Limited Brands, which owns the Victoria's Secret label, has recorded a 10.5%decline in fourth-quarter profit, which it attributed to charges relating to the closure of some La Senza stores.

The company said net income fell to US$641.1m over the three months to 28 January. Excluding the charges, adjusted net income rose 9.4% to $459.2m. 

During the period, sales rose 1.7% to $3.5bn, although Limited Brands said revenues were hurt by the sale of its third-party apparel sourcing business at the beginning of November. Comparable-store sales rose 7%.

Full-year net income rose 5.62% to $850.1m as sales increased 7.8% to $10.3bn. Comparable-store sales increased 10%.

Limited Brands expects full-year earnings per share to be between $2.60-2.80, including earnings per share of between $0.35-0.40 in the first-quarter.