Bath & Body Works Reports 2025 Second Quarter Results and Updates Fiscal Year 2025 Guidance
Second quarter net sales up 1.5% to $1.5 billion, at the high end of the guidance range
Earnings per diluted share of $0.30; adjusted earnings per diluted share of $0.37, at the high end of the guidance range
Full-year 2025 earnings per diluted share guidance of $3.28 to $3.53; raising the low end of adjusted earnings per diluted share guidance from $3.25 to $3.60 to $3.35 to $3.60, inclusive of current tariff rates
Company delivered early progress on three strategic no-regret moves to accelerate near-term growth while unlocking opportunities for consistent, durable growth
COLUMBUS, Ohio, Aug. 28, 2025 (GLOBE NEWSWIRE) -- Bath & Body Works, Inc. (NYSE:BBWI) today reported second quarter 2025 results.
Daniel Heaf, chief executive officer of Bath & Body Works, commented, "Our team delivered a solid quarter, with revenue and adjusted earnings per share at the high end of our guidance range. Based on our strong first-half results and our confidence in our outlook, we are raising the low end of our full-year adjusted earnings per share guidance range.
We are moving with urgency on three no regret moves: elevating the digital experience, amplifying product efficacy, and expanding distribution to meet consumers where they are to unlock opportunities for durable long-term growth. While we still have work to do, I am energized by the focus and commitment of our teams and the opportunities in front of us."
Second Quarter 2025 Results
The company reported net sales of $1,549 million for the quarter ended August 2, 2025, an increase of 1.5% compared to net sales of $1,526 million for the quarter ended August 3, 2024.
The company reported earnings per diluted share of $0.30 for the second quarter of 2025, compared to $0.68 last year. Second quarter operating income was $157 million compared to $183 million last year, and net income was $64 million compared to $152 million last year.
Reported second quarter 2025 results included pre-tax costs of $15 million ($14 million after-tax) associated with the transition of certain members of the leadership team. Reported second quarter 2024 results included a $39 million pre-tax gain ($25 million after-tax) related to the sales of certain Easton investments and a $44 million tax benefit related to the release of a valuation allowance on a deferred tax asset.
Excluding these items, adjusted earnings per diluted share for the second quarter of 2025 was $0.37 compared to $0.37 last year, adjusted operating income was $172 million compared to $183 million last year and adjusted net income was $78 million compared to $83 million last year.
At the conclusion of this press release is a reconciliation of reported‐to‐adjusted results, including a description of the adjusted items.
2025 Guidance
The company is narrowing its full-year 2025 net sales guidance from 1% to 3% growth to 1.5% to 2.7% growth, compared to $7,307 million in fiscal 2024. Full-year 2025 earnings per diluted share is now expected to be between $3.28 to $3.53, compared to earnings per diluted share of $3.61 in fiscal 2024. The company is raising the low end of its full-year 2025 adjusted earnings per diluted share guidance from $3.25 to $3.60 to $3.35 to $3.60, compared to adjusted earnings per diluted share of $3.29 in fiscal 2024. The company's full-year guidance includes the anticipated impact of all tariff rates currently in effect and levied by the U.S. government and other countries. The company's full-year guidance also includes the anticipated impact of $400 million of cash deployed towards share repurchases, which is an increase from the prior expectation of $300 million. We continue to expect to generate free cash flow of $750 million to $850 million for full-year 2025.
The company expects third quarter 2025 net sales to be up 1% to 3%, compared to $1,610 million in the third quarter of 2024. Third quarter 2025 earnings per diluted share is expected to be between $0.37 and $0.45, compared to $0.49 in the third quarter of 2024. Our third quarter 2025 outlook also includes the anticipated impact of all tariff rates as referenced above.
For a reconciliation of our reported GAAP to adjusted non-GAAP earnings per diluted share for fiscal 2024, refer to our Annual Report on Form 10-K, filed with the SEC on March 14, 2025.
Earnings Call and Additional Information
Bath & Body Works, Inc. will conduct its second quarter earnings call at 8:30 a.m. ET on August 28. To listen, call 877-407-9219 (international dial-in number: 412-652-1274). For an audio replay, call 877-660-6853 (international replay number: 201-612-7415); access code 13754889 or log onto www.BBWInc.com. A slide presentation has been posted on the company's Investor Relations website that summarizes certain information in the company‘s prepared remarks from the earnings call as well as some additional facts and figures regarding the company's operating performance and guidance.
ABOUT BATH & BODY WORKS
Home of America's Favorite Fragrances®, Bath & Body Works is a global leader in personal care and home fragrance, including top-selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. Powered by agility and innovation, the company's predominantly U.S.-based supply chain enables it to deliver quality, on-trend luxuries at affordable prices. Bath & Body Works serves and delights customers however and wherever they want to shop, from welcoming, in-store experiences at 1,904 company-operated Bath & Body Works locations in the U.S. and Canada, 537 international franchised locations and an online storefront at bathandbodyworks.com (as of August 2, 2025).
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our Company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," "planned," "potential," "target," "goal" and any similar expressions may identify forward-looking statements. There are risks, uncertainties and other factors that in some cases have affected and, in the future, could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this report or otherwise made by the Company or our management. These factors can be found in Item 1A. Risk Factors in our 2024 Annual Report on Form 10-K and our subsequent filings.
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.
We announce material financial and operational information using our investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about the Company, our business and our results of operations may also be announced by posts on our accounts on social media channels, including the following: Facebook, Instagram, X, LinkedIn, Pinterest, TikTok and YouTube. The information that we post through these social media channels and on our website may be deemed material. As a result, we encourage investors, the media and others interested in the Company to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. The list of social media channels we use may be updated from time to time on our investor relations website.
For further information, please contact:
Bath & Body Works, Inc.:Luke
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BATH & BODY WORKS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In millions, except per share amounts)
Second Quarter
Year-to-Date
2025
2024
2025
2024
Net Sales
$
1,549
$
1,526
$
2,974
$
2,910
Costs of Goods Sold, Buying and Occupancy
(909
)
(900
)
(1,687
)
(1,677
)
Gross Profit
640
626
1,287
1,233
General, Administrative and Store Operating Expenses
(483
)
(443
)
(920
)
(863
)
Operating Income
157
183
367
370
Interest Expense
(68
)
(77
)
(139
)
(159
)
Other Income, Net
6
47
13
61
Income Before Income Taxes
95
153
241
272
Provision for Income Taxes
(31
)
(1
)
(72
)
(33
)
Net Income
$
64
$
152
$
169
$
239
Net Income per Diluted Share
$
0.30
$
0.68
$
0.79
$
1.06
Weighted Average Diluted Shares Outstanding
211
223
213
225
BATH & BODY WORKS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
August 2,2025
August 3,2024
ASSETS
Current Assets:
Cash and Cash Equivalents
$
364
$
514
Accounts Receivable, Net
131
146
Inventories
977
863
Easton Assets Held for Sale
81
—
Other
153
143
Total Current Assets
1,706
1,666
Property and Equipment, Net
1,124
1,166
Operating Lease Assets
984
1,043
Goodwill
628
628
Trade Name
165
165
Deferred Income Taxes
133
143
Other Assets
74
137
Total Assets
$
