Bath & Body Works, Inc. (BBWI) Q3 2022 Earnings Call Transcript

Bath & Body Works, Inc. (NYSE:BBWI) Q3 2022 Earnings Conference Call November 17, 2022 9:00 AM ET

Company Participants

Wendy Arlin - Chief Financial Officer

Sarah Nash - Executive Chair, Board and Interim Chief Executive Officer

Julie Rosen - President

Conference Call Participants

Jay Sole - UBS

Korinne Wolfmeyer - Piper Sandler

Olivia Tong - Raymond James

Jesse Sobelson - Wells Fargo

Paul Lejuez - Citigroup

Jonna Kim - Cowen

Lorraine Hutchinson - Bank of America

Alex Straton - Morgan Stanley

Warren Cheng - Evercore ISI

Matthew Boss - JPMorgan

Janet Kloppenburg - JJK Research Associates

Marni Shapiro - Retail Tracker

Operator

Good morning. My name is Danielle and I will be your conference operator today. At this time, I would like to welcome everyone to the Bath & Body Works Third Quarter 2022 Earnings Conference Call. Please be advised that today’s conference is being recorded. [Operator Instructions]

I will now turn the call over to Ms. Wendy Arlin, Chief Financial Officer at Bath & Body Works. Wendy, you may begin.

Wendy Arlin

Thank you, Danielle. Good morning and welcome to Bath & Body Works third quarter earnings conference call for the period ended October 29, 2022. As a matter of formality, any forward-looking statements we may make today are subject to our Safe Harbor statement found in our SEC filings and in our press releases.

Joining me on the call today are Executive Chair of the Board and Interim CEO, Sarah Nash; and Brand President, Julie Rosen. All of the results we discuss today are adjusted and exclude the charges related to the early extinguishment of debt in 2021. Additionally, the results represent results from continuing operations and exclude the discontinued operations related to Victoria’s Secret.

I will now turn the call over to Sarah.

Sarah Nash

Thanks, Wendy, and thank you, everyone, for joining the call today. Let’s start with our third quarter results. We are pleased to have delivered EPS of $0.40, double the high-end of our guidance range. Given the strong bottom line results, we are raising our full year EPS guidance to $3 to $3.20 from our prior guidance range of $2.70 to $3. Our sales for the quarter were at the high-end of our expectations and reflected our team’s closeness to our customer, our focus on innovation and newness, and our success in leveraging our vertically integrated supply chain to chase key winners.