Bath & Body Works (NYSE:BBWI) today announced a slight downturn in sales but an improvement in profitability for the second quarter of 2024.
The renowned retailer recorded net sales of $1.526 billion during the quarter, marking a 2.1% decrease from the $1.559 billion reported in the same period last year.
Despite the fall in sales, the company saw a substantial increase in profitability with net income rising to $152 million, up from the $99 million recorded in the second quarter of 2023.
Earnings per diluted share were notably higher at $0.68, compared to $0.43 in the prior year.
Meanwhile, operating income for the quarter was slightly down at $183 million compared to the $188 million reported last year.
Looking ahead, the company has adjusted its full-year guidance for fiscal 2024, now anticipating net sales to decline between 2% and 4%, relative to the $7,429 million reported in fiscal 2023.
After the earnings announcement, Bath & Body Works' share price fell more than 5% in premarket trading.