Bath & Body Works heads into its second-quarter report with a guidance range that already assumes things get worse before they get better, which makes the upcoming numbers less about beating a number and more about proving the company's turnaround story is real. Management's own outlook calls for adjusted gross margin to compress to roughly 40%, down from 42.7% in the first quarter, and for net sales to fall 3% to 5% as transformation spending and a crude oil cost headwind bite into profitability. The question investors need answered is whether the green shoots highlighted last quarter are gaining enough traction to offset the continued erosion in body care, the company's largest and most troubled category. Consensus estimates call for adjusted EPS of $0.24 on revenue of about $1.50 billion, which sits comfortably within management's guided range and near the upper end of the sales outlook. The Earnings Whisper number of $0.22 sits slightly below consensus, a modest signal that expectations have not been pushed higher despite last quarter's beat. On a year-over-year basis, EPS is expected to fall roughly 35% and revenue about 3%, underscoring that this remains a contraction story even if the pace of decline is expected to hold steady rather than accelerate. Management reaffirmed its full-year guidance of $2.40 to $2.65 in adjusted EPS and $6.96 billion to $7.11 billion in revenue after the first-quarter beat, explicitly declining to call an inflection point, which tells investors the bar for this report is about consistency, not acceleration. The most important storyline carried over from the last call is the divergence between improving customer-facing metrics and a still-deteriorating core business. Body care sales fell in the mid-teens last quarter, a sharp worsening from the mid-single-digit decline seen the quarter before, largely tied to an overly aggressive pullback in the Everyday Luxuries lineup. At the same time, management pointed to early proof points including double-digit weekly growth on Amazon since its February launch, strong AUR gains from new moisturizing hand soaps, nearly 20% growth in the White Barn Neutrals collection, and a meaningful improvement in digital conversion among new customers. This report needs to show that those pockets of strength are scaling and that the Everyday Luxuries relaunch, along with the July rollout of a redesigned store layout, is beginning to blunt the body care decline rather than simply coexisting with it. International trends also deserve attention, since management shifted its outlook from mid-to-high single-digit growth to a low-to-mid single-digit decline because of the Middle East conflict, a swing factor that could pressure results further if conditions have not improved. Sentiment heading into the print has grown somewhat more cautious, with bearish readings rising to 37.5% from 32.3% ahead of the last report. The stock has underperformed the broader market by more than six percentage points since the last release and trades below its 200-day moving average, suggesting the market has not fully embraced the improving tone management struck last quarter. With shares sitting well off the post-earnings high and closer to the lower end of their recent range, the market appears to be waiting for tangible evidence that the turnaround is broadening beyond isolated bright spots. The central issue this quarter is whether Bath & Body Works can show that its emerging catalysts are strong enough to stabilize the core business, or whether body care weakness and margin pressure confirm management's own framing that any real inflection remains a story for the back half of the year and beyond.