• In June 2026, Bath & Body Works announced a partnership with Ulta Beauty to sell a curated range of its body care and home fragrance products in more than 600 Ulta stores and on Ulta.com, starting July 12, 2026.
• The collaboration extends Bath & Body Works’ marketplace push, adding Ulta as a major beauty channel partner and using exclusives like the Juniper Breeze revival to spark discovery among new shoppers.
• We’ll now examine how this expanded Ulta distribution, including exclusive fragrances and curated assortments, could influence Bath & Body Works’ investment narrative.

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Bath & Body Works Investment Narrative Recap

To own Bath & Body Works today, you need to believe the brand can reaccelerate growth by reaching new, younger consumers while protecting margins in a tougher retail climate. The Ulta partnership may support that near term by putting core and exclusive fragrances in front of Ulta’s large beauty audience, but the biggest immediate risk remains lackluster digital and omnichannel execution, which could blunt the benefit of any new physical distribution.

The most relevant prior development here is Bath & Body Works’ move onto Amazon, which also aims to meet consumers where they already shop. Taken together, Amazon and Ulta reflect a meaningful test of the company’s alternative channel expansion catalyst: if these partners help drive incremental traffic and trial, they could partly offset pressure on comparable sales in the legacy store base.

Yet, despite these encouraging channel moves, there is a key margin risk investors should be aware of if rising tariffs and operating costs continue to...

Bath & Body Works' narrative projects $7.5 billion revenue and $668.7 million earnings by 2029. This requires 1.0% yearly revenue growth and a ~$19.7 million earnings increase from $649.0 million today.

Uncover how Bath & Body Works' forecasts yield a $27.62 fair value, a 27% upside to its current price.

Exploring Other Perspectives

Some of the lowest analysts were already assuming roughly flat revenue near US$7.4 billion and earnings slipping toward US$599.8 million, so compared with the consensus catalysts, they frame the Ulta deal against a much tougher backdrop where cost inflation and weaker margins could easily outweigh the benefits of new distribution.

Explore 8 other fair value estimates on Bath & Body Works - why the stock might be worth just $25.64!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Bath & Body Works research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Bath & Body Works research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Bath & Body Works' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.