Bath & Body Works Files Q1 2024 10-Q

TL;DR

BBWI 10-Q filed: Q1 2024 results are in. Check financials.

AI Summary

Bath & Body Works, Inc. filed its 10-Q for the period ending May 4, 2024. The company reported its financial results for the first quarter of fiscal year 2024. Key financial data and operational updates are detailed within this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details of Bath & Body Works, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a retail company, Bath & Body Works is subject to consumer spending trends, inventory management, and competitive pressures.

Key Numbers

• 20240504 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
• 20240604 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Bath & Body Works, Inc. (company) — Filer of the 10-Q
• L Brands, Inc. (company) — Former name of Bath & Body Works
• May 4, 2024 (date) — End of the reporting period
• 20240504 (date) — Conformed period of report
• 20240604 (date) — Filed as of date

FAQ

Key Financial Figures

• $0.50 — ange on which registered Common Stock, $0.50 Par Value BBWI The New York Stock Excha

Filing Documents

• bbwi-20240504.htm (10-Q) — 794KB
• bbwi-202454_ex15.htm (EX-15) — 5KB
• bbwi-202454_ex22.htm (EX-22) — 5KB
• bbwi-202454_ex311.htm (EX-31.1) — 9KB
• bbwi-202454_ex312.htm (EX-31.2) — 9KB
• bbwi-202454_ex32.htm (EX-32) — 5KB
• 0000701985-24-000018.txt ( ) — 4240KB
• bbwi-20240504.xsd (EX-101.SCH) — 32KB
• bbwi-20240504_cal.xml (EX-101.CAL) — 47KB
• bbwi-20240504_def.xml (EX-101.DEF) — 125KB
• bbwi-20240504_lab.xml (EX-101.LAB) — 433KB
• bbwi-20240504_pre.xml (EX-101.PRE) — 295KB
• bbwi-20240504_htm.xml (XML) — 413KB

Financial Information

Part I. Financial Information

Financial Statements *

Item 1. Financial Statements * Consolidated Statements of Income (Unaudited) 3 Consolidated Statements of Comprehensive Income (Unaudited) 3 Consolidated Balance Sheets as of May 4, 2024 (Unaudited), February 3, 2024 and April 29, 2023 (Unaudited) 4 Consolidated Statements of Total Equity (Deficit) (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 Report of Independent Registered Public Accounting Firm 13 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 14

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

Other Information

Part II. Other Information 26

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27 Signature 28 * The Company's fiscal year ends on the Saturday nearest to January 31. As used herein, "first quarter of 2024" and "first quarter of 2023" refer to the thirteen-week periods ended May 4, 2024 and April 29, 2023, respectively. 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts) (Unaudited) First Quarter 2024 2023 Net Sales $ 1,384 $ 1,396 Costs of Goods Sold, Buying and Occupancy ( 778 ) ( 800 ) Gross Profit 606 596 General, Administrative and Store Operating Expenses ( 419 ) ( 415 ) Operating Income 187 181 Interest Expense ( 82 ) ( 89 ) Other Income 13 20 Income Before Income Taxes 118 112 Provision for Income Taxes 31 31 Net Income $ 87 $ 81 Net Income per Basic Share $ 0.39 $ 0.36 Net Income per Diluted Share $ 0.38 $ 0.35 BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (Unaudited) First Quarter 2024 2023 Net Income $ 87 $ 81 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation ( 2 ) ( 2 ) Unrealized Gain on Cash Flow Hedges 1 1 Total Other Comprehensive Loss, Net of Tax ( 1 ) ( 1 ) Total Comprehensive Income $ 86 $ 80 The accompanying Notes are an integral part of these Consolidated Financial Statements. 3 Table of Contents BATH & BODY WORKS, INC. CONSOLIDATED BALANCE SHEETS (in millions, except par value amounts) May 4, 2024 February 3, 2024 April 29, 2023 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and Cash Equivalents $ 855 $ 1,084 $ 1,046 Accounts Receivable, Net 121 224 145 Inventories 814 710 771 Other 127 97 118 Total Current Assets 1,917 2,115 2,080 Property and Equipment, Net 1,183 1,220 1,223 Operating Lease Assets 1,047 1,056 1,072 Goodwill 628 628 628 Trade Name 165 165 165 Deferred Income Taxes 143 144 37 Other Assets 138 135 158 Total Assets $ 5,221 $ 5,463 $ 5,363 LIABILITIES AND EQUITY (DEFICIT) Current Liabilities: Accounts Payable $ 403 $ 380 $ 426 Accrued Expenses and Other 489 608 585 Current Operating Lease Liabilities 186 181 165 Income Taxes 143 120 101 Total Current Liabilities 1,221 1,289 1,277 Deferred Income Taxes 147 147 168 Long-term Debt 4,282

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Description of Business and Basis of Presentation Description of Business Bath & Body Works, Inc. (the "Company") is a global omnichannel retailer focused on personal care and home fragrance. The Company sells merchandise through its retail stores in the United States of America ("U.S.") and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. The Company's international business is conducted through franchise, license and wholesale partners. The Company operates as and reports a single segment. Fiscal Year The Company's fiscal year ends on the Saturday nearest to January 31. As used herein, "first quarter of 2024" and "first quarter of 2023" refer to the thirteen-week periods ended May 4, 2024 and April 29, 2023, respectively. Basis of Consolidation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Interim Financial Statements The Consolidated Financial Statements as of and for the periods ended May 4, 2024 and April 29, 2023 are unaudited and are presented pursuant to the rules and regulations of the Securities and Exchange Commission. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company's 2023 Annual Report on Form 10-K. In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods. Seasonality of Business The Company's operations are seasonal in nature and consist of two principal

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