Bath & Body Works, Inc.

Bath & Body Works, Inc. is a specialty retailer built around fragrance-driven personal care and home products, with roots in Columbus, Ohio dating back to 1963. The company sells under Bath & Body Works®, White Barn® and other brand names, with a product mix centered on home fragrance, body care, soaps and sanitizers. Its business combines company-operated stores in the U.S. and Canada with e-commerce, plus a large international franchise, license and wholesale footprint in more than 45 countries. The brand is known for frequent newness, seasonal collections and a tightly managed supply chain that supports fast product refreshes across stores and digital channels.

18,9 %

43,7 %

8,9 %

−0,2 %

1.27

0.83

— Bath & Body Works, Inc.
%
Home fragrance40% Candles, diffusers, room sprays and related fragrance products for the home.
Body care30% Fragrance mists, lotions, creams and other personal care items.
Soap and sanitizer15% Hand soaps, sanitizers and related everyday hygiene products.
Retail stores10% Company-operated stores in the U.S. and Canada that drive most consumer sales.
International franchise, license and wholesale5% Royalties and wholesale sales from partners outside North America.

The core customer is a value-conscious consumer shopping for fragrance-led personal care and home products, often for...

  • U.S. and Canada store shoppersprimary

    Buy fragrance, body care and soap products in company-operated stores for convenience, discovery and promotions.

  • Direct-to-consumer shoppersprimary

    Purchase online for assortment access, replenishment and fulfillment convenience, including BOPIS behavior.

  • Loyalty membersprimary

    Shop frequently because rewards and points encourage repeat purchases and higher visit frequency.

  • International franchise and wholesale customerssecondary

    Buy through local partners for market access, brand licensing and wholesale distribution.

Bath & Body Works generates most of its business in the United States and Canada through company-operated stores and...

  • United States is the core market for stores, e-commerce and fulfillment
  • Canada is part of the company-operated North American base
  • More than 45 other countries are served through franchise, license and wholesale
  • Columbus, Ohio is the operational hub for vendors, distribution and fulfillment
  • Predominantly domestic sourcing reduces some tariff and logistics exposure

The company’s near-term strategy centers on improving speed, efficiency and profitability while continuing to refresh...

01
Cost savings and operating efficiencyshort-term

Lowering the cost base creates room to invest in merchandising and brand while protecting margins.

02
Product and brand reinvestmentmedium-term

Frequent newness and strong fragrance positioning are central to traffic and repeat purchases.

03
Omnichannel and fulfillment optimizationmedium-term

Customers increasingly use BOPIS and digital channels, so fulfillment quality affects conversion and loyalty.

Bath & Body Works is exposed to consumer spending cycles because its products are discretionary and often purchased in...

high

Seasonality and holiday concentration

A significant portion of operating income and cash flow is typically realized in the fourth quarter, so weak holiday performance can materially affect annual results.

Scope
Holiday and gifting demand
Materiality
high
high

Tariffs and trade-policy disruption

Changes in tariffs or trade policy can increase product costs and disrupt sourcing, even with a predominantly domestic supply chain.

Scope
Sourcing and logistics
Materiality
high
high

Cybersecurity and data privacy

The company processes large volumes of customer and associate data, and a breach could cause operational disruption, legal liability and reputational damage.

Scope
Omnichannel and loyalty data
Materiality
high
medium

Store traffic dependence

The business depends on consumer traffic and suitable retail locations, so weaker mall or center traffic can reduce sales productivity.

Scope
Company-operated stores
Materiality
high
medium

International partner execution

Franchise, license and wholesale revenue depends on third-party partners, making growth and brand control less direct than company-owned operations.

Scope
International markets
Materiality
medium
Revenue recognition and shipping estimates
Can shift revenue between quarters
Loyalty program accounting
Affects net sales and deferred revenue
Returns reserve
Affects revenue and profitability
Seasonal inventory accounting
Affects working capital and write-down risk
Long-lived store asset impairment
Can create non-cash charges

: 11/08/2026