Bath & Body Works (NYSE:BBWI) shares are plummeting in the pre-market session today after the personal care product retailer announced second-quarter numbers. Revenue declined 3.6% year-over-year to $1.56 billion, missing expectations by $10 million. On the other hand, EPS at $0.40 rose above estimates by $0.07.
While the macroeconomic environment remains challenging, the company is seeing gains from its cost optimization and merchandise margin improvement initiatives.
Looking ahead, for the full year 2023, BBWI expects net sales to decrease between 1.5% to 3.5% compared to the prior year. EPS for the year is seen landing between $2.80 and $3.10. Further, it expects Q3 net sales to decline in the range of 2.5% to 4%, with anticipated EPS in the range of $0.30 and $0.40.
Overall, the Street has a consensus price target of $43.50 on BBWI alongside a Moderate Buy consensus rating. Shares of the company have tanked by nearly 16.6% over the past six months.
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