실적분석 2026년 8월 26일

Bath & Body Works ($BBWI) FY2026 Q2 Earnings Analysis — Shares Decline After-Hours Despite Adjusted Profit Beat and Raised Full-Year Outlook

Earnings Scorecard

Revenue: $1.514 billion (down 2.3% year-over-year, vs. $1.496 billion estimate) ✅ Beat

EPS: Adjusted $0.62 (vs. $0.24 estimate; GAAP $0.58) ✅ Beat

Guidance: Raised — Full-year adjusted EPS lifted to $2.60–$2.80; revenue range narrowed to a 4% to 2.5% decline

Stock reaction: After-hours -3.41% ($16.98) — as of 08-26 20:48 KST

What Went Well

Adjusted earnings beat: Adjusted EPS of $0.62 vs. $0.24 estimate, a substantial beat

Direct-channel sales rebound: U.S. and Canada direct-channel sales rose 3.0%, the first growth since 2021

Full-year earnings outlook raised: Adjusted EPS guidance lifted to $2.60–$2.80

Sequential improvement in body care, higher average selling prices on new products, and marketplace partnership momentum overlapped, and some early signals of management's consumer-first strategy showed up in the numbers. Operating income came in at $216 million vs. $157 million a year earlier, and net income (total) was $118 million.

What Fell Short

One-time tariff refund: Excluding the roughly $80 million refund, adjusted EPS is $0.31

Store sales weakness: U.S. and Canada store sales declined 5.4%; total revenue also fell 2.3%

Weak Q3 earnings guidance: Adjusted EPS of $0.07–$0.12, sharply below the prior-year $0.35

Core demand is still under pressure, and weaker store traffic and mall softness are a drag. Even with the upward revision to full-year adjusted EPS, the Q3 bar is low, framing the setup as the market separating the "earnings beat" from the "pace of structural recovery."

What the Company Said

CEO Daniel Heaf said Q2 revenue and EPS exceeded company guidance and that some elements of the consumer-first strategy are beginning to show results. However, he drew a line, noting that underlying business flow remains pressured and that the structural turnaround is still in its early stages.

Market Reaction and What to Watch Next

Despite the beat, the after-hours decline stems from the fact that a significant portion of the adjusted profit came from a one-time tariff refund, and Q3 adjusted EPS guidance ($0.07–$0.12) sits below the bar the market had set.

Whether margins and adjusted earnings hold up once the tariff refund is excluded

Whether direct-channel sales growth continues into the next quarter

Whether the decline in U.S. and Canada store traffic narrows