Bath & Body Works earnings topped analyst expectations but its stock was dropping after the company’s tweaked guidance fell short of forecasts at its midpoint.
The body product and fragrant candle seller reported adjusted earnings of 40 cents a share for its second fiscal quarter, which ended in July, ahead of analyst forecasts for 33 cents, according to FactSet. Revenue of $1.56 billion matched expectations. Bath & Body Works said it expects full-year adjusted earnings per diluted share to be between $2.80 and $3.10. It previously predicted $2.70 to $3.10 a share. At its midpoint of $2.95 a share, that guidance fell short of analyst expectations for $3.04 a share.
The company expects sales to decline 1.5% to 3.5% in 2023 compared with the $7.56 billion reported in 2022. In May, it forecast sales to be flat to down by mid-single digits versus the previous year.Write to Karishma Vanjani at karishma.vanjani@dowjones.com.
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