• Q3 profit down 22.2% to $73.4m
  • Sales slipped 5.6% to $2.05bn
  • Company expects FY EPS of $2.78-$2.93

Limited Brands Inc, operator of the Victoria's Secret stores, has lifted its full-year earnings guidance after adjusted third-quarter performance came in ahead of expectations.

Net income declined 22% to US$73.4m during the 13 weeks ended 27 October, compared to $94.3m the same period last year. However, excluding costs related to the La Senza store closures and pre-tax gains, net income slipped 2.5% to $75.6m.

Operating income edged up 0.4% to $186.9m.

Net sales slipped 5.6% to $2.05bn from $2.17bn, while comparable store sales increased 5%. Last year's quarter included $258.7m worth of sales attributed to the Mast third party apparel sourcing business it sold in November 2011.

Limited Brands now expects full-year earnings per share to range from $2.78 to $2.93, up from previous guidance of between $2.73 and 2.88.