Bath & Body Works, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 27 May 2026: press release. Guidance figures: 2 new, 5 kept. The quarter’s numbers.

Key takeaways

Net sales declined 3% in quarter: Net sales were $1,378 million, down 3% from $1,424 million. Gross profit was $587 million against $646 million. Source
Results exceeded March guidance: Against March guidance of a 4% to 6% net sales decline, sales fell 3%. Adjusted EPS of $0.32 compared with guidance of $0.24 to $0.30. Source
Adjusted operating income fell: Adjusted operating income was $151 million against $209 million a year earlier, and adjusted net income was $65 million against $105 million. Source
Gross profit fell on higher costs: Costs of goods sold, buying and occupancy rose to $791 million from $778 million, and gross profit declined to $587 million from $646 million. Source
Interchange settlement gain cut expenses: The $88 million gain from payment card interchange litigation settlements, net of legal fees, reduced general, administrative and store operating expenses to $356 million from $437 million. Source
Full-year guidance held: Management kept its full-year 2026 ranges for net sales, GAAP and adjusted EPS, and free cash flow from the March release. Source
CFO Boratto steps down June 12: Chief Financial Officer Eva Boratto steps down effective June 12, and the release thanks her for her leadership. Source

“Our first-quarter results exceeded guidance, but remain below the standard our brand is capable of delivering.”
Daniel Heaf, chief executive officer of Bath & Body Works

Guidance

Area	Period	Figure	Against last quarter
Net sales Source	Full-year 2026	down 4.5% to down 2.5%	Kept
Diluted EPS (GAAP) Source	Full-year 2026	$3.00 to $3.25	Kept
Adjusted diluted EPS Source	Full-year 2026	$2.40 to $2.65	Kept
Free cash flow Source	Full-year 2026	approximately $600 million	Kept
Operating cash flow and capital expenditures Source	Full-year 2026	$870 million operating cash flow; $270 million capital expenditures	Kept
Net sales Source	Second quarter 2026	decline between 5% to 3%	New
Diluted EPS (GAAP) Source	Second quarter 2026	$0.20 to $0.25	New

What changed from last quarter

Guidance kept: Full-year 2026 net sales, GAAP diluted EPS and adjusted diluted EPS guidance were reaffirmed without change. Source
New guidance: Second-quarter 2026 net sales and GAAP diluted EPS guidance was given for the first time in this release. Source
New: Chief Financial Officer Eva Boratto steps down effective June 12, and Tom Javitch becomes interim CFO. Source
New: The guidance now states that tariff refunds are not assumed, which the March release did not mention. Source

Quarter results versus guidance

Net sales declined 3% in quarter: Net sales were $1,378 million, down 3% from $1,424 million. Gross profit was $587 million against $646 million. Source
Results exceeded March guidance: Against March guidance of a 4% to 6% net sales decline, sales fell 3%. Adjusted EPS of $0.32 compared with guidance of $0.24 to $0.30. Source
Reported EPS rose on one-time items: Reported diluted EPS was $0.90 against $0.49, and operating income was $231 million against $209 million. The reported figures include an $88 million interchange settlement gain. Source
Adjusted operating income fell: Adjusted operating income was $151 million against $209 million a year earlier, and adjusted net income was $65 million against $105 million. Source

Channel sales and regions

Store sales fell 4.3%: Stores in the U.S. and Canada had sales of $1,062 million, down 4.3% from $1,110 million. Store results include fulfilled buy online pick up in store orders. Source
Direct sales slipped 1.5%: Direct sales in the U.S. and Canada were $246 million, down 1.5% from $250 million. Source
International sales rose 9%: International and Other sales rose 9.0% to $70 million from $64 million, including franchise royalties and wholesale sales. Source

“We believe that the foundation we are building will drive improved performance over time”
Daniel Heaf, chief executive officer of Bath & Body Works

