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Bath & Body Works, Inc. has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $1.610 billion from $1.562 billion in the same quarter the previous year. The increase is attributed to new store growth and an increase in buy online-pick up in store orders.
Cost of goods sold, buying, and occupancy expenses were $910 million, representing 56.5% of net sales, compared to 56.4% in the same quarter the previous year.
The company reported a gross profit of $700 million for the quarter, compared to $682 million in the previous year.
General, administrative, and store operating expenses increased to $482 million from $461 million, primarily due to increases in store count and associate wages.
Operating income for the quarter was $218 million, down from $221 million in the previous year. The operating income rate decreased to 13.5% from 14.1%.
Interest expense for the quarter was $77 million, compared to $84 million in the previous year, due to lower average daily borrowings.
Net income for the quarter was $106 million, down from $119 million in the previous year. Net income per basic share was $0.49, compared to $0.52 in the previous year.
Cash used in operating activities was $69 million, while cash used in investing and financing activities was $114 million and $710 million, respectively.
Bath & Body Works had total assets of $4.984 billion as of November 2, 2024, with cash and cash equivalents of $191 million.
The filing also details various financial agreements, including a $750 million asset-backed revolving credit facility with no borrowings outstanding as of November 2, 2024.
Bath & Body Works continues to focus on expanding its product portfolio and enhancing operational efficiency through cost optimization initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bath & Body Works Inc. quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.