US: Limited Brands lifts FY target as Q3 beats view
- Q3 profit down 22.2% to $73.4m
- Sales slipped 5.6% to $2.05bn
- Company expects FY EPS of $2.78-$2.93
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.
America's Save Our Industries Act, also known as the SAVE Act, which would give a range of Philippines-made apparel duty-free access to the US, looks increasingly likely to be implemented. And the Fil...
Hong Kong listed Luen Thai Holdings, one of the world's leading apparel manufacturing and supply chain services providers, has completed its US$55m acquisition of Singapore-based Ocean Sky Group....
Apparel group L Brands (the new, temporary name for Limited Brands) has hired former Aurora Fashions executive Ishan Patel to oversee Victoria's Secret digital business....
Marks & Spencer director of lingerie, Janie Schaffer, has left the retailer after only a few months in the role. ...
- Synergies Worldwide CEO unravels sourcing shifts
- Why have US FTA imports fallen to a record low?
- First figures show Bangladesh exports climb
- Collaboration key to the future of smart textiles
- Rana Plaza three years on – Timeline of change
- Hanesbrands to buy Pacific Brands for $800m
- Improving traceability a key industry challenge
- Retailer Austin Reed goes into administration
- Inditex renews global trade union agreement
- C&A selects PLM to boost product development