Bath & Body Works (BBWI)
Market Price (10/10/2026): $17.345 | Market Cap: $3.5 BilSector: Consumer Discretionary | Industry: Other Specialty Retail
Bath & Body Works (BBWI)
Market Price (10/10/2026): $17.345Market Cap: $3.5 BilSector: Consumer DiscretionaryIndustry: Other Specialty Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22%, FCF Yield is 30% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more. | Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -125% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 113% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1%, Rev Chg QQuarterly Revenue Change % is -2.3% Key risksBBWI key risks include [1] high sensitivity to U.S. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22%, FCF Yield is 30% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -125% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 113% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1%, Rev Chg QQuarterly Revenue Change % is -2.3% |
| Key risksBBWI key risks include [1] high sensitivity to U.S. Show more. |
Qualitative Assessment
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Bath & Body Works (BBWI) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Weak fiscal Q3 2026 guidance significantly dampened investor sentiment, outweighing a beat in fiscal Q2 2026 earnings. The company, whose fiscal Q2 2026 ended on August 1, 2026, provided a notably cautious outlook for fiscal Q3 2026 (the current quarter), forecasting adjusted earnings per diluted share between $0.07 and $0.12. This guidance was well below the prior-year fiscal Q3 adjusted EPS of $0.35 and also missed the analyst consensus of $0.26, indicating ongoing operational challenges.
2. Fiscal Q2 2026 adjusted EPS beat was substantially inflated by non-recurring tariff refunds, masking underlying business pressures. While Bath & Body Works reported adjusted earnings per diluted share of $0.62 for fiscal Q2 2026, exceeding the $0.24 consensus, approximately $80 million in tariff refunds contributed significantly to this figure. Excluding this one-time benefit, the adjusted EPS would have been a more modest $0.31, highlighting that core operational performance was less robust than the headline number suggested.
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Bath & Body Works (BBWI) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Weak fiscal Q3 2026 guidance significantly dampened investor sentiment, outweighing a beat in fiscal Q2 2026 earnings. The company, whose fiscal Q2 2026 ended on August 1, 2026, provided a notably cautious outlook for fiscal Q3 2026 (the current quarter), forecasting adjusted earnings per diluted share between $0.07 and $0.12. This guidance was well below the prior-year fiscal Q3 adjusted EPS of $0.35 and also missed the analyst consensus of $0.26, indicating ongoing operational challenges.
2. Fiscal Q2 2026 adjusted EPS beat was substantially inflated by non-recurring tariff refunds, masking underlying business pressures. While Bath & Body Works reported adjusted earnings per diluted share of $0.62 for fiscal Q2 2026, exceeding the $0.24 consensus, approximately $80 million in tariff refunds contributed significantly to this figure. Excluding this one-time benefit, the adjusted EPS would have been a more modest $0.31, highlighting that core operational performance was less robust than the headline number suggested.
3. Persistent softness in U.S. and Canadian store traffic continues to be a major headwind for sales. Despite efforts in digital growth, the company reported a 2.3% decrease in overall net sales to $1.51 billion in fiscal Q2 2026, primarily due to lower North American sales. Management acknowledged that declining foot traffic in stores and malls generally remains a persistent drag on performance, indicating ongoing challenges in its core brick-and-mortar retail operations.
4. Analyst caution and target price adjustments reflected skepticism about the company's near-term turnaround. Following the fiscal Q2 2026 report and the weak Q3 guidance, analysts maintained a cautious stance, with a consensus "Hold" rating. Several major firms, including Goldman Sachs, Baird, UBS, and Barclays, downgraded their ratings or cut price targets, reflecting concerns that the "Consumer First Formula" transformation is in early stages and has yet to fully offset execution issues and product relevance challenges.
