Tue, Nov 26, 10:15 PM (109 days ago)
In its third quarter of 2024, Bath & Body Works, Inc. (BBWI) reported net sales of $1,610 million, a 3.0% increase from $1,562 million in Q3 2023. Operating income slightly decreased to $218 million, with a margin of 13.5%, down from 14.1% due to increased marketing expenses. The company aims to achieve $300 million in annual cost savings, with $150 million projected for fiscal 2024. Year-to-date, net sales were $4,520 million, virtually unchanged from $4,517 million in the previous year. Gross profit improved to $1,933 million, with a margin of 42.8%. Cash flow from operations was negative at $69 million, influenced by inventory buildup for the holiday season. The company's liquidity remains solid, with cash and equivalents at $191 million. Long-term debt decreased to $3,883 million, following debt repurchases totaling $202 million. BBWI's strategic focus is on enhancing customer engagement and expanding its product portfolio amid a competitive market. The effective tax rate for Q3 was 26.7%, up from 25.3% in Q3 2023.