Bath & Body Works, Inc. (BBWI) – Get Report topped analyst estimates in its latest quarterly report after the bell Wednesday.
It was the last quarter of combined results for Bath & Body Works and Victoria’s Secret (VSCO) – Get Report, which was spun out into a separate company on Aug. 3, after the end of the second quarter.
Bath & Body Works Inc. reported income of $1.34 a share on revenue of $3.318 billion, vs. adjusted earnings of 25 cents a share on revenue of $2.319 billion in the same quarter a year ago.
The home products retailer reported net sales of $1.704 billion for the quarter, excluding Victoria’s Secret sales. Victoria’s Secret net sales were $1.614 billion in the last quarter as a combined company. The intimate apparel retailer reported results separately after the bell Wednesday.
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In July the combined company — then known as L Brands — raised its earnings guidance for the quarter to between $1.20 and $1.30 a share. It cited “higher than forecasted merchandise margin rates, as strong customer response to merchandise assortments and disciplined inventory management enabled a reduction in promotional activity,” according to an SEC filing.
“Due to the tremendous focus and effort of the teams across our business, Bath & Body Works reported record second quarter results, with a net sales increase of 54 percent compared to the second quarter of 2019,” said Andrew Meslow, CEO, in a statement. “Anchored by our leadership position spanning key product categories, combined with our continued strong performance across channels and our growing, loyal customer base, Bath & Body Works is well positioned to continue delivering growth and profitability,” he added.
Bath & Body Works forecast third-quarter earnings per share between 55 cents and 60 cents, excluding one-time costs related to the spin-off of Victoria's Secret.
Shares of Bath & Body Works rose $2.56, or 4.3% to $62 in after-hours trading.