09:12 AM EST, 11/25/2024 (MT Newswires) -- Bath & Body Works ( BBWI ) shares jumped early Monday after the company lifted its full-year earnings outlook as it recorded better-than-expected fiscal third-quarter results.

The personal care and home fragrance retailer now anticipates adjusted earnings to be in a range of $3.15 to $3.28 per share for fiscal 2024, up from its prior projections of $3.06 to $3.26. The current consensus on FactSet is for non-GAAP EPS of $3.20. The stock climbed 15% in premarket activity.

Sales are pegged to decline by 1.7% to 2.5% during the year versus $7.43 billion recorded in fiscal 2023. The retailer previously forecast sales to decrease by 2% to 4%, while the Street is looking for revenue of $7.24 billion for the ongoing fiscal year.

"Our strong results exceeded the high end of our net sales and earnings per diluted share guidance," Chief Executive Gina Boswell said in a statement. "As a result, we are raising our full-year guidance to fully reflect this outperformance."

For the three-month period ended Nov. 2, the company's adjusted EPS ticked up to $0.49 from $0.48 last year, topping the Street's view for $0.47. Sales increased 3% year over year to $1.61 billion, ahead of FactSet analysts' $1.58 billion estimate.

Revenue from stores in the US and Canada rose to $1.22 billion from $1.17 billion last year, while direct sales inclined 1.5% to $321 million. International sales dropped 11% to $69 million. The retailer opened 76 stores in the US and Canada and closed 41 branches.

General, administrative and store operating expenses rose to $482 million from $461 million in the prior-year quarter, according to the company.

Bath & Body Works ( BBWI ) expects earnings in a range of $1.94 and $2.07 a share for the ongoing quarter on a GAAP basis, while the Street is looking for $1.95. Sales are estimated to decline between 4.5% and 6.5%, including a headwind of about 500 basis points due to a shortened fiscal quarter versus last year. The market view is for revenue of $2.74 billion.

"We are capitalizing on our agile business model and predominantly US-based supply chain, and we believe we are well-positioned to navigate a volatile retail environment and shorter holiday calendar," Boswell said. "As we enter the critical holiday period, I am pleased with our strong execution and the momentum we are building, as we drive towards sustainable, long-term profitable growth."