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Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Monday

Consumer stocks were mixed pre-bell Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.7% lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 1.5%.Amazon.com (AMZN) shares were up more than 2% after the company said it has completed the issuance of approximately 13.97 billion Canadian dollars ($9.99 billion) in aggregate notes across multiple maturities as part of a registered debt offering.American Express (AXP) signed a put option agreement to acquire TheFork, an online restaurant reservation and management platform in Europe, from Tripadvisor (TRIP) for $700 million in cash, the companies said. Tripadvisor stock was up more than 11% premarket.Bath & Body Works (BBWI) Chief Executive Officer Daniel Heaf aims to help the company win over younger consumers, The Wall Street Journal reported, citing an interview with the CEO. Shares of Bath & Body Works were up 0.7% pre-bell.

$AMZN$AXP$BBWI$TRIP$XLP$XLY
Softline Retailers Likely to Benefit From US Data Center Boom, UBS Says
US Markets

Softline Retailers Likely to Benefit From US Data Center Boom, UBS Says

US softline retailers are expected to take advantage of an ongoing data center construction boom, with Abercrombie & Fitch (ANF), Urban Outfitters (URBN), and Macy's (M) among those likely to see "outsized" benefits, UBS Securities said in a note e-mailed Monday.US commercial data center capacity has increased at a nearly 30% to 40% annual pace over the last two years, with installed capacity seen rising 20% to 30% annually in the near term, the brokerage said, citing industry experts.The data center construction boom is expected to lift the economy and boost the consumer spending backdrop for apparel and footwear in the concerned regions. However, the data center buildout is not expected to be distributed evenly across the country, UBS analysts Jay Sole and Mauricio Serna said in the note to clients."We believe retailers with a high percentage of stores located in areas with strong data center growth will benefit more than retailers with less exposure to these areas will," the analysts wrote.Abercrombie & Fitch, Urban Outfitters, Macy's, and Steven Madden (SHOO) are among the retailers poised to see "outsized" benefits, Sole and Serna said. On the other hand, Kohl's (KSS), Bath & Body Works (BBWI), Buckle (BKE), Boot Barn (BOOT), and American Eagle Outfitters (AEO) have "the most relevant low exposure," the duo wrote.Among off-price retailers, Ross Stores (ROST) has the "most relevant high exposure," while TJX (TJX) is on the other side of the spectrum, according to the note."While some regions have embraced data centers, other localities have not," UBS said. "Some municipalities reject data center proposals because the long-term local economic payoff is perceived as limited. They also have concerns about resource and infrastructure strain."The brokerage expects all softline stocks to benefit from their use of AI, as well as the technology's impact on the overall economy."Softline companies are taking AI very seriously and AI is likely already having a positive impact on the industry's financial performance," Sole and Serna said. "We believe the meaningful returns companies are already and will continue to achieve on their AI investments will drive upside (earnings-per-share) surprises."Price: $75.30, Change: $-1.92, Percent Change: -2.49%

$AEO$ANF$BBWI$BKE$BOOT$KSS$M$ROST$SHOO$TJX$URBN
Wire

Bath & Body Works Faces Long-Term Margin Headwinds Amid Business Revamp, UBS Says

Bath & Body Works (BBWI) is entering a "multiyear process" to revamp direct-to-consumer sales growth, though risks tied to its expansion into Amazon.com (AMZN) and other mass retail channels could pressure long-term margins, UBS Securities said in a report emailed Thursday.The firm said improving product assortments, brand positioning and operating models will take time, while broader wholesale distribution could cannibalize the company's direct-to-consumer business and create structural margin headwinds.Bath & Body Works reiterated its fiscal 2026 earnings guidance of $2.40 to $2.65 per share after Q1 results, while its management said its Amazon rollout has delivered double-digit week-over-week growth since February and attracted "younger and more affluent consumers," the report said.While the company continues to plan to deliver $175 million in cost savings this fiscal year, its international business faces substantial pressure, according to the report.UBS maintained a neutral rating on Bath & Body Works with a price target of $19.Price: $20.14, Change: $+0.69, Percent Change: +3.55%

