Every material Form 8-K Bath & Body Works filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Bath & Body Works reported third-quarter 2025 net sales of $1.6 billion, down 1%, and diluted earnings per share of $0.37, compared with $0.49 a year earlier. The company lowered its fourth-quarter and full-year 2025 guidance, citing current business trends and continued consumer pressures, and announced a Consumer First Formula plan with $250 million in cost savings over two years.
Third-quarter net sales were $1,594 million, down from $1,610 million; net income was $77 million, compared with $106 million a year earlier.
Fourth-quarter 2025 net sales are expected to decline by high single digits, and diluted EPS is expected to be at least $1.70, compared with $2.09 in the fourth quarter of 2024.
Full-year 2025 net sales are now expected to decline by low single digits, versus prior guidance of 1.5% to 2.7% growth; diluted EPS is expected to be at least $2.83, compared with $3.61 in fiscal 2024.
The Consumer First Formula plan targets $250 million in cost savings over two years, with over half identified for 2026.
Bath & Body Works reported second-quarter 2025 net sales up 1.5% to $1.549 billion, but diluted earnings per share fell to $0.30 from $0.68 a year earlier, and adjusted EPS was flat at $0.37. The company raised the low end of its full-year adjusted EPS guidance to $3.35 from $3.25 and expects a larger share repurchase, but its full-year GAAP EPS guidance of $3.28 to $3.53 is below 2024's $3.61.
Q2 net sales were $1,549 million, up from $1,526 million, while net income fell to $64 million from $152 million.
Adjusted EPS was $0.37, flat with last year; adjusted operating income was $172 million versus $183 million.
Full-year 2025 adjusted EPS guidance is $3.35 to $3.60, with the low end raised from $3.25; GAAP EPS guidance is $3.28 to $3.53 versus $3.61 in fiscal 2024.
Share repurchase expectation for 2025 rose to $400 million from $300 million; third-quarter EPS is expected at $0.37 to $0.45 versus $0.49 a year earlier.
Bath & Body Works reported first quarter 2025 net sales of $1,424 million, up 2.9%, and earnings of $0.49 per diluted share, up from $0.38, with EPS above the high end of its guidance range. The company maintained its full-year 2025 guidance and gave second quarter EPS guidance of $0.33 to $0.38, and it said the CEO transition could reduce 2025 EPS by about $0.05, which its guidance excludes.
Q1 net sales $1,424 million, up 2.9% from $1,384 million; diluted EPS $0.49 vs. $0.38, above the high end of guidance.
Full-year 2025 guidance maintained: net sales growth of 1% to 3% and diluted EPS of $3.25 to $3.60, including current tariff rates.
Q2 2025 guidance: net sales flat to up 2%; diluted EPS of $0.33 to $0.38, vs. $0.37 adjusted EPS in Q2 2024.
Daniel Heaf appointed CEO effective May 16, 2025; the company estimates the transition could reduce 2025 EPS by about $0.05.
Bath & Body Works entered into an amended and restated senior secured asset-based revolving credit facility (ABL Facility) on May 22, 2025, with JPMorgan Chase Bank, N.A. as the counterparty named in the exhibit. The facility matures five years after closing, but the maturity can be pulled forward to 91 days before a senior notes maturity if excess availability and the EBITDAR-to-fixed-charges ratio fall below specified levels. The filing gives no borrowing amount for the facility, so its size relative to the company's existing debt cannot be determined from this document.
Maturity is five years after closing, with a springing acceleration tied to senior notes maturities, excess availability below $200 million and a fixed-charge ratio below 1.10:1.00.
Interest is SOFR or CORRA plus a margin of 1.25% to 1.75%, or 0.25% to 0.75% on base rate loans; unused commitments accrue a fee of 0.25% to 0.30%.
Obligations are secured by first-priority liens on receivables, deposit accounts, inventory and, at the company's election, real property, and by second-priority liens on other assets.
A financial maintenance covenant requires a 1.00:1.00 EBITDAR to fixed charges ratio when excess availability falls below the greater of $70 million and 10.0% of the maximum borrowing amount.
Bath & Body Works appointed Daniel Heaf, formerly a leader at Nike, as chief executive effective May 16, 2025, and Gina Boswell left the CEO role and the Board that day. The company also pre-announced preliminary first-quarter results, with net sales up 3% and earnings per diluted share above the prior year, and kept its full-year 2025 outlook unchanged.
Daniel Heaf became CEO effective May 16, 2025, and will join the Board after the 2025 Annual Meeting of Shareholders; Gina Boswell stepped down as CEO and director the same day.
Preliminary first-quarter net sales were $1,424 million, up 3% from the prior year, at the high end of guidance.
Diluted EPS was $0.49, compared with $0.38 a year earlier, above the high end of guidance; results remain subject to closing procedures.
Full-year 2025 guidance was maintained at net sales growth of 1% to 3% and EPS of $3.25 to $3.60, reflecting the initial 10% tariff on goods imported from China.
Bath & Body Works reported fourth-quarter 2024 net sales of $2,788 million, down 4.3%, and diluted EPS of $2.09 versus $2.55 a year earlier. It also reported full-year 2024 net sales of $7,307 million, down 1.6%, and diluted EPS of $3.61 versus $3.84, and gave 2025 guidance of 1% to 3% net sales growth and EPS of $3.25 to $3.60, plus a new $500 million share repurchase authorization.
Q4 2024 net sales were $2,788 million, down 4.3%; the company cited a headwind of about 500 basis points from the shifted fiscal calendar.
Q4 2024 diluted EPS was $2.09, versus $2.55 in Q4 2023, which included a $112 million tax benefit; adjusted Q4 2023 EPS was $2.06.
2025 guidance calls for net sales growth of 1% to 3% and diluted EPS of $3.25 to $3.60, compared with reported 2024 EPS of $3.61.
The board authorized a new $500 million share repurchase program, replacing about $120 million of remaining authority.
Bath & Body Works said its Chief Human Resources Officer, Deon Riley, ceased serving in that role effective January 31, 2025, and the company will search for a successor. Riley is expected to stay on as a non-executive employee until her separation date on or about March 2, 2025, when her employment is expected to be terminated without cause under her executive severance agreement. For shareholders, this is a senior executive departure with severance terms tied to a release of claims and continued restrictive covenants.
Deon Riley ceased to serve as Chief Human Resources Officer effective January 31, 2025
Expected separation date on or about March 2, 2025, with termination without cause
Severance payments subject to the 2022 executive severance agreement and an effective release of claims
The company will search for a new Chief Human Resources Officer
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Bath & Body Works filing is on SEC EDGAR ↗. 8-K briefs of other companies →