US-based personal care retailer Bath & Body Works has generated $1.39bn in sales in the first quarter (Q1) of fiscal year 2023, down 4% from $1.45bn in FY22.
The retailer’s net income for the quarter ending 29 April 2023 declined to $81m from $155m a year ago.
Bath & Body Works recorded earnings per diluted share (EPS) of $0.35 over the quarter, a reduction from $0.64 in Q1 FY22.
Its operating income also dropped to $181m in Q1 FY23 from $280m in the corresponding period of the prior FY.
The company’s adjusted net income for the quarter was $76m and its adjusted EPS were $0.33.
Bath & Body Works CEO Gina Boswell said: “We delivered first quarter sales in line with our expectations while our EPS was better than anticipated as we saw benefits from our work to improve merchandise margin, as well as early benefits from our cost optimisation initiatives.
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“I want to thank our team for their continued dedication and efforts in delivering innovation and newness to our customers as well as leveraging the agility of our vertically integrated supply chain to meet demand and capture market opportunities.”
Bath & Body Works expects net sales for 2023 to be lower than the $7.560bn recorded in FY22.
It also expects FY23 EPS to be between $2.70 and $3.10.
In Q2, the retailer expects net sales to be lower than the $1.618bn reported in Q2 FY22 while EPS is expected to be between $0.27 and $0.32.