US: Limited Brands lifts FY target as Q3 beats view
By Katie Smith | 15 November 2012
- 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.
Sectors: Apparel, Finance, Retail
Companies: Limited Brands, Victoria’s Secret
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