BBWI - Why Bath & Body Works Stock Tumbled 13% on Tuesday
2024-06-04 14:02:24 ET
Soaps and sundries stock Bath & Body Works (NYSE: BBWI) fell 13% through 12:30 p.m. ET Tuesday despite the company beating on both sales and earnings in its first-quarter 2024 earnings report this morning.
Heading into earnings, analysts forecast Bath & Body Works would earn $0.33 per share on sales of just under $1.4 billion. In fact, the company earned $0.38 per share, and its sales hit $1.4 billion on the nose.
In its earnings release, Bath & Body Works suggested analysts weren't entirely wrong to predict less than $1.4 billion in revenue. That figure was actually more than the company itself thought it would make (albeit it was still about a 1% decline year over year). Gross, operating, and net profits, meanwhile, all increased, resulting in respectable 9% profit growth year over year.
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Why Bath & Body Works Stock Tumbled 13% on Tuesday