Welcome to our dedicated page for Bath & Body Works news (Ticker: BBWI), a resource for investors and traders seeking the latest updates and insights on Bath & Body Works stock.
Bath & Body Works, Inc. (NYSE: BBWI) is a premier retailer specializing in home fragrances and personal care products. Established as an independent company following the 2021 separation from Victoria’s Secret, Bath & Body Works operates under the Bath & Body Works, C.O. Bigelow, and White Barn brands. The company boasts over 1,800 retail stores primarily in North America, complemented by a burgeoning international presence and a robust e-commerce platform.
Bath & Body Works has carved a niche in delivering quality, on-trend luxuries at affordable prices. Its product portfolio includes fine fragrance mists, body lotions, body creams, 3-wick candles, home fragrance diffusers, and liquid hand soaps. Recently, the company has expanded its offerings with innovative seasonal collections and exclusive partnerships, such as its recent collaboration with top athletes to promote a new line of men’s grooming products.
In fiscal 2023, Bath & Body Works reported net sales of $7.429 billion, reflecting a 1.7% decrease from the previous year. Despite this, the company demonstrated resilience with adjusted earnings per diluted share of $3.27. The company’s strategic initiatives, including cost optimization and digital channel expansion, have bolstered its financial performance and positioned it for sustained growth.
Recent achievements include exceeding third-quarter and fourth-quarter earnings expectations, launching new fall fragrances, and initiating a $500 million share repurchase program. The company is also actively hiring seasonal associates to meet the increased demand during the holiday season. Bath & Body Works remains committed to enhancing customer experience through an omnichannel approach and ongoing innovation in product development.
My Bath & Body Works has been awarded as America’s Best Loyalty Program in the Health & Beauty category by Newsweek and Statista for 2023. This program, launched nationwide in August 2022, has attracted over 33 million members within six months. About half of the customer base are active loyalty members, driving approximately two-thirds of U.S. sales since the program's inception. Benefits include earning points for purchases, free product redemptions, and exclusive member offers. Bath & Body Works aims to refine and enhance customer experiences through this recognition.
Bath & Body Works CEO Gina Boswell has been named one of the 25 Most Inspirational Women Leaders by Women's Wear Daily (WWD) in a recognition linked to International Women’s Day. This accolade highlights Boswell's contributions in the fashion, apparel, and retail sectors, celebrating women who have significantly impacted their fields. In her statement, Boswell emphasized the importance of female representation in leadership roles and encouraged women to support one another as they advance. This recognition may enhance the brand's image and leadership standing within the industry.
Bath & Body Works has appointed Thomas J. Kuhn as a new independent director, effective March 10, 2023. With 35 years of experience, Kuhn is the Managing Member of Doorbrook LLC and has held senior positions at Allen & Company and Covington & Burling LLP. His addition follows the recommendations from Third Point LLC, which also influenced the recent appointments of directors Lucy Brady and Steve Voskuil. The Board now consists of 13 members, 12 of whom are independent, enhancing governance and diversity. Kuhn aims to leverage his background to enhance shareholder value and support strategic initiatives.
Bath & Body Works has announced transformative changes aimed at establishing itself as a leading standalone personal care and home fragrance brand. The board emphasizes its commitment to maximizing shareholder value amidst challenges posed by a potential proxy contest initiated by Third Point LLC. Since separating from Victoria's Secret in 2021, shareholder returns have surged 416%, significantly outperforming competitors. New CEO Gina Boswell aims to drive growth with strategic initiatives, including a successful loyalty program with 33 million members. The board remains focused on corporate governance while engaging with stakeholders to continue its growth trajectory.
Bath & Body Works (NYSE: BBWI) announced its fourth quarter and full-year 2022 results, revealing a 5% decline in net sales for Q4, totaling $2.889 billion, and a 4% decrease for the year at $7.560 billion. Earnings per share dropped to $1.86 in Q4 from $2.27 the previous year, with full-year EPS at $3.40 compared to $3.94 in 2021. The company forecasts a continued decline for Q1 2023, expecting sales to dip low- to mid-single digits and EPS between $0.17 and $0.27. To counteract these trends, Bath & Body Works plans to initiate an enterprise-wide cost-saving initiative aiming for $200 million in annual savings, primarily affecting the second half of 2023.
Bath & Body Works (BBWI) announced a response to Third Point LLC's intention to nominate candidates for the Board of Directors at the 2023 Annual Meeting. The Board emphasizes its commitment to shareholder value and disagrees with Third Point's views. They note a 95% approval on the 2022 Say-on-Pay proposal and highlight that 75% of directors joined since 2019, enhancing diversity and expertise. New Board members Lucy Brady and Steve Voskuil were chosen after constructive engagement with Third Point, adding valuable skills in digital strategy and financial oversight. The Board will review Third Point's nominations once received.
Third Point LLC, a significant shareholder of Bath & Body Works (NYSE: BBWI), expressed urgent concerns regarding corporate governance in a letter to the Board. They criticized the Board for awarding Chair
Bath & Body Works Appoints New Board Member
Bath & Body Works, Inc. (NYSE: BBWI) has appointed Steve Voskuil, a seasoned finance executive with over 30 years of experience, to its Board of Directors. Currently serving as CFO at The Hershey Company, Voskuil brings expertise in global consumer products and financial operations. Board Chair Sarah Nash expressed confidence in Voskuil’s ability to enhance long-term value creation. Voskuil's appointment follows Lucy Brady's, increasing the Board to 12 members, with 11 being independent. This leadership addition aims to strengthen the company's strategic initiatives and shareholder value.
Bath & Body Works (NYSE: BBWI) announced plans to report its fourth quarter and fiscal 2022 financial results on February 23, 2023, before market open. A conference call will take place at 8:30 a.m. EST, featuring key executives who will discuss the results and provide an outlook for 2023. Supplemental materials will be available 45 minutes prior to the call. Investors can participate by dialing specified numbers and using a conference ID.
The company operates over 1,785 U.S. locations and aims to deliver quality products at affordable prices through an efficient supply chain.
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