Bath & Body Works cut its profit outlook for the year, in part due to expected increases in inflationary pressures.
Bath & Body Works, which sells lotions, candles and other bath soaps, is forecasting its fiscal 2022 earnings from continuing operations per diluted share to be between $3.80 and $4.15, compared with a prior range of $4.30 to $4.70.
Its second-quarter earnings per share are expected to be between 60 cents and 65 cents, compared with 77 cents a year earlier. For the three-month period ended April 30, Bath & Body Works reported net income of $154.9 million, or 64 cents per share, compared with income of $276.6 million, or 97 cents per share, a year earlier.Sales fell slightly to $1.45 billion from $1.47 billion a year earlier. But revenue beat expectations for $1.43 billion.
Bath & Body Works said it will be investing this year in revamping its loyalty program and in testing a new line-up of products, including hair care. While those investments can help to drum up demand from customers, they can also pressure profits in the near term.
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