Feed / BBWI

Bath & Body Works, Inc.

BBWI

Consumer Cyclical · 17.46 -1.5% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

Bath & Body Works, Inc.'s current read is isolated; its market group is not confirming.

The latest filing is mixed. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.

What changed
  • Operating margin improved 2.1 percentage points.
  • Revenue decreased 3.2% versus the comparable filing period.
Company-1.5% todayVolume comparison unavailable
Market group0 of 1 activeBody Care & Home Fragrance · unavailable
Disclosed network0 of 0 confirmingRelationship data unavailable
What would change this read
  • Tariff refunds supplied a major lift to merchandise margin and operating income during the six months.
  • Payment-card litigation settlements produced an $88 million pre-tax gain that reduced selling expenses.

Invalidation: The isolated read changes if BBWI's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Consumer Cyclical · Specialty Retail

The latest filing is mixed. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.

Evidence that supports
  • Operating margin improved 2.1 percentage points.
  • Net income increased 74.3% versus the comparable filing period.
Evidence that challenges
  • Revenue decreased 3.2% versus the comparable filing period.
  • Gross margin fell 2.8 percentage points.
What would clarify the read
  • Tariff refunds supplied a major lift to merchandise margin and operating income during the six months.
  • Payment-card litigation settlements produced an $88 million pre-tax gain that reduced selling expenses.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements158
Verified relationships0
Evidence supporting the case
  • Operating cash flow covered net income at 1.70x in the latest annual period.
  • Restructuring and cost reductions has repeated favorable evidence across 4 filings.
Evidence challenging the case
  • Latest annual revenue changed -0.2% year over year.
  • Operating margin changed -1.9 percentage points in the latest annual period.
  • Net margin changed -2.0 percentage points in the latest annual period.
  • Tariffs and trade policy has repeated adverse evidence across 5 filings.
Questions before a position
  • P/E is 76% below the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 61% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

17.46
6m-12.9%12m-38.1%24m—
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2022-01-29$7.9B+22.5%—-2.8%
2023-01-28$7.6B-4.1%—-14.7%
2024-02-03$7.4B-1.7%—-1.7%
2025-02-01$7.3B-1.6%—-3.5%
2026-01-31$7.3B-0.2%—-5.4%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 6 filings
“The 2025 year-to-date rate was higher than the Company’s combined estimated federal and state statutory rates largely due to accrued interest expense related to unrecognized tax benefits and the transition of certain members of the leadership team, primarily…”
10-Q · Aug 26, 2026 ↗
Demand and volumemixed · 6 filings
“Direct Net Sales increased $4 million, or 0.8%, driven by an increase in fulfilled orders, partially offset by lower shipping and handling revenue and average order size.”
10-Q · Aug 26, 2026 ↗
Macroeconomic conditionsmixed · 6 filings
“Our net income is impacted by, among other things, sales volume, seasonal sales patterns, success of new product introductions and product and market expansions, profit margins, income taxes and inflationary pressures.”
10-Q · Aug 26, 2026 ↗
Product pipeline and R&Dmixed · 6 filings
“Our net income is impacted by, among other things, sales volume, seasonal sales patterns, success of new product introductions and product and market expansions, profit margins, income taxes and inflationary pressures.”
10-Q · Aug 26, 2026 ↗

Valuation discipline

Descriptive valuation snapshot

Price/sales 0.5× · EV/sales 0.9×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

17.46-1.5% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for BBWI. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment · baseline

The latest filing presents a mixed picture

10-Q filed 2026-05-27 against the comparable filing from 2025-05-29.

mixed
OperationsmixedEvidence score 0
liquidityneutralEvidence score 0
valuationdiscount

What improved

  • Operating margin improved 2.1 percentage points.
  • Net income increased 74.3% versus the comparable filing period.

What weakened

  • Revenue decreased 3.2% versus the comparable filing period.
  • Gross margin fell 2.8 percentage points.

Filing receipts

“Gross Profit dollars decreased due to a decline in the merchandise margin rate, primarily driven by tariffs, inflation and crude oil impacts as well as category mix, and the decline in Net Sales.”

“The Gross Profit rate decreased primarily due to the lower merchandise margin rate and Buying and Occupancy Expenses deleverage on lower Net Sales.”

“Our General, Administrative and Store Operating Expenses and rate both decreased primarily driven by an $88 million pre-tax gain, recorded as a reduction to Selling Expenses, related to cash proceeds received, net of legal fees, for favorable settlements of payment card interchange fee litigation.”

Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.

Business ecosystem

The relationships behind BBWI

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Filing peers

CPBAEOWSM

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

BBWI is currently a Leader in the organic co-movement group Body Care & Home Fragrance. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.

This group is retained as the last observed read for BBWI; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.