Bath & Body Works put volume heavy and directionally bearish

Bearish flow noted in Bath & Body Works with 1,274 puts trading, or 1.2x expected. Most active are Jul-23 37.5 puts and 7/7 weekly 34 puts, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 4.74, while ATM IV is up over 1 point on the day. Earnings are expected on August 16th.