Bath & Body Works reports third-quarter 2025 results, launching the Consumer First Formula with strategic priorities for growth. Net sales were $1.6 billion, a 1% decrease. Earnings per diluted share were $0.37. Q4 and full-year 2025 guidance lowered due to consumer trends and macro pressures. CEO Daniel Heaf unveils a transformation plan focused on product innovation, brand reignition, winning in the marketplace, and operational efficiency. The plan aims to attract new consumers and drive growth. Operationally, the company aims to deliver $250 million in cost savings over two years to invest in revenue-generating initiatives. Net sales for the third quarter were $1,594 million, with an adjusted earnings per diluted share of $0.35. Fourth quarter net sales expected to decline, with earnings per diluted share at least $1.70. Full-year guidance adjusted for a low single-digit decline in net sales and earnings per diluted share at least $2.83. The company’s bright future is highlighted with plans to generate free cash flow of approximately $650 million for full-year 2025. Bath & Body Works will conduct its third-quarter earnings call on November 20. Adjusted financial information for the third quarter of 2025 includes a $6 million gain from the sale of a non-core asset and excludes $15 million in leadership transition costs. Full-year 2025 adjusted net income per diluted share is forecasted to be $2.87. Forecasted free cash flow for full-year 2025 is $650 million, calculated as net cash provided by operating activities minus capital expenditures. Bath & Body Works encourages investors to monitor its social media channels and investor relations website for updates.

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