Costs, margins and one-time items

Gross profit fell on higher costs: Costs of goods sold, buying and occupancy rose to $791 million from $778 million, and gross profit declined to $587 million from $646 million. Source
Interchange settlement gain cut expenses: The $88 million gain from payment card interchange litigation settlements, net of legal fees, reduced general, administrative and store operating expenses to $356 million from $437 million. Source
Tax benefit lifted reported results: A $62 million tax benefit from resolving certain tax matters was recorded, and the tax line became a $17 million benefit against a $41 million provision. Source
Interest expense eased slightly: Interest expense was $69 million against $71 million, and other income, net was $4 million against $8 million. Source

Balance sheet and debt

Cash rose from a year earlier: Cash and cash equivalents were $820 million at May 2, 2026, against $636 million a year earlier. Source
Debt lower and equity deficit narrowed: Long-term debt was $3,613 million against $3,886 million, and total equity was a deficit of $1,131 million against a deficit of $1,450 million. Source
Easton assets held for sale: Easton assets held for sale were $81 million, against $97 million a year earlier. Source

“I leave with confidence in Daniel’s leadership and the strategy he has put in place”
Eva Boratto, Chief Financial Officer

Cash flow and capital returns

Operating cash flow rose: Net cash provided by operating activities was $244 million against $188 million in the first quarter a year earlier. Source
Capital expenditures increased: Capital expenditures were $49 million against $37 million a year earlier. Source
No buybacks in quarter: The company made no share repurchases in the quarter, against $136 million a year earlier. Dividends paid were $40 million against $43 million. Source

Full-year and second-quarter guidance

Full-year guidance held: Management kept its full-year 2026 ranges for net sales, GAAP and adjusted EPS, and free cash flow from the March release. Source
Second-quarter guidance first given: Second-quarter guidance covers net sales and GAAP diluted EPS. The release gives no adjusted second-quarter EPS guidance. Source
Tariff refunds excluded from guidance: The guidance excludes tariff refunds and share repurchases. The March release mentioned only repurchases. Source

Consumer First Formula and brand

Consumer First Formula drives execution: The release frames the quarter around progress against the Consumer First Formula, covering hero categories, brand modernization and wider reach. Source
Early proof points on brand work: Management says efforts on hero categories, brand modernization and reach are starting to resonate with consumers, with early proof points. Source
Impact to build into 2027: Management expects the impact of these efforts to build through the rest of 2026 and more meaningfully in 2027. Source

Leadership change

CFO Boratto steps down June 12: Chief Financial Officer Eva Boratto steps down effective June 12, and the release thanks her for her leadership. Source
Interim CFO has long company tenure: Javitch has been with the company more than 16 years and at L Brands 25 years, and has held senior finance roles including EVP of Brand Finance. Source
Chief executive cites interim CFO expertise: Heaf cited Javitch's expertise from product through store operations and supply chain as the basis for the interim appointment. Source

Coming up, as management said on 27 May 2026

Interim CFO takes over at departure: Tom Javitch becomes interim chief financial officer when Boratto leaves. Source
Permanent CFO search underway: The company has started a search for a permanent CFO with help from an executive search firm. Source

Figures management reported

Figure	Reported
Inventories Source	$782 million vs $869 million
Company-operated store openings and closings Source	13 opened, 17 closed (U.S.); 1,923 stores in total
Partner-operated international store openings and closings Source	8 opened, 2 closed; 579 stores

Risks management discussed

External: Tariff refunds are excluded from the guidance, as the release states. Source
Operational: Business transformation activities cost $8 million pre-tax in the quarter, tied to the Consumer First Formula. Source

Earlier plans management reported on

Ahead: Management said first-quarter results exceeded the guidance it gave in March. Source
Not stated: Management kept the full-year 2026 EPS guidance it gave in March. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Reports First Quarter Results Exceeding Guidance and Progress Against the Consumer First Formula

Delivers Q1 net sales and adjusted earnings per share results above guidance
First quarter net sales of $1.4 billion, down 3%. Earnings per diluted share of $0.90; Adjusted earnings per diluted share of $0.32
Reaffirms full-year 2026 guidance of net sales down 4.5% to down 2.5%, earnings per diluted share of $3.00 to $3.25; and adjusted earnings per diluted share of $2.40 to $2.65
Chief Financial Officer Eva Boratto to step down June 12; Company appoints interim CFO with active search in progress

COLUMBUS, Ohio - May 27, 2026 - Bath & Body Works, Inc. (NYSE: BBWI) today reported first quarter 2026 results.

