Shares of Bath & Body Works (BBWI) fell after the personal care and home fragrance retailer shook up its top leadership, gave preliminary first-quarter results, and reiterated its 2025 outlook.

The company said that CEO Gina Boswell was stepping down immediately, and was being replaced by former Nike (NKE) executive Daniel Hea🌟f. Bath &am♏p; Body Works did not give a reason for Boswell's departure. 

Chair Sarah Nash called Heaf "a forward-thinking leader with a remarkable track record of driving innovative, transformative growth across iconic global brands." Nash added that Heaf, his leadership team, and the board "will partner closely to develop a forward-looking strategy that honors the company’s legacy while embracing bold, necessary transformation to meet consumers where they are."

Retailer Reports Strong Preliminary Q1 Results

Along with the CEO change, Bath & Body Works announced preliminary Q1 earnings per share of $0.49 on net sales up 3% year-over-year to $1.42 billion. The "sales were at the high end of the guidance range, and earnings per share exceeded the high end of the guidance range," it said.

Bath & Body Works affirmed its outlook for full-year EPS of $3.25 to $3.60, and revenue higher by 1% to 3%. It had initially given that guidance in February when it warned Trump administration tariffs on China and soft consumer demand w♌ould🍒 hurt results.

Bath & Body Works shares, which slipped 1.2% in recent trading, are down about 14% this year.