(AP) – Good news was announced Monday for Bath and Body Works after its Q3 report was released.
Optimism is high for the popular brand after its third-quarter performance topped expectations thanks to strong sales.
“Our strong results exceeded the high end of our net sales and earnings per diluted share guidance. As a result, we are raising our full-year guidance to fully reflect this outperformance,” CEO Gina Boswell said in the report.
In August, the company reported that it expected net sales to decline 2.5%. Now, it is estimated that there will be a decline of 1.7%.
The Columbus-based company, which also owns Victoria’s Secret and other chain stores, earned $106 million, or 49 cents per share, for the period. A year earlier, it earned $119 million, or 52 cents per share. The prior-year period’s results were helped by a $12 million pretax gain related to the early payment of debt.
The performance beat the 46 cents per share that analysts surveyed by Zacks Investment Research predicted.
Revenue totaled $1.61 billion, up 3% from $1.56 billion a year earlier. The results topped Wall Street’s forecast of $1.58 billion.
“We are capitalizing on our agile business model and predominantly U.S.-based supply chain, and we believe we are well-positioned to navigate a volatile retail environment and shorter holiday calendar,” Boswell said. “As we enter the critical holiday period, I am pleased with our strong execution and the momentum we are building, as we drive towards sustainable, long-term profitable growth.”
