Bath & Body Works First Take 1Q Earnings Beat

Bath & Body Works reported a 1Q26 earnings beat with adj. EPS of $0.32 and reiterated its FY26 guidance. Despite 2Q26 guidance coming in below consensus and the announcement of the CFO's departure, the stock traded up significantly pre-market.

Key Takeaways

• 1.BBWI exceeded 1Q26 expectations with an adj. EPS of $0.32 against the GS/consensus estimates of $0.27/$0.29.
• 2.The company reiterated its FY26 EPS guidance of $2.40-$2.65 despite introducing 2Q26 guidance that was softer than consensus.
• 3.CFO Eva Boratto is stepping down effective June 12; Tom Javitch has been named Interim CFO.

Table of Contents

• 1Q26 Analysis
• Implications
• Valuations & Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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