Bath & Body Works reported fourth quarter and full-year 2023 results. In the fourth quarter ending Feb. 3, 2024, the company recorded net sales of $2.912 billion, marking a slight uptick of 0.8% from the $2.889 billion in net sales reported for the fourth quarter ending January 28, 2023.
In the fiscal year ending Feb. 3, 2024, the company experienced a 1.7% decrease in net sales, amounting to $7.429 billion, in contrast to $7.560 billion reported for the previous fiscal year ending Jan. 28, 2023.
Earnings from continuing operations per diluted share for the year were $3.84, up from $3.40 in 2022. Full-year operating income declined to $1.285 billion from $1.376 billion the previous year, while net income from continuing operations rose to $878 million compared to $794 million in the prior year.
The company disclosed that its Board of Directors has sanctioned a new share repurchase initiative, permitting the company to buy back a maximum of $500 million worth of its outstanding common stock.
In 2023, the number of Bath & Body Works stores was 7,429, which decreased by 131 compared to 2022. The company-operated stores amounted to 1,850, with 95 new openings and 47 closures in 2023.
Gina Boswell, CEO of Bath & Body Works, commented, “The team delivered fourth quarter net sales and earnings that exceeded the high end of our expectations. Underpinning these results was strong execution during the holiday season. Customers responded to innovation and newness as we delivered a seamless omnichannel shopping experience and drove continued enrollment in our loyalty program. Additionally, we continued to advance our operational efficiency initiatives. Looking ahead, we remain focused on further improving the customer experience and building on our strong foundation to drive long-term profitable growth.”
