Bath & Body Works, Inc. (NYSE:BBWI) posted downbeat third-quarter earnings and slashed its full-year outlook on Thursday.
The company reported third-quarter adjusted earnings per share of 35 cents, missing the Street view of 40 cents. Quarterly sales of $1.594 billion (down 1% year over year) missed the analyst consensus estimate of $1.634 billion.
"Our third quarter results were below expectations, and we are lowering our outlook for the remainder of the year reflecting current business trends and continuation of recent macro consumer pressures," said Daniel Heaf, chief executive officer of Bath & Body Works.
The company expects fourth-quarter sales to decline in the high-single-digit range, citing a very challenging start to the holiday season and weakening macro consumer sentiment. EPS is expected to be at least $1.70, well below the $2.17 consensus estimate, as the company pushes aggressive actions to stabilize performance.
Bath & Body Works shares fell 2.2% to $15.47 in pre-market trading.
These analysts made changes to their price targets on Bath & Body Works following earnings announcement.
- Baird analyst Mark Altschwager downgraded Bath & Body Works from Outperform to Neutral and cut the price target from $33 to $19.
- Goldman Sachs analyst Kate McShane downgraded the stock from Buy to Neutral and cut the price target from $39 to $17.
Considering buying BBWI stock? Here’s what analysts think:
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