$AMZN$BBWI
Sectors

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.7%.Redbook US same-store sales rose by 9% from a year earlier in the week ended May 23 after an 8.1% year-over-year increase in the previous week. "Demand for a wide variety of summer, home and garden, and seasonal apparel products was the main focus for most consumers," Redbook said.In corporate news, Lululemon Athletica (LULU) said Wednesday that it has settled its dispute with company founder Chip Wilson. Wilson, who owns an 8.7% stake in the company, sent a letter in April to shareholders questioning the appointment of Heidi O'Neill as chief executive. Lululemon shares gained 3.9%.Tesla (TSLA) and SpaceX (SPCX) may eventually merge after SpaceX's initial public offering in a move that would consolidate Elon Musk's control across his companies, according to early SpaceX investor Peter Diamandis, Bloomberg reported, citing an interview. Tesla shares rose 1.1%.Abercrombie & Fitch's (ANF) fiscal Q1 earnings topped Wall Street's projections amid record sales for the apparel retailer. Its shares climbed past 13%.Bath & Body Works' (BBWI) fiscal Q1 results exceeded market estimates, while the personal care and home fragrance retailer said its chief financial officer plans to step down. Its shares jumped nearly 11%.Manchester United (MANU) on Wednesday raised its full-year top-line outlook as the UK soccer club posted double-digit growth in fiscal Q3 revenue year over year, helping it swing to earnings. Manchester United shares surged over 13%.

$ANF$BBWI$LULU$MANU$TSLA
Sectors

Sector Update: Consumer Stocks Rise in Afternoon Trading

Consumer stocks were higher Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.7%.Redbook US same-store sales rose by 9% from a year earlier in the week ended May 23 after an 8.1% year-over-year increase in the previous week. "Demand for a wide variety of summer, home and garden, and seasonal apparel products was the main focus for most consumers," Redbook said.In corporate news, Abercrombie & Fitch's (ANF) fiscal Q1 earnings topped Wall Street's projections amid record sales for the apparel retailer. Its shares climbed 12.7%.Bath & Body Works' (BBWI) fiscal Q1 results exceeded market estimates, while the personal care and home fragrance retailer said its chief financial officer plans to step down. Its shares jumped past 10%.Manchester United (MANU) on Wednesday raised its full-year top-line outlook as the UK soccer club posted double-digit growth in fiscal Q3 revenue year over year, helping it swing to earnings. Manchester United shares surged 15%.

$ANF$BBWI$MANU
Sectors

Sector Update: Consumer

Consumer stocks were higher Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.8%.In corporate news, Bath & Body Works' (BBWI) fiscal Q1 results exceeded market estimates, while the personal care and home fragrance retailer said its chief financial officer plans to step down. Its shares rose 11%.

$BBWI
Bath & Body Works Tops First-Quarter Views; CFO to Step Down
US Markets

Bath & Body Works Tops First-Quarter Views; CFO to Step Down

Bath & Body Works' (BBWI) fiscal first-quarter results exceeded Wall Street's estimates, while the personal care and home fragrance retailer said its chief financial officer plans to step down.The company on Wednesday reported adjusted per-share earnings of $0.32 for the quarter ended May 2, down from $0.49 a year earlier but higher than the FactSet-polled consensus of $0.29. Sales declined 3% to $1.38 billion, while analysts expected $1.36 billion.Shares of Bath & Body Works were up 17% intraday and turned positive for the year, with a year-to-date gain of 3.5%.The company's turnaround strategy is working, with its impact expected to build through the year, Chief Executive Daniel Heaf said during an earnings call, according to a FactSet transcript.Bath & Body Works CFO Eva Boratto will step down, effective June 12, to pursue another opportunity, the company said in a statement. While a search for a new CFO is underway, insider Tom Javitch will assume the role on an interim basis, according to the statement.Bath & Body Works affirmed its fiscal 2026 adjusted EPS guidance of $2.40 to $2.65, while analysts are looking for $2.64. The company continues to expect a 2.5% to 4.5% drop in full-year net sales, while the Street is projecting a decline to $7.08 billion from the previous year's $7.29 billion.For the second quarter, the company anticipates EPS between $0.20 and $0.25 on a 3% to 5% decline in net sales year over year. Analysts are looking for GAAP EPS of $0.21 and revenue of $1.49 billion.Price: $20.81, Change: $+3.08, Percent Change: +17.34%