Daniel Heaf, chief executive officer of Bath & Body Works, commented, “Our first-quarter results exceeded guidance, but remain below the standard our brand is capable of delivering. That reality reinforces the urgency with which we are executing the Consumer First Formula. Our efforts to strengthen our hero categories, modernize the brand, and expand our reach are beginning to resonate with consumers, and we are encouraged by the early proof points we are seeing.”

“We believe that the foundation we are building will drive improved performance over time, with the impact expected to build through the balance of 2026 and more meaningfully into 2027, as we position the company to return to sustainable, durable growth.”

First Quarter 2026 Results

The company reported net sales of $1,378 million for the quarter ended May 2, 2026, a decrease of 3% compared to net sales of $1,424 million for the quarter ended May 3, 2025.

Earnings per diluted share were $0.90 for the first quarter of 2026, compared to $0.49 last year. First quarter operating income was $231 million compared to $209 million last year, and net income was $183 million compared to $105 million last year.

Reported first quarter 2026 results included an $88 million pre-tax gain ($66 million after tax), net of legal fees, related to favorable settlements of payment card interchange fee litigation, aggregate pre-tax costs of $8 million ($6 million after tax) associated with business transformation activities, an $8 million pre-tax loss ($6 million after tax) related to the extinguishment of outstanding debt, a $3 million pre-tax gain ($3 million after tax) related to the sale of a non-core asset and a $62 million tax benefit due to the resolution of certain tax matters. Excluding these items, adjusted earnings per diluted share for the first quarter of 2026 was $0.32, adjusted operating income was $151 million and adjusted net income was $65 million.

At the conclusion of this press release is a reconciliation of reported‐to‐adjusted results, including a description of the adjusted items.

2026 Guidance

The company is maintaining its full-year 2026 guidance of net sales to decline between 4.5% to 2.5% compared to $7,291 million in fiscal 2025. The company is also maintaining its full-year 2026 earnings per diluted share guidance of between $3.00 and $3.25 compared to $3.11 in fiscal 2025 and full-year 2026 adjusted earnings per diluted share guidance of between $2.40 and $2.65, compared to adjusted earnings per diluted share of $3.21 in 2025. There are no share repurchases or tariff refunds assumed in our outlook. In fiscal 2026, we expect to generate free cash flow of approximately $600 million.

For the second quarter of 2026, the company is forecasting net sales to decline between 5% to 3% compared to $1,549 million in the second quarter of 2025. Second quarter 2026 earnings per diluted share is expected to be between $0.20 and $0.25, compared to earnings per diluted share of $0.30 and adjusted earnings per diluted share of $0.37 in the second quarter of 2025.

At the conclusion of this press release is a reconciliation of our guidance-to-adjusted guidance, including a description of the adjusted items.

For a reconciliation of our reported GAAP to adjusted non-GAAP earnings per diluted share for fiscal 2025 and the second quarter of 2025, refer to our Annual Report on Form 10-K, filed with the SEC on March 12, 2026, and our Quarterly Report on Form 10-Q, filed with the SEC on August 28, 2025, respectively.

Chief Financial Officer Transition

Chief Financial Officer Eva Boratto will step down from her role effective June 12 to pursue another professional opportunity. The company has initiated a comprehensive search process, supported by a leading executive search firm, to identify its next Chief Financial Officer.

Tom Javitch has been appointed Interim Chief Financial Officer effective upon Boratto’s departure. Javitch has been with Bath & Body Works for more than 16 years and L Brands for 25 years. He has held a number of senior finance leadership roles across the organization, including Executive Vice President of Brand Finance of Bath & Body Works.

