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Business Insider
3 days ago
- Business
- Business Insider
Bath & Body Works is ready to go international after a bruising year saw its stock fall 40%
Bath & Body Works' new CEO is only 10 days into the job, but is already planning a major strategy shakeup. The home fragrance retailer reported a strong start to 2025, with net sales up 2.9% to $1.4 billion in the first quarter of 2025. Earnings per diluted share jumped 29% to $0.49, surpassing the firm's own projections. A new Disney collaboration leading to the launch of six Disney Princesses fragrances helped to boost earnings from the most recent period, Bath & Body Works said. In its statement, the company also introduced its new CEO, Daniel Heaf, who was previously Nike 's chief strategy and transformation officer and senior vice president at different departments in Burberry. Speaking about his plans for the Columbus-headquartered retailer just 10 days into the job, Heaf said the firm would be listening to customers to gather insights, using those insights to create products, sharing brand and product stories, and bringing all of that together in an integrated global marketplace. "Today, international represents about 5% of our business, but from my experience at both Nike and Burberry, I know that international growth is incremental," he told investors in the earnings call on Thursday. "It can define an era." "In the coming weeks, I'll be on the ground with our partners and customers internationally to explore how we scale effectively," Heaf said. Bath & Body Works has suffered a bruising year. Stock is down over 40% since the end of May 2024. Earlier this year, it forecast annual sales generally below predictions, citing uncertainty about President Donald Trump 's tariffs. Before that, when the company's market capitalization fell to about $6.6 billion in September, it was removed from the S&P 500, which at the time required a market cap of at least $18 billion. It was instead moved to the S&P SmallCap 600. "Bath & Body Works is no longer representative of the large-cap market space," the stock market index provider said in a statement. The beauty chain operates 1,900 stores in the US and Canada, and 524 international franchised locations. 14 new stores internationally were opened during the last quarter. 19 stores were closed, predominantly in the United States. "Our international expansion plans for 2025 remain on track with at least 30 planned net new store openings," Heaf said in the call. Eva Boratto, chief financial officer, said Bath & Body Works' guidance for this fiscal year includes the anticipated impact of tariffs and the predicted financial effects of the CEO transition. The company has maintained its guidance for 2025 of 1% to 3% growth in net sales.
Yahoo
20-05-2025
- Business
- Yahoo
Who is Daniel Heaf? New Bath & Body Works CEO comes from a leadership shakeup at Nike
Bath & Body Works just announced its second new CEO in three years, and he's coming straight from a leadership shakeup at Nike. According to a press release published this morning, Daniel Heaf will take over at Bath & Body Works, effective immediately. Housing market shift explained—and where it's happening the fastest 4 free Coursera courses to jump-start your AI journey Rite Aid is closing 95 more stores after selling assets to CVS and others: See the full list of locations across 6 states Heaf arrives at the company fresh off of his most recent executive position at Nike, a role which he departed in March after management chose to eliminate his role, according to documents reviewed by Bloomberg. Bath & Body Works's current CEO, Gina Boswell, has stepped down from the position after just over two years. Alongside the CEO swap, Bath & Body Works also preannounced better-than-expected first quarter results this morning. Per the press release, the company expects net sales to increase year-over-year by 3% to $1.4 billion for the quarter ending on May 3. It also maintains its initial full-year 2025 guidance that net sales are expected to rise by 1% to 3%, a change that the company says reflects a 10% tariff on Chinese goods but excludes any other potential tariffs. So far, investors haven't been sold on the news of Heaf's new role: Since market close, stock is down 1.42% as of this writing. Before joining Bath & Body Works, Heaf held leadership roles at both the BBC and Burberry. Most recently, he served a six-year stint at Nike. According to his LinkedIn, Heaf started at Nike as the vice president of global direct digital commerce. From there, he moved up to become the vice president of Nike Direct, the company's direct-to-consumer branch, during which time he oversaw 45,000 employees across 41 countries and 'more than doubled the business to $22.3 billion in five years,' per the press release. Heaf's last position as Nike's chief strategy and transformation officer started in 2023 and came to an unceremonious end this March. Bloomberg found that his position was eliminated as part of a larger corporate overhaul spearheaded by Nike CEO Elliott Hill, who took the helm in October. Hill has been fighting an uphill financial battle amidst the Trump administration's global trade war, given that Nike's main country of import, Vietnam, is currently facing an impending 46% tariff. In March, Nike announced middling third-quarter financial results and warned of a potentially worse fourth quarter, which ends this month. In his new role at Bath & Body Works, Heaf says he plans to harness the company's 'extraordinary untapped potential' and lead it into its 'next chapter of growth.' 'Together, with the foundation of an iconic brand, more than 50,000 associates, tens of millions of active loyalty members, and a strong North American store footprint and supply chain, we have an opportunity to become the defining home fragrance and beauty brand of choice globally,' Heaf said in the press release. This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Bath & Body Works names Nike vet CEO