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Stock Movement Drivers
Fundamental Drivers
The -24.3% change in BBWI stock from 6/30/2026 to 10/9/2026 was primarily driven by a -29.5% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.89 | 17.34 | -24.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,245 | 7,210 | -0.5% |
| Net Income Margin (%) | 10.0% | 10.8% | 7.9% |
| P/E Multiple | 6.3 | 4.5 | -29.5% |
| Shares Outstanding (Mil) | 201 | 201 | 0.0% |
| Cumulative Contribution | -24.3% |
Market Drivers
6/30/2026 to 10/9/2026| Return | Correlation | |
|---|---|---|
| BBWI | -24.3% | |
| Market (SPY) | 4.3% | 31.8% |
| Sector (XLY) | -3.8% | 40.3% |
Fundamental Drivers
The -5.1% change in BBWI stock from 3/31/2026 to 10/9/2026 was primarily driven by a -21.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.27 | 17.34 | -5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,291 | 7,210 | -1.1% |
| Net Income Margin (%) | 8.9% | 10.8% | 21.7% |
| P/E Multiple | 5.7 | 4.5 | -21.5% |
| Shares Outstanding (Mil) | 202 | 201 | 0.5% |
| Cumulative Contribution | -5.1% |
Market Drivers
3/31/2026 to 10/9/2026| Return | Correlation | |
|---|---|---|
| BBWI | -5.1% | |
| Market (SPY) | 20.0% | 24.2% |
| Sector (XLY) | 3.8% | 46.3% |
Fundamental Drivers
The -29.8% change in BBWI stock from 9/30/2025 to 10/9/2026 was primarily driven by a -37.3% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.69 | 17.34 | -29.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,370 | 7,210 | -2.2% |
| Net Income Margin (%) | 9.9% | 10.8% | 9.7% |
| P/E Multiple | 7.1 | 4.5 | -37.3% |
| Shares Outstanding (Mil) | 210 | 201 | 4.5% |
| Cumulative Contribution | -29.8% |
Market Drivers
9/30/2025 to 10/9/2026| Return | Correlation | |
|---|---|---|
| BBWI | -29.8% | |
| Market (SPY) | 17.8% | 30.8% |
| Sector (XLY) | -5.3% | 41.6% |
Fundamental Drivers
The -43.9% change in BBWI stock from 9/30/2023 to 10/9/2026 was primarily driven by a -55.4% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.92 | 17.34 | -43.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,447 | 7,210 | -3.2% |
| Net Income Margin (%) | 9.5% | 10.8% | 14.4% |
| P/E Multiple | 10.0 | 4.5 | -55.4% |
| Shares Outstanding (Mil) | 228 | 201 | 13.4% |
| Cumulative Contribution | -43.9% |
Market Drivers
9/30/2023 to 10/9/2026| Return | Correlation | |
|---|---|---|
| BBWI | -43.9% | |
| Market (SPY) | 88.4% | 41.1% |
| Sector (XLY) | 43.4% | 47.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BBWI Return | 136% | -38% | 5% | -8% | -47% | -9% | -32% |
| Peers Return | 3% | -32% | 32% | 13% | 20% | -23% | -4% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| BBWI Win Rate | 83% | 42% | 50% | 50% | 33% | 60% | |
| Peers Win Rate | 53% | 30% | 55% | 45% | 55% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BBWI Max Drawdown | -21% | -63% | -40% | -48% | -63% | -34% | |
| Peers Max Drawdown | -41% | -53% | -40% | -34% | -35% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: URBN, NKE, GAP, AEO, CHWY. See BBWI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)
How Low Can It Go
| Event | BBWI | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.4% | -7.8% |
| % Gain to Breakeven | 19.6% | 8.5% |
| Time to Breakeven | 114 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.4% | -9.5% |
| % Gain to Breakeven | 24.1% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.5% | -6.7% |
| % Gain to Breakeven | 39.9% | 7.1% |
| Time to Breakeven | 237 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.3% | -33.7% |
| % Gain to Breakeven | 165.0% | 50.9% |
| Time to Breakeven | 128 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.5% | -19.2% |
| % Gain to Breakeven | 17.0% | 23.8% |
| Time to Breakeven | 14 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -38.1% | -3.7% |
| % Gain to Breakeven | 61.5% | 3.9% |
| Time to Breakeven | 1437 days | 6 days |
In The Past
Bath & Body Works's stock fell -16.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 19.6% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | BBWI | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.5% | -6.7% |
| % Gain to Breakeven | 39.9% | 7.1% |
| Time to Breakeven | 237 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.3% | -33.7% |
| % Gain to Breakeven | 165.0% | 50.9% |
| Time to Breakeven | 128 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -38.1% | -3.7% |
| % Gain to Breakeven | 61.5% | 3.9% |
| Time to Breakeven | 1437 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.1% | -17.9% |
| % Gain to Breakeven | 26.8% | 21.8% |
| Time to Breakeven | 39 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.6% | -15.4% |
| % Gain to Breakeven | 29.3% | 18.2% |
| Time to Breakeven | 100 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -64.2% | -53.4% |
| % Gain to Breakeven | 179.2% | 114.4% |
| Time to Breakeven | 200 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.1% | -8.6% |
| % Gain to Breakeven | 30.0% | 9.5% |
| Time to Breakeven | 918 days | 47 days |
In The Past
Bath & Body Works's stock fell -16.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 19.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bath & Body Works (BBWI)
Bath & Body Works, Inc. (BBWI) operates as a leading specialty retailer primarily focused on personal care and home fragrance products. The company is widely recognized for its extensive range of offerings, including body care items like lotions, shower gels, and fragrances, as well as an array of soaps, sanitizers, and home fragrance products such as candles and wallflowers. These products are sold under its popular Bath & Body Works and White Barn brand names.
