Bath & Body Works Inc.’s profit missed expectations for the first time since 2020, underscoring the turnaround challenge for its new chief executive officer.

Earnings, less some items, were 37 cents a share in the second quarter, the company said in a statement Thursday. Analysts had expected 38 cents.

The report contrasts with results from TJ Maxx owner TJX Cos. and Ross Stores Inc., which both posted strong financial performance and pointed to resilient consumer demand, albeit at lower price points.

Daniel Heaf, a former Nike Inc. executive who took over as CEO in May, has the mandate to turn around the brand that has seen sales decline for six consecutive years, while persistent inflation and economic uncertainty blunt consumer demand.

Those pressures look set to continue into the c

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