Bath & Body reports $1.45 billion in first-quarter net sales

Bath and body care reported net sales of $1.45 billion for the first quarter ended April 30.

The figure represents a 1% decrease from net sales of $1.469 billion for the first quarter ended May 1, 2021. The company’s net sales in the first quarter of fiscal 2022 come on top of sales growth 53% between fiscal 2019 and fiscal 2021. Excluding an estimated $50 million profit in the first quarter of 2021 related to government stimulus payments, net sales increased 2%.

“Our business is very strong, our execution is excellent and our strategy of bringing affordable luxury products to our customers is more relevant than ever,” said Sarah Nash, Executive Chairman and Interim Managing Director of Bath & Body Works. “We built on the last two years of extraordinary growth with strong momentum as we enter fiscal 2022. We are pleased to have delivered better than expected sales and earnings in the quarter.”

Nash continued, “With our domestic supply chain vertically and approximately 85% integrated, we leverage the agility of our inventory decision-making to leverage early customer reads and chase our best performers in season. We combine the best of novelty and everyday use. Our business is very fast-paced and we are able to adapt quickly to changing customer preferences. We saw positive trends in in-store traffic and transactions as customers engaged more with us in person, took advantage of our online shopping, in-store pickup offer, and reacted positively to our products . »

Reported 2021 results from continuing operations include a pretax loss of $105.5 million ($80.1 million net of tax, or $0.28 per diluted share) associated with the early extinguishment of debt . On an adjusted basis, which excludes the above charge in 2021, Q1 2022 earnings per diluted share from continuing operations increased 7% to $0.64 from $0.60 last year, and net income from continuing operations was $154.9 million compared to $170.4 million last year.

“Looking ahead in 2022, we continue to plan cautiously and use our agility to chase winners,” Nash said. “We are accelerating investments in the business to drive our long-term growth, while at the same time our team continues to successfully navigate the inflationary environment. Over the long term, we continue to see exceptional opportunities to capitalize on Bath & Body Works’ existing strengths and expand the brand’s global potential.

Ann J. Cox