The company reaches its customers through a multi-channel retail strategy. In the United States and Canada, Bath & Body Works operates a significant footprint of company-owned specialty retail stores and robust e-commerce websites. Globally, BBWI extends its reach through a network of international partner-operated stores, utilizing franchise, license, and wholesale agreements to bring its distinctive products to a wider international audience.
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Here are 1-3 brief analogies for Bath & Body Works (BBWI):
Victoria's Secret for body care and home fragrances.
The Body Shop meets Yankee Candle.
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- Home Fragrance: Products designed to scent living spaces, including candles, wallflowers, and room sprays.
- Body Care: A variety of personal care items for the body, such as lotions, shower gels, and body mists.
- Soaps and Sanitizers: Products for hand hygiene and cleansing, including hand soaps and hand sanitizers.
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Bath & Body Works (BBWI) primarily sells its products directly to individual consumers through its specialty retail stores and e-commerce websites. As such, its major customers are individual shoppers rather than other companies (though it does have international partners for global distribution).
The company serves the following categories of individual customers:
- Everyday Shoppers for Personal Use: These customers purchase body care, home fragrance, and sanitizing products for their own daily use and to maintain their households. This includes repeat purchasers loyal to specific scents or product lines.
- Gift Givers: A significant portion of sales comes from customers buying products as gifts for friends, family, and colleagues, especially during holidays, birthdays, and special occasions. Bath & Body Works products are popular choices for personal and thoughtful gifts.
- Seasonal and Occasional Shoppers: These customers are drawn to limited-edition collections released for specific seasons (e.g., fall, holidays, summer) or events. They might be purchasing items to decorate their homes seasonally, for themed parties, or to enjoy new fragrances aligned with the time of year.
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Daniel Heaf, Chief Executive Officer
Daniel Heaf was appointed CEO of Bath & Body Works in May 2025. He has a strong background in global consumer brands, having held senior leadership roles at Nike, including Chief Strategy and Transformation Officer and Head of Nike Direct. During his tenure as Head of Nike Direct, he oversaw 45,000 employees and 9,000 stores across 41 countries, doubling the business to $22.3 billion in five years. Before Nike, he served as Senior Vice President of Digital and Customer Experience at Burberry, where he was instrumental in repositioning the brand as a digital innovator and significantly increasing digital sales. He also served as Director of Digital at BBC Worldwide, managing an international portfolio of businesses, and previously ran 4iP, Channel 4's digital investment fund for early-stage UK technology companies, where he led 12 investments. He has also been a board member at MyBuilder.com, Newspaper Club, and Patients Know Best.
Eva Boratto, Chief Financial Officer
Eva Boratto was appointed Chief Financial Officer of Bath & Body Works in August 2023. With over three decades of financial and operational experience in both public and private companies, Boratto previously served as CFO of Opentrons Labworks, a privately held life sciences company. She spent 11 years at CVS Health, culminating as Executive Vice President and Chief Financial Officer, where she played a key role in developing the company's growth plan and supporting the integration of the $69 billion Aetna acquisition. Earlier in her career, Boratto spent 20 years at Merck & Co., Inc., holding various leadership positions, including Vice President, U.S. Market Finance Leader, with financial oversight of a $15 billion U.S. pharmaceutical business. She is also an independent director on the United Parcel Service (UPS) board, where she chairs the audit committee.
Maly Bernstein, Chief Commercial Officer
Maly Bernstein joined Bath & Body Works as Chief Commercial Officer in November 2025. Prior to this role, she served as Chief Executive Officer at Bluemercury, where she successfully led brand evolution and merchandising efforts, resulting in consecutive quarters of comparable sales growth. Her experience also includes an eight-year tenure at CVS Health, where she led e-commerce operations and the beauty division, and a period as an Associate Principal at McKinsey & Company.
Samantha Charleston, Chief Human Resources Officer
Samantha Charleston was appointed Chief Human Resources Officer in November 2025. She brings over two decades of human resources leadership experience. Most recently, she was the Chief Human Resources Officer at Americold, where she oversaw the workforce transformation for 15,000 global employees. Before Americold, she held senior HR leadership roles at Newell Brands during a period of significant growth.
Tom Mazurek, Chief Supply Chain & Logistics Officer
Tom Mazurek serves as Chief Supply Chain & Logistics Officer, responsible for overseeing Bath & Body Works' entire global supply chain, which includes global production, sourcing, distribution, and last-mile delivery.
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- Sensitivity to Macroeconomic Conditions and Discretionary Consumer Spending: The company's performance is highly susceptible to general economic conditions, consumer confidence, and spending patterns, particularly given that its products (home fragrance, body care, and soaps/sanitizers) are often considered discretionary. Inflation, rising living costs, and reduced consumer spending directly impact sales and profitability. A significant portion of Bath & Body Works' operating income is typically realized during the fourth-quarter holiday season, making it especially vulnerable to any downturns during this critical period.
