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These Analysts Boost Their Forecasts On Bath & Body Works Following Q4 Results

Avi Kapoor
March 01, 2024

Bath & Body Works, Inc. (NYSE:BBWI) reported upbeat fourth-quarter earnings, but issued worse-than-expected FY24 outlook on Thursday.

The company reported fourth-quarter adjusted earnings per share of $2.06, beating the analyst consensus of $1.87. Quarterly revenues of $2.912 billion beat the street view of $2.84 billion, according to data from Benzinga Pro.

The company approved a new share repurchase program to repurchase up to $500 million of the company’s outstanding shares of common stock.

Bath & Body Works said it sees net sales to range between a decline of 3.0% to flat relative to $7.429 billion of net sales in fiscal 2023, resulting in the range of $7.206 billion-$7.429 billion (consensus $7.45 billion). The company projects full-year earnings per share of $3.00-$3.35 versus the $3.34 estimate.

The company expects first-quarter 2024 net sales to decline 4.5% to 2.0% compared to $1.396 billion in 2023, resulting in the range of $1.333 billion-$1.368 billion (consensus $1.38 billion). Bath & Body Works forecasts first-quarter earnings per share of $0.28-$0.33 versus the $0.39 estimate.

Bath & Body Works shares fell 5.4% to close at $45.70 on Thursday.

These analysts made changes to their price targets on Bath & Body Works after the company reported quarterly results.

  • Telsey Advisory Group increased the price target on Bath & Body Works from $50 to $53. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating.
  • Evercore ISI Group raised the price target on Bath & Body Works from $30 to $45. Evercore ISI Group analyst Omar Saad maintained an In-Line rating.

 

Check This Out: Hewlett Packard Enterprise Posts Mixed Q1 Results, Joins Fisker, Plug Power And Other Big Stocks Moving Lower In Friday's Pre-Market Session

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