Bath & Body Works Releases Inaugural ESG Report
05 Abril 2023 - 10:05AM
Bath & Body Works, Inc. (NYSE: BBWI), a leader in personal care
and home fragrance, today released its first environmental, social
and governance (ESG) annual report, detailing the company’s
commitments and approach to work toward a more resilient and
responsible future.
“Bath & Body Works is making great strides on our ESG
journey, and our inaugural ESG report and commitment to meaningful
ESG targets is an important step forward,” said CEO Gina Boswell.
“We recognize the importance of leading with transparency and
supporting the well-being of our people, communities and planet. We
look forward to reporting our progress as we integrate our
sustainability strategy into our work to deliver long-term value
and responsible growth.”
“This first ESG report formalizes our ESG commitments as part of
our existing values, ethics and business practices,” said Jeff
King, Vice President of ESG. “Within this report, we include our
2022 baseline data that we will use to demonstrate our progress in
years to come. We look forward to working with our associates,
customers, vendor partners and other third parties to make progress
year-over-year and a meaningful difference for a brighter
tomorrow.”
The company is outlining its approach to working toward its new
near- and longer-term ESG commitments, focused on Engaged People,
Thoughtful Products and Brighter Places. The development of the
company’s ESG focus, strategy and commitments follows an extensive
ESG prioritization assessment, which included research and
engagement with key stakeholders including associates across
business segments, customers, suppliers, investors and nonprofits,
to identify the company’s six areas of focus:
- People and Culture
- Diversity, Equity and Inclusion
- Product Transparency and Ingredients
- Sustainable Sourcing
- Packaging and Plastics
- Climate Change and Carbon Emissions
Today, the company is taking near-term actions to work towards
making a difference and building on its strong foundation by 2025,
including:
- Increasing ethnic and racial diversity among its leadership,
ensuring fair, flexible and healthy workplaces with inclusive
benefits and enhancing its supplier diversity program.
- Defining, mapping and publishing a list of priority ingredients
which will be the focus of the company’s sustainability
programs.
- Measuring and setting a comprehensive baseline carbon footprint
for Scope 3 emissions.
- Submitting a science-based greenhouse gas (GHG) reduction
target to Science-Based Targets initiative (SBTi).
- Shifting to a packaging model where 50% of its packaging will
be recyclable, reusable or compostable.
- Increasing the amount of post-consumer recycled content (PCR)
to 33% of its total plastic packaging portfolio.
As part of its 2030 goals, the company is taking longer-term
actions to work toward creating a meaningful impact for a brighter
future, including:
- The continuous review and updating of its compensation and
benefits with evolving best practices.
- Improving the sustainability profile of priority ingredients
used throughout its products, from source to use.
- Reducing Scope 1 and 2 emissions by 50%.
- Significantly reducing GHG emissions across its operations and
supply chain as the company moves towards net-zero.
- Ensuring 100% of its packaging is recyclable, reusable or
compostable.
The complete report is available on the company’s website at
bbwinc.com/about-us/esg/esg-report.
ABOUT BATH & BODY WORKS:Home of America’s
Favorite Fragrances®, Bath & Body Works is a global leader in
personal care and home fragrance, including top-selling collections
for fine fragrance mist, body lotion and body cream, 3-wick
candles, home fragrance diffusers and liquid hand soap. Powered by
agility and innovation, the company’s predominantly U.S.-based
supply chain enables the company to deliver quality, on-trend
luxuries at affordable prices. Bath & Body Works serves and
delights customers however and wherever they want to shop, from
welcoming, in-store experiences at more than 1,800 company-operated
Bath & Body Works locations in the U.S. and Canada and more
than 425 international franchised locations to an online storefront
at bathandbodyworks.com.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is
defined in the Private Securities Litigation Reform Act of 1995)
contained in this press release or made by our company or our
management involve risks and uncertainties and are subject to
change based on various factors, many of which are beyond our
control. Accordingly, our future performance and financial results
may differ materially from those expressed or implied in any such
forward-looking statements. Words such as “estimate,” “project,”
“plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,”
“potential” and any similar expressions may identify
forward-looking statements. Risks associated with the following
factors, among others, in some cases have affected and in the
future could affect our financial performance and actual results
and could cause actual results to differ materially from those
expressed or implied in any forward-looking statements included in
this press release or otherwise made by our company or our
management:
- general economic
conditions, inflation, consumer confidence, consumer spending
patterns and market disruptions including pandemics or significant
