Bath & Body Works (NYSE:BBWI) reported mixed Q2 results that included a penny beat on profits but a miss on revenue. Shares are negative for a third day, however, as the company’s guidance underscored the anemic consumer landscape that continues to weigh on retailers.
“As we look forward to the rest of the year, we are taking a prudent approach to our outlook and adjusting our full-year guidance given the choppier macroeconomic environment and first half sales trends,” CEO Gina Boswell said.
For the full year, the company lowered its top-line adjusted earnings guidance to be between $3.06 to $3.26 per share, from initial guidance of $3.05 to $3.35, versus $3.25 estimates. Net sales are now expected to be down 2% to 4% compared to previous guidance of a decline of 2.5% to flat.
Looking ahead to the current quarter, Bath & Body Works (BBWI) set EPS guidance to $0.41 to $0.47 per share, below the consensus estimate of $0.52, while sales are expected to be flat to up 2.5%, straddling expectations for growth of 1.2%.
BBWI is down more than 5%.
