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Bath & Body Works (BBWI) Q1 FY2024 earnings: revenue $1.4 billion, down 0.9% on the year

Bath & Body Works, Inc. (BBWI) reported revenue of $1.4 billion for Q1 FY2024, the quarter ended 4 May 2024, down 0.9% on the same quarter a year earlier. Net income was $87 million, up 7.4% on the year, and diluted earnings per share $0.38. The figures are the company's own, from the 10-Q it filed with the SEC on 4 June 2024.

Revenue$1.4 billiondown 0.9%
Net income$87 millionup 7.4%
Diluted EPS$0.38
QuarterQ1 FY2024ended 4 May 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue1,3842,912n/an/a
Cost of revenue7781,576n/an/a
Gross profit6061,336n/an/a
Gross margin43.8%45.9%n/a
Selling, general and administrative419641n/an/a
Operating income187695n/an/a
Operating margin13.5%23.9%n/a
Interest expense82.086.0n/an/a
Pre-tax income118623n/an/a
Income tax31.044.0n/an/a
Effective tax rate26.3%7.1%n/a
Net income87.0579n/an/a
Net margin6.3%19.9%n/a
Diluted EPS$0.38$2.55n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow76.0926n/an/a
Capital expenditure46.048.0n/an/a
Free cash flow30.0878n/an/a
Free cash flow margin2.2%30.2%n/a
Cash from investing-46.0-47.0n/an/a
Cash from financing-259-206n/an/a
Share-based compensation12.014.0n/an/a
Buybacks96.049.0n/an/a
Dividends paid45.045.0n/an/a
Dividend per share$0.20$0.20n/an/a
Diluted shares, weighted226m227mn/an/a
Shares outstanding at period end223m225mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity-1,677-1,627n/an/a
Non-controlling interest1.01.0n/an/a
Debt4,2824,388n/an/a
Operating lease liabilities9901,004n/an/a
Other liabilities1,6251,697n/an/a
Total liabilities and equity5,2215,463n/an/a
Fixed assets1,1831,220n/an/a
Goodwill628628n/an/a
Cash and equivalents8551,084n/an/a
Receivables121224n/an/a
Inventory814710n/an/a
Other assets1,6201,597n/an/a
Total assets5,2215,463n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,5622,9121,3841,5261,6102,7871,4241,5491,5942,7241,3781,514
Cost of revenue8801,5767789009101,4857789099361,479791822
Gross profit6821,3366066267001,3026466406581,245587692
Gross margin44%46%44%41%43%47%45%41%41%46%43%46%
SG&A461641419443482624437483497646356476
Operating income221695187183218678209157161599231216
Operating margin14%24%14%12%14%24%15%10%10%22%17%14%
Interest expense84.086.082.077.077.076.071.068.068.069.069.063.0
Pre-tax income15962311815314561214695.0103538166164
Tax rate25%7%26%1%27%26%28%33%25%25%-10%28%
Net income11957987.015210645310564.077.0403183118
Net margin8%20%6%10%7%16%7%4%5%15%13%8%
Diluted EPS$0.52$2.55$0.38$0.68$0.49$2.09$0.49$0.30$0.37$1.99$0.90$0.58
Operating cash flow-49.092676.0-46.0-99.0955188-43.080.087724472.0
Capital expenditure72.048.046.055.065.060.037.056.081.063.049.049.0
Free cash flow-12187830.0-101-164895151-99.0-1.081419523.0
Buybacks51.049.096.015210152.013611890.057.00.00.0
Dividends paid45.045.045.045.044.043.042.043.041.041.040.040.0
Shares outstanding227m225m223m220m217m216m212m208m205m201m201m202m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 4 May 2024, filed 4 June 2024, accession 0000701985-24-000018: the filing on EDGAR. All of Bath & Body Works, Inc.'s filings: EDGAR company page.

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