.August 28, 2024 04:05:00 PM

Bath & Body Works (NYSE:BBWI) shares fell over 6% today after lowering its annual sales forecast. Second quarter EPS was $0.37, beating estimates by a penny, but revenue of $1.5 billion missed expectations of $1.55 billion. U.S. and Canada store sales were $1.14 billion, below the $1.15 billion estimate, while direct sales were $297 million, missing the $320 million projection. Operating income was $183 million, beating estimates of $173.9 million.

The company revised its fiscal 2024 outlook, expecting adjusted annual profit between $3.06 and $3.26 per share, down from $3.05 to $3.35. Full-year net sales are forecasted to decline between 4% and 2%, worse than the previous estimate of a 2.5% drop to flat. For the third quarter, EPS is expected to be between $0.41 and $0.47, below analyst expectations of $0.53. Net sales growth is projected to range from flat to a 2.5% increase, compared to the 1.5% growth forecasted by analysts.