Bath & Body Works Files Q3 2024 10-Q

TL;DR

BBWI 10-Q filed: Q3 FY24 results are in. Check financials.

AI Summary

Bath & Body Works, Inc. filed its 10-Q for the period ending November 2, 2024. The company reported its financial results for the third 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 for Bath & Body Works, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal risks or opportunities impacting the company's stock.

Key Numbers

• 20241102 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
• 20241126 — 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
• 20241102 (date) — End of the reporting period
• 20241126 (date) — Date of filing
• COLUMBUS (location) — City of company headquarters
• L Brands, Inc. (company) — Former company name

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-20241102.htm (10-Q) — 1079KB
• bbwi-2024112_ex101.htm (EX-10.1) — 15KB
• bbwi-2024112_ex15.htm (EX-15) — 5KB
• bbwi-2024112_ex22.htm (EX-22) — 5KB
• bbwi-2024112_ex311.htm (EX-31.1) — 9KB
• bbwi-2024112_ex312.htm (EX-31.2) — 9KB
• bbwi-2024112_ex32.htm (EX-32) — 5KB
• 0000701985-24-000033.txt ( ) — 4826KB
• bbwi-20241102.xsd (EX-101.SCH) — 31KB
• bbwi-20241102_cal.xml (EX-101.CAL) — 49KB
• bbwi-20241102_def.xml (EX-101.DEF) — 124KB
• bbwi-20241102_lab.xml (EX-101.LAB) — 432KB
• bbwi-20241102_pre.xml (EX-101.PRE) — 296KB
• bbwi-20241102_htm.xml (XML) — 555KB

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 November 2 , 2024 (Unaudited), February 3, 2024 and October 2 8 , 2023 (Unaudited) 4 Consolidated Statements of Total Equity (Deficit) (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8 Report of Independent Registered Public Accounting Firm 15 Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 16

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 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

Other Information

Part II. Other Information 29

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30 Signature 31 * The Company's fiscal year ends on the Saturday nearest to January 31. As used herein, "third quarter of 2024" and "third quarter of 2023" refer to the thirteen-week periods ended November 2, 2024 and October 28, 2023, respectively. "Year-to-date 2024" and "year-to-date 2023" refer to the thirty-nine-week periods ended November 2, 2024 and October 28, 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) Third Quarter Year-to-Date 2024 2023 2024 2023 Net Sales $ 1,610 $ 1,562 $ 4,520 $ 4,517 Costs of Goods Sold, Buying and Occupancy ( 910 ) ( 880 ) ( 2,587 ) ( 2,618 ) Gross Profit 700 682 1,933 1,899 General, Administrative and Store Operating Expenses ( 482 ) ( 461 ) ( 1,345 ) ( 1,310 ) Operating Income 218 221 588 589 Interest Expense ( 77 ) ( 84 ) ( 236 ) ( 259 ) Other Income 4 22 65 68 Income Before Income Taxes 145 159 417 398 Provision for Income Taxes 39 40 72 99 Net Income $ 106 $ 119 $ 345 $ 299 Net Income per Basic Share $ 0.49 $ 0.52 $ 1.56 $ 1.31 Net Income per Diluted Share $ 0.49 $ 0.52 $ 1.55 $ 1.31 BATH & BODY WORKS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (Unaudited) Third Quarter Year-to-Date 2024 2023 2024 2023 Net Income $ 106 $ 119 $ 345 $ 299 Other Comprehensive Income (Loss), Net of Tax: Foreign Currency Translation ( 1 ) ( 4 ) ( 4 ) ( 4 ) Unrealized Gain on Cash Flow Hedges — 3 2 2 Reclassification of Cash Flow Hedges to Earnings — ( 1 ) — ( 1 ) Total Other Comprehensive Loss, Net of Tax ( 1 ) ( 2 ) ( 2 ) ( 3 ) Total Comprehensive Income $ 105 $ 117 $ 343 $ 296 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) November 2, 2024 February 3, 2024 October 28, 2023 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and Cash Equivalents $ 191 $ 1,084 $ 412 Accounts Receivable, Net 200 224 197 Inventories 1,178 710 1,205 Other 151 97 145 Total Current Assets 1,720 2,115 1,959 Property and Equipment, Net 1,158 1,220 1,244 Operating Lease Assets 1,029 1,056 1,067 Goodwill 628 628 628 Trade Name 165 165 165 Deferred Income Taxes 143 144 35 Other Assets 141 135 145 Total Assets $ 4,

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, "third quarter of 2024" and "third quarter of 2023" refer to the thirteen-week periods ended November 2, 2024 and October 28, 2023, respectively. "Year-to-date 2024" and "year-to-date 2023" refer to the thirty-nine-week periods ended November 2, 2024 and October 28, 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. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company's share of net income or loss of all unconsolidated entities is included in Other Income in the Consolidated Statements of Income. The Company's equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary

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