US: Limited Brands Q2 profit doubles on Express sale
Limited Brands has more than doubled its second quarter profit, helped by gains from the sale of its Express unit.
Second quarter net income was up 133.8% to $264.4m compared to $113.1m last year, with earnings per share rising to US$0.67 from $0.28.
Operating income climbed 62% to $318.9m compared to $196.8m last year.
Limited Brands Inc, which operates the Victoria's Secret and Bath & Body Works chains, has unloaded its apparel brands to focus on its higher-profit lingerie and beauty products businesses
The second quarter included a pre-tax gain of $302m related to the divestiture of a 75% stake in Express to affiliates of Golden Gate Capital, and a pre-tax loss of $73m related to the divestiture of a 75% share in Limited Stores to affiliates of Sun Capital Partners.
The company reported a comparable store sales increase of 2% for the period and net sales for the 13 weeks were $2.624bn compared to net sales of $2.454bn last year.
The company stated that it is comfortable with current earnings per share estimates for the third and fourth quarters of $0.04 and $1.18, respectively.
Limited Brands, through Victoria's Secret, Bath & Body Works, CO Bigelow, La Senza, White Barn Candle Co and Henri Bendel, presently operates 2,895 specialty stores.
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