Bath & Body Works sells its own-branded personal care and home fragrance products through company-operated stores, its website, and (as of early 2026) Amazon. Its three core product categories are body care (lotions, mists, body wash, eau de parfum), home fragrance (candles, Wallflowers plug-in air fresheners, home sprays), and soaps and sanitizers. The brand is built around fragrance—its top five scent franchises each generate over $100M in annual revenue. Bath & Body Works operates roughly 1,927 stores in the U.S. and Canada, with 60% now in off-mall locations, plus 573 international franchise stores in 45+ countries that contribute ~5% of net sales through a royalty and wholesale model. A 40M-member loyalty program drives ~80% of transactions. Profitability is heavily seasonal, with Q4 representing ~40% of net sales. The business sources ~80% of goods domestically, providing supply chain speed and some tariff insulation. New CEO Daniel Heaf, who joined in early 2025, has launched a turnaround called the "Consumer First Formula" targeting four areas: product innovation (restaging core packaging and formulas), brand reignition (shifting from promotion-led to benefit-led marketing), broader distribution (Amazon launch, lower e-commerce shipping threshold), and cost efficiency ($250M in savings targeted over FY25-FY26). The company has historically over-relied on promotions, which eroded brand equity and pricing power, and lost relevance with younger consumers to newer specialty brands—problems the turnaround is designed to address. Meaningful financial impact is expected in the back half of 2026 and into 2027.