- Supply Chain Disruptions and Cost Pressures, including Tariffs: Bath & Body Works faces risks related to its global sourcing and supply chain, which can be affected by political instability, pandemics, natural disasters, and regulatory changes. Disruptions in sourcing, manufacturing, or distribution, especially during peak sales quarters, could lead to inventory shortages, increased costs, and adverse effects on sales and profitability. The impact of tariffs, particularly on Chinese imports, has also been highlighted as a significant drag on margins and a factor contributing to lower sales forecasts.
- Intense Competition and Evolving Consumer Preferences: The retail industry in which Bath & Body Works operates is highly competitive, with rivals ranging from other specialty stores to online retailers and discount chains. The company must continuously innovate and differentiate its offerings to maintain its competitive edge and market share. Furthermore, shifts in consumer preferences, such as increased demand for sustainability, ethical sourcing, or concerns about the health impacts of fragranced products, require constant adaptation. The reliance on off-mall traffic and the potential decline in mall retailing also pose risks to customer footfall and demand.
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The clear emerging threat for Bath & Body Works is the rapid proliferation and increasing market share of agile, online-first, direct-to-consumer (DTC) brands in the home fragrance, body care, and soap and sanitizer categories. These brands often leverage social media and influencer marketing, focus on niche markets, emphasize specific values such as "clean" ingredients or sustainability, and offer a personalized shopping experience directly to consumers, bypassing traditional retail channels. This model allows for quicker adaptation to trends and direct engagement with customers, posing a significant challenge to established specialty retailers with extensive physical footprints like Bath & Body Works.
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The addressable markets for Bath & Body Works' main products are as follows:
-
Home Fragrance:
- Globally, the home fragrance market size was estimated at USD 26.63 billion in 2025 and is predicted to increase to approximately USD 44.77 billion by 2034.
- In the U.S., the home fragrance market was valued at USD 2.90 billion in 2024 and is projected to reach USD 4.60 billion by 2030.
-
Body Care:
- Globally, the body care products market size is expected to grow from USD 77.18 billion in 2025 to USD 103.61 billion by 2031.
- In the U.S., the body care market size reached USD 16.18 billion in 2024 and is projected to hit USD 20.11 billion by 2030.
-
Soaps and Sanitizers:
-
Hand Sanitizers:
- Globally, the hand sanitizer market size was estimated at USD 7.04 billion in 2023 and is projected to reach USD 10.84 billion by 2030.
- In the U.S., the hand sanitizer market size was estimated at USD 1.2 billion in 2023 and is expected to grow at a CAGR of 5.8% from 2024 to 2030. Another source indicates it was valued at USD 1.25 billion in 2024 and is expected to reach USD 1.76 billion by 2030.
-
Liquid Hand Soap:
- Globally, the liquid hand soap market was estimated at USD 9 billion in 2025 and is expected to grow to USD 16.4 billion by 2035.
- In the U.S., the liquid hand soap market size was USD 2.2 billion in 2025.
-
Hand Sanitizers:
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Bath & Body Works (BBWI) anticipates several key drivers to fuel future revenue growth over the next two to three years, focusing on a multi-year "Consumer First Formula" transformation plan. These initiatives aim to broaden reach, enhance product appeal, and optimize sales channels.
- International Expansion: The company is focused on accelerating the growth of its international business, which is nearing $1 billion in retail sales. Partners are actively opening new stores in key markets, including Germany and Brazil, with international net sales projected to increase by mid-to-high single digits in 2026.
- Product Innovation and Category Evolution: A significant evolution in hero categories such as body care, home fragrance, and soaps and sanitizers is expected, particularly in the latter half of 2026 and into 2027. This includes restaged product forms and packaging with benefit-led claims, aiming to reestablish product leadership and attract new consumers. Early successes include a new moisturizing hand soap which has received strong consumer reviews.
- Digital and Omnichannel Marketplace Expansion: To reach new and lapsed customers, Bath & Body Works launched on Amazon Marketplace in February 2026. The company also plans to significantly increase influencer partnerships to drive brand awareness, especially among younger demographics. Enhancements to the digital experience and expansion of product availability through various channels are also key components of this strategy.
- Brand Modernization and Elevated Storytelling: An updated visual identity and elevated product storytelling, initially debuted on Amazon, are planned for a full rollout across all owned channels during 2026. This effort is part of a broader strategy to reignite the brand and make it more relevant to a wider consumer base.
- Refined Promotional Strategy: Management has indicated a shift away from frequent and deep discounts, aiming instead to "get paid for our innovation." While there are no plans to raise baseline prices, this refined approach to promotions is expected to enhance profitability and revenue per transaction over the long term by strengthening the brand's perceived value.
