THE WHAT? Bath & Body Works has announced its results for the first quarter of fiscal 2024. The company saw sales dip 0.9 percent yoy to US$1,384 million while diluted earnings per share of US$0.38 was an improvement on the prior-year quarter’s US$0.35.

THE DETAILS Net income was US$87 million compared to US$81 million last year. For fiscal 2024, the company has narrowed its guidance by raising the midpoint for both the top-and bottom-lines and is now forecasting net sales to range between a decline of 2.5% to flat, relative to $7,429 million of net sales in fiscal 2023. 

THE WHY? Gina Boswell, CEO of Bath & Body Works, commented, “We delivered a better-than-expected start to the year with net sales and earnings per share above the high-end of our guidance range. We are particularly excited with the success of our product introductions and newness, which drove the performance of both our core business and new adjacencies. Our focus on building strong brand awareness and engagement is delivering greater customer retention and loyalty. With our strong start to the year, we are pleased to narrow our full-year guidance range while raising the midpoint for both the top- and bottom-lines. I am proud of the way our team is executing on our strategic initiatives, and looking ahead, we remain confident in our ability to deliver long-term profitable growth.”