The specialty retailer Bath & Body Works Inc. ended the year on a strong note with sales rising by 11 per cent.
Bath & Body Works said that its net sales rose 11 per cent to $3.027bn for the quarter ended 29 January, up from $2.718bn for the year-ago period. Analysts expected sales of $2.964bn. (In August, Bath & Body Works, formerly known as L Brands, completed the separation of its Victoria’s Secret business and was launched as an independent standalone public company.)
Bath & Body Works expects to report earnings per share of approximately $2.25, compared to its initial guidance of $2.10 to $2.25 per share, and compared to $1.96 earnings per share in 2020. Excluding a charge related to a write-off for inventory destroyed in a tornado at a factory, earnings are expected to be $2.28. The company, which will report fourth-quarter earnings on Feb. 23, said it ended the fiscal year with about $2bn in cash.
“Driven by our focus on staying close to our customers and our commitment to operational excellence, Bath & Body Works achieved record sales and earnings during the fourth quarter,” stated CEO Andrew Maeslow. “Importantly, we are ending the fiscal year with approximately $2bn in cash, and our strong balance sheet is allowing us meaningful opportunities to drive enhanced value for our shareholders.”
