Bath & Body Works Appoints Daniel Heaf as CEO; Reports Strong Q1 2025 Results

Bath & Body Works, Inc. (NYSE: BBWI) announced the appointment of Daniel Heaf as Chief Executive Officer, effective immediately. Heaf, a seasoned leader with prior senior roles at Nike and Burberry, will also join the Board of Directors following the 2025 Annual Meeting. He replaces Gina Boswell, who has stepped down.

Heaf brings extensive experience in consumer and retail transformation. At Nike, he previously led the direct-to-consumer business to more than double in size and most recently served as Chief Strategy and Transformation Officer.

First Quarter 2025 Preliminary Results:
• Net Sales: $1.424 billion (up 3% year-over-year), meeting the high end of guidance.
• Earnings Per Share: $0.49, exceeding the high end of guidance.
• Full-Year Outlook Maintained: Sales growth of 1% to 3% and EPS of $3.25 to $3.60.
The company will hold its earnings call on May 29, 2025, at 8:30 a.m. ET.

Chair Sarah Nash praised Heaf as a bold, consumer-first leader with a clear vision to evolve the brand. Heaf emphasized Bath & Body Works’ potential to grow into a global home fragrance and beauty leader, citing the company’s strong foundation of brand loyalty and retail footprint.

Bath & Body Works, Inc. has announced that its Chief Executive Officer, Gina Boswell, will take a temporary leave of absence to undergo scheduled surgery. The absence is expected to last several weeks.

Bath & Body Works, Inc. has filed a Form 8-K with the SEC, reaffirming its financial guidance for the first quarter and full year of fiscal 2025. During its participation in the Bank of America Consumer & Retail Conference – Fireside Chat on March 11, 2025, the company reiterated its previously announced projections.

For the first quarter of 2025, the company expects net sales growth between 1% and 3% and earnings per diluted share in the range of $0.36 to $0.43. For the full fiscal year 2025, net sales growth is projected to be between 1% and 3%, with earnings per diluted share estimated between $3.25 and $3.60.

The company made this announcement in connection with its investor presentation, and the audio webcast of the event is available on the company's Investor Relations website. The information was furnished under Regulation FD and is not considered filed under the Exchange Act.

Bath & Body Works reported its fourth-quarter and full-year 2024 results, exceeding earnings expectations and providing 2025 guidance.

The company recorded fourth-quarter net sales of $2.8 billion and earnings per diluted share of $2.09, surpassing projections. Strong traffic and conversion rates contributed to performance, despite a 4.3% decline in sales due to a shifted fiscal calendar that included an extra week in 2023. Net income for the quarter was $453 million, down from $579 million in the prior year.

For the full year, net sales declined 1.6% to $7.3 billion, reflecting the impact of the 53rd week in fiscal 2023. Earnings per diluted share were $3.61, compared to $3.84 in 2023. The company repurchased 10.4 million shares for $400 million and exited the year with a debt leverage ratio of 2.5x.

Looking ahead to 2025, Bath & Body Works expects net sales growth of 1% to 3% and earnings per diluted share between $3.25 and $3.60. The first quarter is projected to see similar sales growth, with earnings per diluted share between $0.36 and $0.43. The company also authorized a new $500 million share repurchase program.

CEO Gina Boswell highlighted the company’s success in product innovation, marketing, and international expansion, positioning it for continued growth despite broader retail sector challenges.