Bath & Body Works Sees Steeper Sales Drop on Slowing Demand
August 24, 2023
Bath & Body Works issued a warning of a more significant decline in annual sales as Americans hold back on purchasing its higher-priced home fragrances and personal care products due to ongoing inflation. The company’s second-quarter sales fell by 3.6% to $1.56 billion, and it now expects annual net sales to decline between 1.5% and 3.5%. The challenges faced by Bath & Body Works are in line with other retailers like Estee Lauder and Macy’s, which have also cautioned about weak consumer spending for the rest of the year amid rising living costs and borrowing expenses.
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