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Bath & Body Works announced Daniel Heaf as its CEO, effective last Friday, according to a Monday press release. Heaf comes to the company from Nike, where he most recently served as its chief strategy and transformation officer. He previously was the head of Nike Direct. Gina Boswell stepped down from the chief executive role and as a member of the board on Friday. The company billed her departure as a "termination without cause" in a securities filing. After more than two and a half years, Bath & Body Works' chief executive is out and a Nike vet will lead the company. Boswell originally came to the candle and soap retailer from Unilever in 2022 and has since been terminated, according to a filing with the U.S. Securities and Exchange Commission. 'On the behalf of the Board, I want to thank Gina for her contributions to Bath & Body Works. In the post COVID-normalization period she was able to stabilize the business and return it to profitable revenue growth,' Board Chair Sarah Nash said in a statement. Bath & Body Works conducted a search to find a new chief and brought on Heaf in part due to his past work with 'transformative growth.' As head of Nike Direct, Heaf oversaw 45,000 employees in 9,000 stores and doubled the business to $22.3 billion in five years, according to the company. 'His vision for evolving Bath & Body Works to be highly coveted, relevant, and resonant for customers everywhere — combined with his consumer-first mindset — make him the right person to lead Bath & Body Works,' Nash said. Heaf previously served in leadership roles at Burberry, including as senior vice president of digital, marketing, analytics and customer service, and was formerly chief digital officer at BBC Worldwide. He will be appointed as a board member after Bath & Body Works 2025 annual shareholder meeting. Alongside the executive shakeup, the personal care retailer also released preliminary Q1 earnings results. Net sales increased 3% year over year to $1.4 billion. The company is maintaining its full-year 2025 net sales guidance of 1% to 3% growth. Bath & Body Works recently introduced a new store design, Gingham+, featuring an updated layout, technology and scent bars. Last fall the company eliminated the president of retail role and the company's popular semi-annual sale 'fell short of our expectations,' Boswell said on a previous earnings call. Recommended Reading Pottery Barn Brands CEO to retire
Fashion United
20-05-2025
- Business
- Fashion United
Daniel Heaf succeeds Gina Boswell as Bath & Body Works CEO
Bath & Body Works has appointed Daniel Heaf as its new chief executive officer. Heaf's background includes senior leadership roles at Nike and Burberry, where he drove significant growth and innovation. Previous CEO Gina Boswell has stepped down from her role and as a member of the Bath & Body Works board, effective immediately. 'Through a strategic search, the board recognized a rare and exciting opportunity to bring on Daniel as the next CEO of Bath & Body Works,' said Sarah Nash, chair of the board. 'Daniel is a forward-thinking leader with a remarkable track record of driving innovative, transformative growth across iconic global brands. He brings bold and direct leadership which energizes and inspires teams to rally behind him,' Nash added. Commenting on his appointment as the new CEO of Bath & Body Works, Heaf said, 'Together, with the foundation of an iconic brand, more than 50,000 associates, tens of millions of active loyalty members, and a strong North American store footprint and supply chain, we have an opportunity to become the defining home fragrance and beauty brand of choice globally.' The company also pre-announced its first-quarter 2025 results, with net sales of 1.424 billion dollars, a 3 percent increase compared to the prior year, and earnings per diluted share of 49 cents, exceeding the high end of the guidance range. The company has maintained its full-year 2025 outlook, projecting net sales growth of 1 percent to 3 percent and earnings per diluted share between 3.25 dollars and 3.60 dollars.
Yahoo
20-05-2025
- Business
- Yahoo
Bath & Body Works brings on former Nike exec as new CEO
Bath & Body Works has chosen a former Nike executive to become its new CEO. The company said Monday that Daniel Heaf, Nike's former chief strategy and transformation officer, has taken over the CEO role at Bath & Body Works effective immediately. "I am honored and energized by the opportunity to lead Bath & Body Works into its next chapter of growth," he said in a statement. "Bath & Body Works has extraordinary untapped potential and sits at an exciting inflection point." CEO Gina Boswell stepping down precipitated Heaf's selection as CEO. "On behalf of the Board, I want to thank Gina for her contributions to Bath & Body Works," board chair Sarah Nash said. "In the post COVID-normalization period she was able to stabilize the business and return it to profitable revenue growth." She has held the top job at the beauty and skincare firm since November 2022. In March, the company said Boswell would be temporarily absent, for several weeks, for surgery. Read On The Fox Business App Heaf's appointment was unanimously approved by the company's board, according to Bath & Body Works. He is also expected to get a seat on Bath & Body Works' board after its upcoming shareholder meeting in June. In addition to Nike, his previous professional experience includes leadership roles at Burberry and BBC Worldwide, the company said. Unitedhealth Group Names New Ceo, Shares Slide Bath & Body Works touted Heaf as having a "deep consumer-centric mindset and a track record of driving bold innovation at scale across global consumer and retail companies." The change in leadership comes as the company grapples with uncertain discretionary spending, which caused it to forecast annual sales and profit largely below expectations in February. The company on Monday also announced preliminary first-quarter results and said it would maintain its full-year net sales and profit forecast. For the year, Bath & Body Works still anticipates it will see 1-3% growth in its net sales. Its annual earnings per diluted share are expected to be in the $3.25 to $3.60 range. The company preliminary said it generated $1.42 billion in first-quarter net sales, marking a year-over-year jump of 3%. Its official first-quarter financial results are slated to come out later in the month. Click Here To Read More On Fox Business The company's retail footprint spanned nearly 1,900 company-operated locations in the U.S. and Canada, plus over 500 franchised stores in other countries at the beginning of February. Bath & Body works was worth $7.19 billion on a market capitalization basis as of Monday afternoon. Reuters contributed to this article source: Bath & Body Works brings on former Nike exec as new CEO
