• Net income fell 24.5% to $124.6m 
  • Revenue down 5.2% to $2.15bn
  • Comparable store sales increased 7%

Limited Brands saw first quarter net earnings fall on the back of a decline in revenue.

The company, which owns the Victoria's Secret brand, said yesterday (16 May) that net income was down 24.5% to US$124.6m over the quarter ended 30 April. Excluding a series of one-off gains last year, net income declined only 4%.

Revenue fell 5.2% over the quarter to $2.15bn, as comparable store sales increased 7% over the period. The company said first-quarter 2011 sales included $214.0m attributable to its Mast third party apparel sourcing business, which was sold in November 2011.

It is forecasting full-year earnings per share of $2.63-2.83.