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Share Repurchases
- Bath & Body Works authorized a new share repurchase program of up to $500 million in February 2025, replacing an approximately $120 million remaining authority from a January 2024 program.
- In fiscal year 2024 (ended February 1, 2025), the company repurchased 10.4 million shares of common stock for $400 million.
- For fiscal year 2025 (ending January 31, 2026), the company anticipated deploying $400 million towards share repurchases.
Share Issuance
- The number of outstanding shares generally decreased over the last few years, indicating net repurchases rather than significant share issuances. Shares outstanding were 0.20 billion at the end of fiscal 2025, down from 0.26 billion in 2021.
Capital Expenditures
- Bath & Body Works expects capital expenditures of approximately $270 million for fiscal year 2026.
- The company reported capital expenditures of -$226 million in fiscal year 2025 (ended January 31, 2026), -$298 million in fiscal year 2024 (ended February 1, 2025), and -$328 million in fiscal year 2023 (ended February 3, 2024).
- Primary focus of capital expenditures includes investments in new and remodeled stores, digital enhancements, in-store technology, and a multi-year IT Transformation Project to modernize digital and analytics capabilities and strengthen cybersecurity.
Peer Outperformance in Other Specialty Retail
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BBWI | Bath & Body Works | -1.1% | 4.5x | -29.8% | -39.7% | -69.1% | — |
| TSCO | Tractor Supply | 2.2% | 17.4x | -36.3% | -12.9% | -5.1% | +64pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -16.3% | 88.2% | 82.7% | CVSA 243% · LINC 240% · PRDO 220% |
| Homebuilding | 18 | -6.4% | 26.9% | 45.4% | GRBK 193% · TOL 149% · PHM 148% |
| Specialty Stores | 7 | 6.8% | 37.4% | 15.5% | ASO 37% · DKS 32% · SIG 31% |
| Hotels, Resorts & Cruise Lines | 21 | 8.9% | 34.1% | 12.4% | RCL 233% · MAR 143% · LIND 136% |
| Home Improvement Retail | 5 | -20.8% | -2.6% | -1.3% | HVT 12% · LOW -1% · HD -1% |
| Automotive Retail | 18 | -13.5% | -2.2% | -5.8% | MUSA 221% · PAG 113% · ORLY 112% |
| Footwear | 9 | 63.5% | 46.4% | -11.8% | WEYS 202% · DECK 38% · SHOO 19% |
| Restaurants | 36 | -11.5% | -8.8% | -13.7% | EAT 293% · CAKE 168% · BH 117% |
| Specialized Consumer Services | 10 | -17.2% | 13.9% | -16.9% | HRB 105% · FTDR 88% · SCI 33% |
| Distributors | 4 | -11.1% | -28.7% | -17.8% | ARMK 120% · GPC 16% · LKQ -52% |
| Home Furnishings | 4 | -4.2% | 23.1% | -18.0% | SGI 46% · LZB -2% · MHK -34% |
| Apparel Retail | 25 | 6.3% | 18.5% | -37.0% | ANF 263% · URBN 177% · TJX 130% |
| Computer & Electronics Retail | 3 | 10.3% | 43.1% | -38.5% | BBY 2% · GME -38% · UPBD -62% |
| Household Appliances | 18 | 8.7% | -5.1% | -39.6% | FLXS 213% · HBB 163% · KEQU 159% |
| Automotive Parts & Equipment | 38 | -8.8% | -14.7% | -41.3% | MOD 1456% · GTX 270% · MLR 68% |
| Leisure Facilities | 12 | 4.9% | -7.6% | -42.1% | JAKK 156% · LTH 136% · OSW 127% |
| Leisure Products | 13 | -23.3% | -23.3% | -42.8% | GOLF 76% · HAS 27% · MAT -12% |
| Casinos & Gaming | 20 | -11.4% | -28.4% | -46.5% | MCRI 89% · RRR 16% · BYD 13% |
| Apparel, Accessories & Luxury Goods | 29 | 0.9% | 13.2% | -48.9% | RL 261% · TPR 253% · ELA 191% |
| Broadline Retail | 14 | -7.3% | 20.4% | -50.0% | EBAY 63% · AMZN 60% · OLLI 40% |
| Consumer Electronics | 11 | -27.4% | -26.6% | -74.2% | AXIL 3072% · GRMN 91% · SONO -43% |
| Other Specialty Retail ← | 17 | -35.2% | -42.9% | -77.9% | TLF 99% · BBW 87% · WINA 63% |
