint, below the $2.97 expected. The company had previously guided for earnings of $2.75 per share.
Full-year sales are still expected to be flat to mid-single-digit decline year-over-year.
For this quarter, the company sees EPS in the range of $0.27-0.32, below the consensus of $0.32. Q2 net sales are expected to decline low- to mid-single digits YoY.
The BBWI stock is up 12.6%.