May 18, 2022
Bath & Body Works shares fall as retailer cuts profit outlook due to inflation
This news has been received from: CNBC
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Bath & Body Works shares fell in after-hours trading Wednesday after the retailer cut its profit outlook for the year, in part due to expected increases in inflationary pressures.
The stock fell more than 5% after hours, following an 8.6% decline during the trading day, amid a broader market selloff.
The company said in prepared remarks that it has been facing higher costs of raw materials, transportation and wages — like many retailers. Bath & Body Works now expects to take a hit of between $225 million and $250 million from inflation this fiscal year, or about $75 million more than originally planned.
The comments come after big-box retailers Target and Walmart both reported this week that these kinds of expenses ate into their profits in the first quarter, thereby denting their guidance for the coming months.
Bath & Body Works, which sells lotions, candles and other bath soaps, is forecasting its fiscal 2022 earnings from continuing operations per diluted share to be between $3.80 and $4.15, compared with a prior range of $4.30 to $4.70.
For the three-month period ended April 30, Bath & Body Works reported net income of $154.9 million, or 64 cents per share, compared with income of $276.6 million, or 97 cents per share, a year earlier.
That topped analysts' estimates for 53 cents a share, according to a Refinitiv survey.
Sales fell slightly to $1.45 billion from $1.47 billion a year earlier. But revenue beat expectations for $1.43 billion.
Bath & Body Works shares are down about 39% this year.
Find the full earnings press release here.VIDEO2:3802:38The consumer remains resilient, which is why we remain bullish, says BMO's Brian BelskiHalftime ReportTVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen
News Source: CNBC
Celtics Hall of Famer Makes Bold Claim About Jayson Tatum
Getty Jayson Tatum #0, Boston Celtics
On December 1, former Boston Celtics legend Paul Pierce tweeted a video of a conversation between him and former teammate Kevin Garnett. In their conversation, the two discussed Jayson Tatum, where Pierce compared Tatum’s current standing as a player to Kevin Durant of the Brooklyn Nets.
“I think, after last year’s playoffs, (Tatum) surpassed Kevin Durant as far as the better player in the NBA today,” Pierce said. “Him going against Kevin Durant was like a passing of the torch. I’m not taking nothing away from KD. KD is still one of the greatest to ever play. He’s still one of the best in the game. I just think Tatum today has passed KD.”
— Paul Pierce (@paulpierce34) December 2, 2022
In 21 games, Tatum is averaging 31.6 points, 7.8 rebounds, and 4.5 assists while shooting 48.8 percent from the field, 36.6 percent from three, and 87.3 percent from the free throw line. Tatum’s efforts were recognized by the NBA, as he won the season’s first Eastern Conference Player of the Month Award.
The Kia NBA Players of the Month for October & November! #KiaPOTM
West: Devin Booker (@Suns)
East: Jayson Tatum (@celtics) pic.twitter.com/bo6D6n20J2
— NBA (@NBA) December 1, 2022
In 23 games this season, Durant is averaging 30.4 points, 6.5 rebounds, and 6.1 assists while shooting 55.3 percent from the field, 35.5 percent from three, and 92.3 percent from the free throw line.Malcolm Brogdon Says Tatum is ‘Undoubtedly’ MVP
After the Celtics defeated the Miami Heat on December 1, Brogdon sounded off on Tatum’s MVP campaign, praising his teammate for the level he’s playing at.
“It’s incredible, man,” Brogdon said. “We’ve gotten to play him a good amount in my career and he’s taken a giant step every year. And to play the way he did last year, to be in the MVP race at times last year, and then to take the jump he’s taken this year has been pretty incredible to watch. Undoubtedly, he should be leading the MVP race right now. He’s playing at a at a superstar level.”
Brogdon also said that he’s come to realize how good of a person Tatum is since the two became teammates this season.
“Honestly, what a great dude JT is. He’s incredibly humble. For a guy that has the world at his fingertips at everything, the way he treats people every day, has been incredible to see. I think he’s a great guy, a great person beyond basketball. Even watching his mom on the side of the court, I think it’s just a classy family. I can see where he gets it from.”
"Undoubtedly he should be leading the MVP race"
Malcolm Brogdon on Jayson Tatum pic.twitter.com/bBqzlvya7c
— Celtics on NBC Sports Boston (@NBCSCeltics) December 1, 2022Jayson Tatum Opens Up About Partnership With Jaylen Brown
During hist postgame presser on December 1, one reporter asked Tatum if he and Jaylen Brown were the league’s best duo. Tatum didn’t give a firm answer, but made it clear that they succeed together as a pair and that their goal above all else is to win it all.
“We’ve obviously shown that we can play together at a high level and have great success. I guess it looks that way, I guess that’s for you guys to decide. We never talk about that. We want to be the best team, and we want to win a championship. Along the way, if we’re the best duo, we’ll take it,” Tatum said.Play
Jayson Tatum Asked If He & Jaylen Brown Are BEST DUO in NBA | Celtics vs HeatBOSTON, MA — Boston Celtics star Jayson Tatum was interviewed following the Celtics 134-121 win over the Miami Heat on Wednesday night. Tatum led the charge for the Celtics, dropping 49 points on 15-of-25 shooting in front of Prince William and Kate Middleton. When asked if he and teammate Jaylen Brown were the best duo…2022-12-01T04:16:36Z
In five years together, Tatum and Brown have made the playoffs while making it to three Eastern Conference Finals and are coming off their first NBA Finals appearance. When both have played healthy when the postseason starts, they have made it to the second round every year.
Brown did not play in the 2021 NBA Playoffs after getting surgery on his wrist, and the Celtics were eliminated by the Nets int he first round.