Daniel Heaf said, “We are grateful to Eva for her leadership and many contributions to Bath & Body Works during an important period for the company. We thank her for her partnership and wish her continued success in her next chapter. While we search for a successor, I’m confident in Tom Javitch’s interim leadership, deep understanding of Bath & Body Works and expertise across the business - from product to store operations to supply chain.”

Boratto said, “It has been a pleasure to serve on the leadership team at Bath & Body Works, and I would like to thank Daniel, my colleagues in the finance organization, the Board and all of our associates for the support during my time at this remarkable company. I leave with confidence in Daniel’s leadership and the strategy he has put in place, and I look forward to watching as Bath & Body Works continues to regain momentum in the marketplace.”

Earnings Call and Additional Information

Bath & Body Works, Inc. will conduct its first quarter earnings call at 8:30 a.m. ET on May 27th. To listen, call 877-407-9219 (international dial-in number: 412-652-1274). For an audio replay, call 877-660-6853 (international replay number: 201-612-7415); access code 13760165 or log onto www.BBWInc.com. A slide presentation has been posted on the company’s Investor Relations website that summarizes certain information in the company‘s prepared remarks from the earnings call as well as some additional facts and figures regarding the company’s operating performance and guidance.

ABOUT BATH & BODY WORKS

Bath & Body Works is a global leader in personal care and home fragrance, driven by the belief that everybody deserves to feel good.

The brand’s beloved and iconic scents are expertly crafted for exceptional performance and a luxury fragrance experience. Formulated with thoughtfully chosen ingredients, Bath & Body Works’ body care products are available in multiple forms including fine fragrance mist, body cream, lotion, eau de parfum, body wash, hand soap, sanitizer and more. The brand’s famous 3-wick candles are made with rich, high quality fragrance oils layered throughout a premium soy wax base, for up to 45 hours of room-filling fragrance.

Consumers can shop Bath & Body Works anytime and anywhere they choose, from welcoming, in-store experiences at more than 1,900 stores in the U.S. and Canada, 500-plus international locations, online at bathandbodyworks.com and on Amazon.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our Company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “target,” “goal” and any similar expressions may identify forward-looking statements. There are risks, uncertainties and other factors that in some cases have affected and, in the future, could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this report or otherwise made by the Company or our management.

These factors can be found in Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K and our subsequent filings.

We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.

We announce material financial and operational information using our investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about the Company, our business and our results of operations may also be announced by posts on our accounts on social media channels, including the following: Facebook, Instagram, X, LinkedIn, Pinterest, TikTok and YouTube. The information that we post through these social media channels and on our website may be deemed material. As a result, we encourage investors, the media and others interested in the Company to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. The list of social media channels we use may be updated from time to time on our investor relations website.

For further information, please contact:

Bath & Body Works, Inc.:

Luke Long

InvestorRelations@bbw.com

First Quarter 2026

Total Sales (In millions):

	First Quarter
	2026	2025	% Change
Stores - U.S. and Canada (a)	$1,062	$1,110	(4.3%)
Direct - U.S. and Canada	246	250	(1.5%)
International and Other (b)	70	64	9.0%
Total Bath & Body Works	$1,378	$1,424	(3.2%)

(a) Results include fulfilled buy online pick up in store orders.

(b) Results include royalties associated with franchised stores, as well as international and domestic wholesale sales.

Total Company-operated Stores:

	Stores			Stores
	1/31/2026	Opened	Closed	5/2/2026
United States	1,814	13	(17)	1,810
Canada	113	-	-	113
Total Bath & Body Works	1,927	13	(17)	1,923

Total Partner-operated Stores:

	Stores			Stores
	1/31/2026	Opened	Closed	5/2/2026
International	536	8	(2)	542
International - Travel Retail	37	-	-	37
Total International (a)	573	8	(2)	579

(a) Includes store locations only and does not include kiosks, shop-in-shops, gondola or beauty counter locations.