health hazards, severe weather conditions, natural disasters,
terrorist activities, financial crises, political crises or other
major events, or the prospect of these events;
- the seasonality of
our business;
- the anticipated
benefits from the Victoria's Secret & Co. spin-off may not be
realized;
- the spin-off of
Victoria’s Secret & Co. may not be tax-free for U.S. federal
income tax purposes;
- our dependence on
Victoria's Secret & Co. for information technology services and
the transition of such services to our own information technology
systems or to those of third-party technology service
providers;
- our ability to
attract, develop and retain qualified associates and manage
labor-related costs;
- difficulties arising
from turnover in company leadership or other key positions;
- the dependence on
store traffic and the availability of suitable store locations on
appropriate terms;
- our continued growth
in part through new store openings and existing store remodels and
expansions;
- our ability to
successfully operate and expand internationally and related
risks;
- our independent
franchise, license and wholesale partners;
- our direct channel
business;
- our ability to
protect our reputation and our brand image;
- our ability to
successfully complete environmental, social and governance
initiatives, and associated costs thereof;
- our ability to
successfully achieve expected annual cost savings in connection
with our profit optimization efforts to reduce expenses and improve
operating efficiency in the business;
- our ability to
attract customers with marketing, advertising and promotional
programs;
- our ability to
maintain, enforce and protect our trade names, trademarks and
patents;
- the highly
competitive nature of the retail industry and the segments in which
we operate;
- consumer acceptance
of our products and our ability to manage the life cycle of our
brand, develop new merchandise and launch new product lines
successfully;
- our ability to
source, distribute and sell goods and materials on a global basis,
including risks related to:
- political
instability, wars and other armed conflicts, environmental hazards
or natural disasters;
- significant health
hazards or pandemics, such as the COVID-19 pandemic, which could
result in closed factories and/or stores, reduced workforces,
scarcity of raw materials, and scrutiny or embargoing of goods
produced in impacted areas;
- duties, taxes and
other charges;
- legal and regulatory
matters;
- volatility in
currency exchange rates;
- local business
practices and political issues;
- delays or
disruptions in shipping and transportation and related pricing
impacts;
- disruption due to
labor disputes; and
- changing
expectations regarding product safety due to new legislation;
- our geographic
concentration of vendor and distribution facilities in central
Ohio;
- our reliance on a
limited number of suppliers to support a substantial portion of our
inventory purchasing needs;
- the ability of our
vendors to deliver products in a timely manner, meet quality
standards and comply with applicable laws and regulations;
- fluctuations in
foreign currency exchange rates;
- fluctuations in
product input costs;
- fluctuations in
energy costs;
- our ability to
adequately protect our assets from loss and theft;
- increases in the
costs of mailing, paper, printing or other order fulfillment
logistics;
- claims arising from
our self-insurance;
- our and our
third-party service providers’, including Victoria’s Secret &
Co. during the term of the Transition Services Agreement between us
and Victoria’s Secret & Co., ability to implement and maintain
information technology systems and to protect associated data;
- our ability to
maintain the security of customer, associate, third-party and
company information;
- stock price
volatility;
- our ability to pay
dividends and make share repurchases under share repurchase
authorizations;
- shareholder activism
matters;
- our ability to
maintain our credit ratings;
- our ability to
service or refinance our debt and maintain compliance with our
restrictive covenants;
- the impact of the
transition from London Interbank Offered Rate and our ability to
adequately manage such transition;
- our ability to
comply with laws, regulations and technology platform rules or
other obligations related to data privacy and security;
- our ability to
comply with regulatory requirements;
- legal and compliance
matters; and
- tax, trade and other
regulatory matters.
We are not under any obligation and do not intend to make
publicly available any update or other revisions to any of the
forward-looking statements contained in this press release to
reflect circumstances existing after the date of this press release
or to reflect the occurrence of future events even if experience or
future events make it clear that any expected results expressed or
implied by those forward-looking statements will not be realized.
Additional information regarding these and other factors can be
found in “Item 1A. Risk Factors” in our 2022 Annual Report on Form
10-K, as filed with the Securities and Exchange Commission, and our
subsequent filings.
For further information, please contact:
Bath & Body Works, Inc.:
Media RelationsCommunications@bbw.com
Investor RelationsInvestorRelations@bbw.com
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