|
Shares of Bath & Body Works Inc. fell more than 4% in the extended session Wednesday after the specialty retailer reported first-quarter earnings above Wall Street expectations, but lowered its guidance for the full year. The company said it earned $155 million, or 64 cents a share, in the quarter, compared with $277 million, or 97 cents a share, in the year-ago period. Sales fell 1% to $1.45 billion, the company said. FactSet consensus called for earnings of 53 cents a share on sales of $1.44 billion. "With our vertically integrated and approximately 85% domestic supply chain, we are taking advantage of the agility in our inventory decision-making to leverage early customer reads and chase our best performers in season," interim Chief Executive Sarah Nash said in a statement. Bath & Body Works will continue to "plan prudently" this year and accelerate investments in the business to drive long-term growth, Nash said. The company forecast second-quarter earnings from continuing operations to be between 60 cents a share and 65 cents a share, compared to earnings of 77 cents a share in the prior year. For fiscal 2022, Bath & Body Works projected earnings from continuing operations between $3.80 a share and $4.15 a share, compared with a previous guidance of between $4.30 a share and $4.70 a share. That reflects "the company's decision to accelerate investments in information technology and its customer loyalty program, as well as projected increases in inflationary pressures," the company said. Shares of Bath & Body Works, which became a standalone company in August, ended the regular trading day down nearly 9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
| RELATED ARTICLES | | |
|
Major retailer Target warned of rising cost pressures in its business right after Walmart, triggering the sell-off.
|
|
Dow Slides More Than 1,100 Points in Worst Day Since 2020 The Wall Street JournalDow plunges 1,100 points after Target earnings implosion adds to risk of a recession Business Insider AfricaDow drops 1,100 points for its biggest decline since 2020 as the sell-off this year on Wall Street intensifies CNBCFutures slip after sharp Wall Street rally Financial PostDow sheds 1,164 points in worst day since 2020 Fox BusinessView Full Coverage on Google Ne
|
|
Russian Soldier Admits Shooting Unarmed Civilian in First War-Crime Trial in Ukraine The Wall Street JournalUkraine war: Russian soldier pleads guilty to killing unarmed civilian, in first war crimes trial Fox NewsUS reopens embassy in Kyiv; Russian soldier pleads guilty at first war crimes trial in Ukraine: Live updates USA TODAYRussian soldier pleads guilty at Ukraine war crimes trial The Associated Press - en EspañolRussian soldier pleads 'fully' guilty in Kyiv court CNNView Full Coverage on Google News
|
|