Although sales were down compared to 2021, they were up 46% compared to Q3 2019.
The company reported earnings from continuing operations per diluted share of $0.40 for the third quarter ended Oct. 29, 2022, compared to $0.66 for the quarter ended Oct. 30, 2021. Third quarter operating income was $201.8 million compared to $408.5 million last year, and net income from continuing operations was $91.0 million compared to $177.1 million last year.
Sarah Nash, executive chair and interim chief executive officer, said “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. We are delighted with the pace and enrollment in our recently launched loyalty program. We continue to be mindful of the challenging environment and inflationary pressure affecting our customers and our business.”
Nash continued, “Looking forward through the remainder of the year and beyond, we are pleased with our assortment – a great mix of returning holiday favorites and new giftable offerings. We are continuing to stay close to our customer, and we remain disciplined in our expense and inventory management. Long-term, we are confident in the fundamentals and potential of our business, and we are excited for Bath & Body Works’ next growth chapter as we officially welcome global personal care and beauty industry veteran, Gina Boswell, as the company’s next Chief Executive Officer in December.”
The company is forecasting fourth quarter earnings from continuing operations per diluted share between $1.45 and $1.65. For fiscal 2022, the company is forecasting earnings from continuing operations per diluted share between $3.00 and $3.20, compared to its prior full year forecast of $2.70 to $3.00.