• Q1 profit increased 14.4% to $142.5m
  • Sales rose 5% to $2.27bn
  • Company expects FY adjusted EPS of $2.95-3.15

Retailer Limited Brands (now operating under a new temporary name L Brands) has lifted its full-year earnings guidance after posting a 14.4% increase in first-quarter net profit.

The company, owner of lingerie brands Victoria's Secret and La Senza, said net income reached US$142.5m for the 13 weeks to 4 May, compared to $124.6m in the same period last year.

Sales rose 5% to $2.27bn from $2.15bn in the prior year, while comparable store sales were up 3%. Gross margin, however, slipped to 41.5% against 41.9% last time.

Looking forward, the group expects full-year adjusted earnings per share to be $2.95-3.15, compared to its earlier guidance of $2.92-3.12. For the second-quarter, earnings per share are expected to be $0.50-0.55 against $0.50 last year.