	First Quarter
	2026	2025
BATH & BODY WORKS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In millions, except per share amounts)
Net Sales	$1,378	$1,424
Costs of Goods Sold, Buying and Occupancy	(791)	(778)
Gross Profit	587	646
General, Administrative and Store Operating Expenses	(356)	(437)
Operating Income	231	209
Interest Expense	(69)	(71)
Other Income, Net	4	8
Income Before Income Taxes	166	146
Benefit (Provision) for Income Taxes	17	(41)
Net Income	$183	$105
Net Income per Diluted Share	$0.90	$0.49
Weighted Average Diluted Shares Outstanding	202	215

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)

(In millions)

	May 2, 2026	May 3, 2025
ASSETS
Current Assets:
Cash and Cash Equivalents	$820	$636
Accounts Receivable, Net	98	103
Inventories	782	869
Easton Assets Held for Sale	81	97
Other	118	115
Total Current Assets	1,899	1,820
Property and Equipment, Net	1,106	1,111
Operating Lease Assets	974	970
Goodwill	628	628
Trade Name	165	165
Deferred Income Taxes	110	133
Other Assets	81	54
Total Assets	$4,963	$4,881
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$557	$452
Accrued Expenses and Other	513	495
Current Operating Lease Liabilities	206	201
Income Taxes	101	146
Total Current Liabilities	1,377	1,294
Deferred Income Taxes	115	23
Long-term Debt	3,613	3,886
Long-term Operating Lease Liabilities	894	895
Other Long-term Liabilities	95	233
Total Equity (Deficit)	(1,131)	(1,450)
Total Liabilities and Equity (Deficit)	$4,963	$4,881

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)

	First Quarter
	2026	2025
Operating Activities:
Net Income	$183	$105
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation of Long-lived Assets	61	64
Share-based Compensation Expense	8	10
Gain on Sale of Non-core Asset	(3)	-
Loss on Extinguishment of Debt	8	-
Tax Benefit from Resolution of Certain Tax Matters	(62)	-
Changes in Assets and Liabilities:
Accounts Receivable	82	103
Inventories	(83)	(134)
Accounts Payable, Accrued Expenses and Other	34	14
Income Taxes Payable	29	34
Other Assets and Liabilities	(13)	(8)
Net Cash Provided by (Used for) Operating Activities	244	188
Investing Activities:
Capital Expenditures	(49)	(37)
Proceeds from Sale of Non-core Asset	8	-
Other Investing Activities	(1)	(2)
Net Cash Used for Investing Activities	(42)	(39)
Financing Activities:
Payments for Long-term Debt	(289)	-
Repurchases of Common Stock	-	(136)
Dividends Paid	(40)	(43)
Tax Payments related to Share-based Awards	(3)	(4)
Other Financing Activities	(3)	(5)
Net Cash Used for Financing Activities	(335)	(188)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	-	1
Net Decrease in Cash and Cash Equivalents	(133)	(38)
Cash and Cash Equivalents, Beginning of Year	953	674
Cash and Cash Equivalents, End of Period	$820	$636

	First Quarter
	2026	2025
BATH & BODY WORKS, INC.
ADJUSTED FINANCIAL INFORMATION
(Unaudited)
(Dollars in millions, except per share amounts)
Reconciliation of Reported Operating Income to Adjusted Operating Income
Reported Operating Income	$231	$209
Interchange Fee Settlements	(88)	-
Business Transformation Activities	8	-
Adjusted Operating Income	$151	$209
Reconciliation of Reported Net Income to Adjusted Net Income
Reported Net Income	$183	$105
Interchange Fee Settlements	(88)	-
Business Transformation Activities	8	-
Loss on Extinguishment of Debt	8	-
Gain on Sale of Non-core Asset	(3)	-
Tax Effect of Adjustments	19	-
Tax Benefit from Resolution of Certain Tax Matters	(62)	-
Adjusted Net Income	$65	$105
Reconciliation of Reported Net Income per Diluted Share to Adjusted Net Income per Diluted Share
Reported Net Income per Diluted Share	$0.90	$0.49
Interchange Fee Settlements	(0.43)	-
Business Transformation Activities	0.04	-
Loss on Extinguishment of Debt	0.04	-
Gain on Sale of Non-core Asset	(0.02)	-
Tax Effect of Adjustments	0.09	-
Tax Benefit from Resolution of Certain Tax Matters	(0.31)	-
Adjusted Net Income per Diluted Share	$0.32	$0.49

See Notes to Adjusted Financial Information.

