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BBWI

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Bath & Body Works Inc. stock plunged Thursday after the company reported "disappointing" third-quarter earnings and slashed its full-year outlook, citing "macro consumer pressures."

Shares sank nearly 25% on Thursday and hit a new 52-week low. The stock has plunged more than 50% this year.

CEO Daniel Heaf announced a turnaround plan for the company, with expectations of $250 million in cost savings by 2027, aimed at attracting younger consumers and recentering the company's focus to its core products.

"Our third quarter results were below expectations, and we are lowering our outlook for the remainder of the year reflecting current business trends and continuation of recent macro consumer pressures," Heaf

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