Bath & Body Works Inc (NYSE: BBWI) shares are trading lower in Wednesday's after-hours session after the company reported strong financial results, but cut earnings guidance below analyst estimates.
Bath & Body Works said first-quarter revenue decreased 1% year-over-year to $1.45 billion, which beat the $1.38-billion estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 64 cents per share, which beat the estimate of 50 cents per share.
Bath & Body Works cut its full-year adjusted earnings guidance from a range of $4.30 to $4.70 per share to a range of $3.80 to $4.15 per share versus the estimate of $4.43 per share.
"The updated fiscal 2022 outlook reflects the company's decision to accelerate investments in information technology and its customer loyalty program, as well as projected increases in inflationary pressures," the company said.
See Also: Why BlackBerry Shares Are Falling After Hours
BBWI Price Action: Bath & Body Works shares are making new 52-week lows on Wednesday.
The stock was down 5.46% in after hours at $40.50 at press time.
Photo: Mike Mozart from Flickr.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga