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Consumers' fears of recession leads to cuts on spending for candles and sanitizers.
August 23, 2023
By: TOM BRANNA
Editor
New Bath & Body Works' CEO Gina Boswell said consumers cut back on spending in the second quarter, leading to a decline in sales. Her assessment was echoed by retailers as diverse as Macy's and Kohl's. Retailers said consumers pulled back due to high inflation and rising interest rates. BBW's Q2 sales fell 3.6% to $1.56 billion. Those results were in line with Wall Street estimates. Adjusted second quarter earnings per diluted share were 40 cents; that's better t...
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