bbwi-20250503

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________

FORM 10-Q

_________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 3, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-8344

_________________________________

BATH & BODY WORKS, INC.

(Exact name of registrant as specified in its charter)

_______________________________


Delaware		31-1029810
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)
Three Limited Parkway
Columbus,	Ohio	43230
(Address of principal executive offices)		(Zip Code)
(614)	415-7000
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Smaller reporting company

☐

Non-accelerated filer

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.50 Par Value	BBWI	The New York Stock Exchange

As of May 23, 2025, the number of outstanding shares of the Registrant’s common stock was 211,611,794 shares.


			Page No.
Part I. Financial Information

Item 1. Financial Statements *

Consolidated Statements of Income (Unaudited)			3

Consolidated Statements of Comprehensive Income (Unaudited)			3

Consolidated Balance Sheets as of May 3, 2025 (Unaudited), February 1, 2025 and May 4, 2024 (Unaudited)			4

Consolidated Statements of Total Equity (Deficit) (Unaudited)			5

Consolidated Statements of Cash Flows (Unaudited)			6

Notes to Consolidated Financial Statements (Unaudited)			7

Report of Independent Registered Public Accounting Firm			14

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995			15

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			15

Item 3. Quantitative and Qualitative Disclosures About Market Risk			23

Item 4. Controls and Procedures			24

Part II. Other Information			25

Item 1. Legal Proceedings			25

Item 1A. Risk Factors			25

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			25

Item 3. Defaults Upon Senior Securities			25

Item 4. Mine Safety Disclosures			25

Item 5. Other Information			25

Item 6. Exhibits			26

Signature			27


*			The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “first quarter of 2025” and “first quarter of 2024” refer to the thirteen-week periods ended May 3, 2025 and May 4, 2024, respectively.


	First Quarter
	2025		2024
Net Sales	$	1,424	$	1,384
Costs of Goods Sold, Buying and Occupancy	(778)		(778)
Gross Profit	646		606
General, Administrative and Store Operating Expenses	(437)		(419)
Operating Income	209		187
Interest Expense	(71)		(82)
Other Income, Net	8		13
Income Before Income Taxes	146		118
Provision for Income Taxes	(41)		(31)
Net Income	$	105	$	87
Net Income per Basic Share	$	0.49	$	0.39
Net Income per Diluted Share	$	0.49	$	0.38


	May 3, 2025		February 1, 2025		May 4, 2024
	(Unaudited)				(Unaudited)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	636	$	674	$	855
Accounts Receivable, Net	103		205		121
Inventories	869		734		814
Easton Assets Held for Sale	97		96		—
Other	115		114		127
Total Current Assets	1,820		1,823		1,917
Property and Equipment, Net	1,111		1,127		1,183
Operating Lease Assets	970		949		1,047
Goodwill	628		628		628
Trade Name	165		165		165
Deferred Income Taxes	133		130		143
Other Assets	54		50		138
Total Assets	$	4,881	$	4,872	$	5,221
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	452	$	338	$	403
Accrued Expenses and Other	495		584		489

Current Operating Lease Liabilities	201		192		186
Income Taxes	146		117		143
Total Current Liabilities	1,294		1,231		1,221
Deferred Income Taxes	23		24		147
Long-term Debt	3,886		3,884		4,282
Long-term Operating Lease Liabilities	895		883		990
Other Long-term Liabilities	233		233		257
Shareholders’ Equity (Deficit):
Preferred Stock - $1.00 par value; 10 shares authorized; none issued	—		—		—
Common Stock - $0.50 par value; 1,000 shares authorized; 227, 231 and 238 shares issued; 212, 216 and 223 shares outstanding, respectively	113		115		119
Paid-in Capital	818		829		841
Accumulated Other Comprehensive Income	73		71		74
Retained Earnings (Accumulated Deficit)	(1,633)		(1,578)		(1,889)
Less: Treasury Stock, at Average Cost; 15, 15 and 15 shares, respectively	(822)		(822)		(822)
Total Shareholders’ Equity (Deficit)	(1,451)		(1,385)		(1,677)
Noncontrolling Interest	1		2		1
Total Equity (Deficit)	(1,450)		(1,383)		(1,676)
Total Liabilities and Equity (Deficit)	$	4,881	$	4,872	$	5,221


