Shares of home fragrance retailer Bath & Body Works Inc BBWI are trading higher in Wednesday's after-hours session after the company reported better-than-expected financial results and raised its full-year earnings outlook.
Bath & Body Works said third-quarter revenue decreased 5% year-over-year to $1.6 billion. The number beat average analyst estimates of $1.55 billion, according to Benzinga Pro. The retailer reported third-quarter earnings of 40 cents per share, doubling estimates of 20 cents per share.
"We are pleased to have delivered better-than-anticipated bottom-line performance as the team remained focused on innovation and newness, continued to leverage our vertically integrated supply chain to chase into key winners, and took aggressive action to control costs and improve overall efficiencies," said Sarah Nash, executive chair and interim CEO of Bath & Body Works.
Bath & Body Works expects fourth-quarter earnings to be between $1.45 and $1.65 per share versus average estimates of $1.55 per share. The company raised its full-year earnings guidance from a range of $2.70 to $3 per share to a range of $3 to $3.20 per share.
"We are continuing to stay close to our customer, and we remain disciplined in our expense and inventory management," Nash added.
BBWI Price Action: Bath & Body Works has a 52-week high of $82 and a 52-week low of $25.75.
The stock was up 22.4% in after hours at $38.37 at time of publication.
Photo: courtesy of Bath & Body Works.
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