	Full-Year
	2026
	Low	High
BATH & BODY WORKS, INC.
FORECASTED ADJUSTED FINANCIAL INFORMATION
(Unaudited)
(In millions, except per share amounts)
Reconciliation of Forecasted Net Income Per Diluted Share to Forecasted Adjusted Net Income per Diluted Share
Forecasted Net Income per Diluted Share	$3.00	$3.25
Interchange Fee Settlements	(0.43)	(0.43)
Business Transformation Activities	0.04	0.04
Loss on Extinguishment of Debt	0.04	0.04
Gain on Sale of Non-core Asset	(0.02)	(0.02)
Tax Effect of Adjustments	0.09	0.09
Tax Benefit from Resolution of Certain Tax Matters	(0.31)	(0.31)
Forecasted Adjusted Net Income Per Diluted Share	$2.40	$2.65
		Full-Year
Reconciliation of Forecasted Net Cash Provided by Operating Activities to Forecasted Free Cash Flow			2026
Forecasted Net Cash Provided by Operating Activities		$870
Forecasted Capital Expenditures		(270)
Forecasted Free Cash Flow		$600

See Notes to Adjusted Financial Information.

NOTES TO ADJUSTED FINANCIAL INFORMATION

(Unaudited)

The adjusted financial information should not be construed as an alternative to the results determined in accordance with generally accepted accounting principles. Further, the company’s definitions of adjusted income information may differ from similarly titled measures used by other companies. Management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of past and present operations. While it is not possible to predict future results, management believes the adjusted financial information is useful for the assessment of the operations of the company because the adjusted items are not indicative of the company’s ongoing operations due to their size and nature. Additionally, management uses adjusted financial information as key performance measures for the purpose of evaluating performance internally. The adjusted financial information should be read in conjunction with the company’s historical financial statements and notes thereto contained in the company’s Quarterly Reports on Form 10-Q and Annual Report on Form 10-K.

The “Adjusted Financial Information” provided in the attached reflects the following non-GAAP financial measures:

Fiscal 2026

In the first quarter of 2026, adjusted results exclude the following:

An $88 million pre-tax gain ($66 million after tax), included as a reduction to General, Administrative and Store Operating Expenses, related to cash proceeds received, net of legal fees, for favorable settlements of payment card interchange fee litigation;
Aggregate pre-tax costs of $8 million ($6 million after tax), primarily included in General, Administrative and Store Operating Expenses, resulting from business transformation activities in connection with the Consumer First Formula;
An $8 million pre-tax loss ($6 million after tax), included in Other Income, Net, related to the repurchase and early extinguishment of outstanding debt;
A $3 million pre-tax gain ($3 million after tax), included in Other Income, Net, related to the sale of a non-core asset; and
A $62 million tax benefit associated with the resolution of certain tax matters.

Full-year 2026 Forecasted Adjusted Net Income per Diluted Share excludes the adjustments referenced above.

Fiscal 2025

There were no adjustments to results in the first quarter of 2025.

Forecasted Free Cash Flow

Our Forecasted Free Cash Flow is defined as Forecasted Net Cash Provided by Operating Activities less our Forecasted Capital Expenditures. Our Forecasted Free Cash Flow is a non-GAAP financial measure which we believe is useful to analyze our anticipated ability to generate cash. Our Forecasted Free Cash Flow calculation may not be comparable to similarly-titled measures reported by other companies. Our Forecasted Free Cash Flow should be evaluated in addition to, and not considered a substitute for, other GAAP financial measures.

Contacts
Emmy Beach
Communications@bbw.com