	Common Stock			Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings (Accumulated Deficit)		Treasury Stock, at Average Cost		Noncontrolling Interest		Total Equity (Deficit)
	Shares Outstanding	Par Value
Balance, February 1, 2025	216	$	115	$	829	$	71	$	(1,578)	$	(822)	$	2	$	(1,383)
Net Income	—	—		—		—		105		—		—		105
Other Comprehensive Income	—	—		—		2		—		—		—		2
Total Comprehensive Income	—	—		—		2		105		—		—		107
Cash Dividends ($0.20 per share)	—	—		—		—		(43)		—		—		(43)
Repurchases of Common Stock	(4)	—		—		—		—		(135)		—		(135)
Treasury Share Retirement	—	(2)		(16)		—		(117)		135		—		—
Share-based Compensation and Other	—	—		5		—		—		—		(1)		4
Balance, May 3, 2025	212	$	113	$	818	$	73	$	(1,633)	$	(822)	$	1	$	(1,450)


Repurchase Program	Amount Authorized		Shares Repurchased		Amount Repurchased				Average Stock Price
			2025	2024	2025		2024		2025		2024
	(in millions)		(in thousands)		(in millions)
February 2022	$	1,500	NA	842	NA		$	39	NA		$	46.08
January 2024	500		460	1,329	$	17	60		$	37.67	45.32
January 2025	500		3,866	NA	118		NA		30.47		NA
Total			4,326	2,171	$	135	$	99


	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2025
First Quarter	$	0.20	$	43



2024
First Quarter	$	0.20	$	45


	First Quarter		Full Year

	(in millions)
2025 Notes	$	—	$	314
2027 Notes	—		14
2028 Notes	10		17
2029 Notes	7		17
2030 Notes	38		94
2033 Notes	10		10
2035 Notes	6		10
2036 Notes	38		38

Total	$	109	$	514


	Stores			Stores
	February 1, 2025	Opened	Closed	May 3, 2025
United States	1,782	13	(8)	1,787
Canada	113	—	—	113
Total	1,895	13	(8)	1,900


	2025		2024		% Change
	(in millions)
Stores - U.S. and Canada (a)	$	1,110	$	1,065	4.3	%
Direct - U.S. and Canada	250		261		(4.3	%)
International (b)	64		58		10.1	%
Total Net Sales	$	1,424	$	1,384	2.9	%


	May 3, 2025		February 1, 2025		May 4, 2024
	(in millions)
Senior Debt with Subsidiary Guarantee
$500 million, 9.375% Fixed Interest Rate Notes due July 2025 (“2025 Notes”)	$	—	$	—	$	313
$284 million, 6.694% Fixed Interest Rate Notes due January 2027 (“2027 Notes”)	277		277		287
$444 million, 5.250% Fixed Interest Rate Notes due February 2028 (“2028 Notes”)	443		443		450
$482 million, 7.500% Fixed Interest Rate Notes due June 2029 (“2029 Notes”)	476		476		485
$844 million, 6.625% Fixed Interest Rate Notes due October 2030 (“2030 Notes”)	839		838		893
$802 million, 6.875% Fixed Interest Rate Notes due November 2035 (“2035 Notes”)	797		796		800
$575 million, 6.750% Fixed Interest Rate Notes due July 2036 (“2036 Notes”)	571		571		571
Total Senior Debt with Subsidiary Guarantee	3,403		3,401		3,799
Senior Debt
$284 million, 6.950% Fixed Interest Rate Debentures due March 2033 (“2033 Notes”)	283		283		283
$201 million, 7.600% Fixed Interest Rate Notes due July 2037 (“2037 Notes”)	200		200		200
Total Senior Debt	483		483		483
Total Long-term Debt	$	3,886	$	3,884	$	4,282


	May 3, 2025		February 1, 2025		May 4, 2024
	(in millions)
Principal Value	$	3,916	$	3,916	$	4,321
Fair Value, Estimated (a)	3,957		3,986		4,351


	2025			2024
Average daily borrowings (in millions)	$	3,916		$	4,386
Average borrowing rate	7.1		%	7.3		%


	2025				2024				Change
	(in millions)		% of Net Sales		(in millions)		% of Net Sales		(in millions)		% of Net Sales
Selling Expenses	$	256	18.0	%	$	247	17.8	%	$	9	0.2	%
Marketing Expenses	49		3.5	%	45		3.3	%	4		0.1	%
General and Administrative Expenses	132		9.3	%	127		9.2	%	5		0.1	%
Total	$	437	30.7	%	$	419	30.3	%	$	18	0.4	%

SEC Form 10-Q filed by Bath & Body Works Inc.