| Automobile Manufacturers | 8 | -75.6% | -55.9% | -78.8% | GM 47% · TSLA 46% · F 10% |
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| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 21.09 |
| Mkt Cap | 7.7 |
| Rev LTM | 13,069 |
| Op Inc LTM | 1,207 |
| FCF LTM | 957 |
| FCF 3Y Avg | 833 |
| CFO LTM | 1,273 |
| CFO 3Y Avg | 1,060 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.1% |
| Rev Chg 3Y Avg | 0.5% |
| Rev Chg Q | -2.0% |
| QoQ Delta Rev Chg LTM | -0.5% |
| Op Inc Chg LTM | 44.4% |
| Op Inc Chg 3Y Avg | 26.9% |
| Op Mgn LTM | 9.3% |
| Op Mgn 3Y Avg | 8.3% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 10.0% |
| CFO/Rev 3Y Avg | 9.5% |
| FCF/Rev LTM | 6.0% |
| FCF/Rev 3Y Avg | 6.4% |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Single Segment | 7,291 | 7,307 | 7,429 | 7,560 | 7,882 |
| Total | 7,291 | 7,307 | 7,429 | 7,560 | 7,882 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 1,126 | 1,266 | 1,285 | 1,376 | |
| Bath & Body Works | 1,821 | ||||
| Other | -216 | ||||
| Victoria’s Secret | -25 | ||||
| Total | 1,126 | 1,266 | 1,285 | 1,376 | 1,580 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Victoria’s Secret | 4,220 | 5,271 | 3,129 | 3,369 | 3,285 |
| Other | 3,803 | 1,478 | 2,221 | 2,227 | 2,660 |
| Bath & Body Works | 3,548 | 3,376 | 1,898 | 1,753 | 1,632 |
| Victoria's Secret and Bath & Body Works International | 842 | 800 | 593 | ||
| Total | 11,571 | 10,125 | 8,090 | 8,149 | 8,170 |
Price Behavior
| Market Price | $17.34 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 07/01/1985 | |
| Distance from 52W High | -33.1% | |
| 50 Days | 200 Days | |
| DMA Price | $18.25 | $19.52 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -5.0% | -11.2% |
| 3M | 1YR | |
| Volatility | 51.9% | 59.6% |
| Downside Capture | 239.92 | 165.97 |
| Upside Capture | 123.20 | 95.59 |
| Correlation (SPY) | 29.7% | 30.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.94 | 1.24 | 1.45 | 1.06 | 1.39 | 1.40 |
| Up Beta | -0.46 | 1.24 | 0.39 | 1.27 | 0.96 | 1.54 |
| Down Beta | 4.71 | 0.72 | 0.94 | 0.55 | 2.25 | 1.66 |
| Up Capture | 106% | 46% | 98% | 74% | 82% | 72% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 17 | 27 | 56 | 117 | 357 |
| Down Capture | 352% | 261% | 280% | 150% | 137% | 108% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 25 | 37 | 69 | 132 | 388 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BBWI | |
|---|---|---|---|---|
| BBWI | -30.5% | 59.4% | -0.38 | - |
| Sector ETF (XLY) | -4.0% | 19.4% | -0.34 | 41.5% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 30.6% |
| Gold (GLD) | 3.3% | 29.5% | 0.11 | -2.4% |
| Commodities (DBC) | 44.8% | 20.9% | 1.67 | -28.5% |
| Real Estate (VNQ) | 4.8% | 13.8% | 0.09 | 25.5% |
| Bitcoin (BTCUSD) | -33.8% | 44.2% | -0.81 | 19.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BBWI | |
|---|---|---|---|---|
| BBWI | -21.0% | 51.4% | -0.28 | - |
| Sector ETF (XLY) | 5.4% | 24.1% | 0.18 | 50.1% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 46.0% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | 0.8% |
| Commodities (DBC) | 10.0% | 19.6% | 0.39 | 0.1% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 39.3% |
| Bitcoin (BTCUSD) | 11.2% | 52.0% | 0.39 | 19.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BBWI | |
|---|---|---|---|---|
| BBWI | -8.1% | 55.3% | 0.07 | - |
| Sector ETF (XLY) | 12.1% | 22.2% | 0.50 | 49.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 45.7% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 0.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 12.8% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 41.7% |