$BBWI
Wire

Bath & Body Works' Fiscal Q1 Adjusted Earnings, Revenue Decline; Fiscal 2026 Adjusted EPS Guidance Set; Shares Rise Pre-Bell

Bath & Body Works (BBWI) reported fiscal Q1 adjusted earnings Wednesday of $0.32 per diluted share, compared with $0.49 a year earlier.Analysts surveyed by FactSet expected $0.29.Revenue for the quarter ended May 2 was $1.38 billion, compared with $1.42 billion a year earlier.Analysts surveyed by FactSet expected $1.36 billion.For fiscal 2026, the company maintained its adjusted EPS guidance of $2.40 to $2.65 per diluted share. Analysts surveyed by FactSet expect $2.64.Shares of Bath & Body Works were surging more than 12% pre-bell Wednesday.Price: $19.88, Change: $+2.14, Percent Change: +12.06%

$BBWI
Stocks Rise Pre-Bell Amid Tech Rally; Middle East Uncertainty Persists
US Markets

Stocks Rise Pre-Bell Amid Tech Rally; Middle East Uncertainty Persists

US equity futures were trending higher on Wednesday amid tech-driven momentum from the previous trading session, while investors continue to monitor ongoing uncertainty in the Middle East.The S&P 500 rose 0.3%, the Dow Jones Industrial Average gained 0.5% and the Nasdaq added 0.4% in premarket activity. The Nasdaq and the S&P 500 finished Tuesday trading at new record peaks, while the Dow closed lower.Shares of Micron Technology (MU) advanced 5.7% pre-bell after finishing the prior session up 19%. The semiconductor manufacturer's market capitalization crossed the $1 trillion mark for the first time on Tuesday, with UBS Securities increasing its price target on the company's stock.Marvell (MRVL) rose 6% before the bell, while Seagate (STX) and Western Digital (WDC) gained 3.6% and 3.3%, respectively.Investors are also keeping an eye out for any updates on peace talks between the US and Iran. Tehran's Islamic Revolutionary Guard Corps reportedly said Tuesday that Iran has a "legitimate" right to respond to any violation of a ceasefire by the US.Earlier in the week, the US military targeted Iranian missile launch sites and boats around the crucial Strait of Hormuz, in what it described as "self-defense strikes," according to multiple media outlets. President Donald Trump said Monday that negotiations with Iran were "proceeding nicely.""While an extended conflict with Iran remains the largest risk to continued market gains, in our view, markets are positioned for more progress on peace talks and the Strait of Hormuz reopening," D.A. Davidson said in a report Tuesday.West Texas Intermediate crude oil declined 4% to $90.12 a barrel before the opening bell, while Brent fell 3.2% to $96.43.Treasury yields were down in premarket action, with the two-year rate retreating 2.9 basis points to 4.02% and the 10-year rate off 2.6 basis points to 4.47%.US consumer confidence fell in May amid mounting inflation concerns as the Middle East conflict has stretched for about three months now, a survey by the Conference Board showed Tuesday.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the Federal Reserve Bank of Richmond's manufacturing index for May at 10 am. The Atlanta Fed's survey of business uncertainty for this month is out at 11 am.Federal Reserve Governor Lisa Cook is scheduled to speak at 3:55 pm, while Fed Vice Chair Philip Jefferson speaks later at 8 pm.PDD (PDD), Dick's Sporting Goods (DKS), Dycom Industries (DY), Bath & Body Works (BBWI), Abercrombie & Fitch (ANF), Manchester United (MANU) and Capri (CPRI) report their latest financial results before the bell, among others. Marvell, Salesforce (CRM), Synopsys (SNPS), Snowflake (SNOW) and HP (HPQ) post their earnings after the markets close.Gold edged down 0.4% to $4,484 per troy ounce, while bitcoin was up slightly at $75,878.

Dow JonesNasdaq CompositeS&P 500$ANF$BBWI$CPRI$CRM$DKS$DY$HPQ$MANU$MRVL$MU$PDD$SNOW$SNPS$ZS