Q2 2024 Bath & Body Works Inc Earnings Call Transcript
Key Points
- Net sales for the second quarter were $1.5 billion, in line with guidance.
- Adjusted earnings per diluted share of $0.37 exceeded guidance by a penny.
- Continued improvements in merchandise margin and solid execution on cost-saving initiatives.
- Strong performance in new category adjacencies such as Men's, Hair, Lip, and Laundry.
- International expansion with double-digit growth in unaffected regions and plans to open 50 net new stores this year.
- Net sales were down 2% versus the prior year.
- The semi-annual sale fell short of expectations, impacting overall performance.
- Store traffic was pressured throughout the quarter, reflecting a cautious consumer backdrop.
- Direct net sales declined by 9.7% compared to last year.
- Full-year revenue and earnings expectations were adjusted downward due to a choppier macroeconomic environment.
Good morning. My name is Dana, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Bath & Body Works second quarter 2024 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions) I will now turn the call over to Luke Long, Vice President of Investor Relations. Luke, you may begin.
Good morning, and welcome to Bath & Body Works second quarter 2024 earnings conference call. I'm pleased to have recently joined the company. I look forward to continuing to connect with the investment community going forward. Joining me on the call today are Gina Boswell, Chief Executive Officer; Julie Rosen, President, Retail; and Eva Boratto, Chief Financial Officer.
In addition to this call, this morning's press release, we posted a slide presentation on our website that summarizes the information and these prepared remarks in addition to providing some related facts and figures regarding our
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