| Bitcoin (BTCUSD) | 63.3% | 66.2% | 1.03 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/26/2026 | 7.5% | 5.9% | -4.4% |
| 5/27/2026 | 9.7% | 5.6% | 24.5% |
| 3/4/2026 | 2.6% | -8.9% | -13.8% |
| 11/20/2025 | -24.8% | -16.4% | -7.2% |
| 8/28/2025 | -6.9% | 1.0% | -15.5% |
| 5/29/2025 | -6.2% | -11.3% | -0.6% |
| 2/27/2025 | -12.7% | -15.7% | -22.3% |
| 11/25/2024 | 16.5% | 22.1% | 27.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 10 |
| # Negative | 10 | 12 | 15 |
| Median Positive | 5.6% | 6.1% | 15.1% |
| Median Negative | -6.9% | -8.7% | -7.2% |
| Max Positive | 25.2% | 29.8% | 29.5% |
| Max Negative | -24.8% | -16.4% | -26.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/26/2026 | 7.5% | 5.9% | -4.4% |
| 5/27/2026 | 9.7% | 5.6% | 24.5% |
| 3/4/2026 | 2.6% | -8.9% | -13.8% |
| 11/20/2025 | -24.8% | -16.4% | -7.2% |
| 8/28/2025 | -6.9% | 1.0% | -15.5% |
| 5/29/2025 | -6.2% | -11.3% | -0.6% |
| 2/27/2025 | -12.7% | -15.7% | -22.3% |
| 11/25/2024 | 16.5% | 22.1% | 27.3% |
| 8/28/2024 | -7.0% | -15.0% | -8.6% |
| 6/4/2024 | -12.8% | -11.5% | -26.9% |
| 2/29/2024 | -5.4% | -7.3% | 3.5% |
| 11/16/2023 | -6.8% | -8.3% | 27.7% |
| 8/23/2023 | 3.7% | 6.1% | -2.5% |
| 5/18/2023 | 10.7% | 12.4% | 15.1% |
| 2/23/2023 | 4.0% | -5.9% | -18.0% |
| 11/16/2022 | 25.2% | 29.8% | 29.5% |
| 8/17/2022 | 0.2% | -8.0% | -5.9% |
| 5/18/2022 | -6.8% | -8.5% | -21.5% |
| 2/23/2022 | 5.6% | 6.0% | -1.1% |
| 11/17/2021 | 5.3% | 0.5% | -6.2% |
| 8/18/2021 | 10.5% | 15.0% | 11.9% |
| 5/19/2021 | -3.9% | 1.4% | -6.5% |
| 2/24/2021 | 1.4% | 6.3% | 15.1% |
| 1/8/2021 | 0.3% | -3.3% | 4.7% |
| 11/18/2020 | 17.7% | 15.9% | 14.9% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 10 |
| # Negative | 10 | 12 | 15 |
| Median Positive | 5.6% | 6.1% | 15.1% |
| Median Negative | -6.9% | -8.7% | -7.2% |
| Max Positive | 25.2% | 29.8% | 29.5% |
| Max Negative | -24.8% | -16.4% | -26.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/26/2026 | 10-Q |
| 04/30/2026 | 05/27/2026 | 10-Q |
| 01/31/2026 | 03/12/2026 | 10-K |
| 10/31/2025 | 11/20/2025 | 10-Q |
| 07/31/2025 | 08/28/2025 | 10-Q |
| 04/30/2025 | 05/29/2025 | 10-Q |
| 01/31/2025 | 03/14/2025 | 10-K |
| 10/31/2024 | 11/26/2024 | 10-Q |
| 07/31/2024 | 08/28/2024 | 10-Q |
| 04/30/2024 | 06/04/2024 | 10-Q |
| 01/31/2024 | 03/22/2024 | 10-K |
| 10/31/2023 | 12/01/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/17/2023 | 10-K |
| 10/31/2022 | 11/30/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/26/2026 | 10-Q |
| 04/30/2026 | 05/27/2026 | 10-Q |
| 01/31/2026 | 03/12/2026 | 10-K |
| 10/31/2025 | 11/20/2025 | 10-Q |
| 07/31/2025 | 08/28/2025 | 10-Q |
| 04/30/2025 | 05/29/2025 | 10-Q |
| 01/31/2025 | 03/14/2025 | 10-K |
| 10/31/2024 | 11/26/2024 | 10-Q |
| 07/31/2024 | 08/28/2024 | 10-Q |
| 04/30/2024 | 06/04/2024 | 10-Q |
| 01/31/2024 | 03/22/2024 | 10-K |
| 10/31/2023 | 12/01/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/17/2023 | 10-K |
| 10/31/2022 | 11/30/2022 | 10-Q |
| 07/31/2022 | 09/02/2022 | 10-Q |
| 04/30/2022 | 06/02/2022 | 10-Q |
| 01/31/2022 | 03/18/2022 | 10-K |
| 10/31/2021 | 12/03/2021 | 10-Q |
| 07/31/2021 | 09/02/2021 | 10-Q |
| 04/30/2021 | 06/03/2021 | 10-Q |
| 01/31/2021 | 03/19/2021 | 10-K |
| 10/31/2020 | 12/04/2020 | 10-Q |
| 07/31/2020 | 09/03/2020 | 10-Q |
| 04/30/2020 | 06/03/2020 | 10-Q |
| 01/31/2020 | 03/30/2020 | 10-K |
| 10/31/2019 | 12/06/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Sales Growth | Reported | -4.0% | -3.25% | -2.5% | 0.2% | Raised | Guidance: -3.5% for 2026 | |
