Bath & Body Works closed more than 10% higher Thursday after it beat fiscal first-quarter earnings expectations and raised its guidance.
While sales and net income fell year over year, the retailer is now expecting full-year 2023 earnings per share to be between $2.70 and $3.10, compared to the range of $2.50 to $3.00 given during the previous quarter. It expects adjusted earnings per share to be between $2.68 and $3.08 for the year.
The longtime mall shop, known for its lotions, hand sanitizers and soaps, attributed the rosier guidance to “better-than-expected” earnings and the effect of an early debt payoff in the first quarter.
“We delivered first quarter sales in line with our…