On August 26, Bath & Body Works Inc. rose 12.34% in pre-market trading, trading at $19.0608/share, with turnover of $671,400.
The surge was driven by the company's second-quarter earnings release, which dramatically exceeded market expectations. Bath & Body Works Inc. reported Q2 adjusted EPS of $0.62, crushing the analyst consensus estimate of $0.24 by 158.33%. Revenue came in at $1.514 billion, also topping the $1.497 billion estimate. The EPS figure represents a 67.57% year-over-year increase from $0.37 per share in the prior-year period.
The results mark a significant upside surprise given that pre-earnings sentiment had been mixed to cautious. UBS had previously projected relatively in-line Q2 EPS and flagged soft underlying sales trends through July, while Goldman Sachs had downgraded the stock to sell in early July with a $19 price target. The company has been executing its Consumer First strategy, with progress in innovation, brand elevation, and marketplace expansion including a new retail partnership with Ulta Beauty launched in July.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)