| 2026 EPS | Reported | 3.13 | 3.23 | 3.33 | Raised | Guidance: 3.13 for 2026 | ||
| 2026 Adjusted EPS | Reported | 2.6 | 2.7 | 2.8 | 6.9% | Raised | Guidance: 2.53 for 2026 | |
| 2026 Free Cash Flow | Reported | 650.00 Mil | 8.3% | Raised | Guidance: 600.00 Mil for 2026 | |||
| Q3 2026 Net Sales Growth | Reported | -5.0% | -3.75% | -2.5% | ||||
| Q3 2026 EPS | Reported | 0.05 | 0.08 | 0.1 | ||||
| Q3 2026 Adjusted EPS | Reported | 0.07 | 0.1 | 0.12 | ||||
Prior: Q1 2026 Earnings Reported 5/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue Growth | Reported | -5.0% | -4.0% | -3.0% | ||||
| Q2 2026 EPS | Reported | 0.2 | 0.23 | 0.25 | ||||
| 2026 Revenue Growth | Reported | -4.5% | -3.5% | -2.5% | 0.0% | Affirmed | Guidance: -3.5% for 2026 | |
| 2026 EPS | Reported | 3 | 3.13 | 3.25 | 0.0% | Affirmed | Guidance: 3.13 for 2026 | |
| 2026 Adjusted EPS | Reported | 2.4 | 2.53 | 2.65 | 0.0% | Affirmed | Guidance: 2.53 for 2026 | |
| 2026 Free Cash Flow | Reported | 600.00 Mil | Affirmed | Guidance: 600.00 Mil for 2026 | ||||
Q4 2025 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue Growth | Reported | -6.0% | -5.0% | -4.0% | ||||
| Q1 2026 EPS | Reported | 0.84 | 0.87 | 0.9 | -48.8% | Lower New | Guidance: 1.7 for Q4 2025 | |
| Q1 2026 Adjusted EPS | Reported | 0.24 | 0.27 | 0.3 | ||||
| 2026 Revenue Growth | Reported | -4.5% | -3.5% | -2.5% | ||||
| 2026 EPS | Reported | 3 | 3.13 | 3.25 | 10.4% | Higher New | Guidance: 2.83 for 2025 | |
| 2026 Adjusted EPS | Reported | 2.4 | 2.53 | 2.65 | -12.0% | Lower New | Guidance: 2.87 for 2025 | |
| 2026 Free Cash Flow | Reported | 600.00 Mil | -7.7% | Lower New | Guidance: 650.00 Mil for 2025 | |||
Q3 2025 Earnings Reported 11/20/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | |||||||
| Q4 2025 EPS | Reported | 1.7 | ||||||
| 2025 Revenue Growth | Reported | Lowered | Guidance: 2.1% for 2025 | |||||
| 2025 EPS | Reported | 2.83 | -16.9% | Lowered | Guidance: 3.41 for 2025 | |||
| 2025 Adjusted EPS | Reported | 2.87 | -17.4% | Lowered | Guidance: 3.48 for 2025 | |||
| 2025 Free Cash Flow | Reported | 650.00 Mil | -18.8% | Lowered | Guidance: 800.00 Mil for 2025 | |||
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Symancyk, James Kevin | Direct | Buy | 11252025 | 15.58 | 22,500 | 350,550 | 629,105 | Form | |
| 2 | Nash, Sarah E | Direct | Buy | 11252025 | 15.58 | 10,000 | 155,800 | 4,448,433 | Form | |
| 3 | Voskuil, Steven E | Direct | Buy | 11242025 | 15.04 | 20,000 | 300,700 | 510,062 | Form | |
| 4 | Steinour, Stephen D | Direct | Buy | 11242025 | 14.86 | 6,700 | 99,528 | 715,640 | Form | |
| 5 | Hondal, Francis | Direct | Buy | 11242025 | 14.99 | 3,343 | 50,128 | 323,202 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Symancyk, James Kevin | Direct | Buy | 11252025 | 15.58 | 22,500 | 350,550 | 629,105 | Form | |
| 2 | Nash, Sarah E | Direct | Buy | 11252025 | 15.58 | 10,000 | 155,800 | 4,448,433 | Form | |
| 3 | Voskuil, Steven E | Direct | Buy | 11242025 | 15.04 | 20,000 | 300,700 | 510,062 | Form | |
| 4 | Steinour, Stephen D | Direct | Buy | 11242025 | 14.86 | 6,700 | 99,528 | 715,640 | Form | |
| 5 | Hondal, Francis | Direct | Buy | 11242025 | 14.99 | 3,343 | 50,128 | 323,202 | Form | |
| 6 | Brady, Lucy | Direct | Buy | 11242025 | 14.40 | 3,470 | 49,962 | 251,734 | Form |
Bath & Body Works — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Other Specialty Retail Resources |
| Specialty Retailer |
| Retail Gazette |
| Inside Retail |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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