forecast full-year profit largely below market estimates on Tuesday and said it expects annual sales to drop, signalling demand for its scented candles and body care products would remain subdued amid sticky inflation.
Customers with constrained budgets are still unwilling to spend on expensive non-essential products such as home goods, while they have begun to open their wallets to smaller discretionary items like trendier clothes and accessories. The company now expects 2024 net sales to drop 2.5 per cent to flat, compared with its previous forecast of a decline of 3 per cent to flat. Analysts were expecting sales to drop 0.37 per cent.
The forecast comes even as Bath & Body Works has tried to offer promotions, increased its marketing efforts and introduced newer products to drive more customers to its stores.
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