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By
Reuters
Published
Aug 23, 2011
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Limited Brands raises profit, August sales outlook

By
Reuters
Published
Aug 23, 2011

August 23 - Limited Brands Inc reported a higher-than-expected profit as it sold more lingerie at full price and the company raised its August same-store sales and full-year profit forecasts, sending its shares up more than 3 percent.

Limited Brands
The Showstopper collection by Victoria's Secret

The operator of the Victoria's Secret and Bath & Body Works chains has enjoyed some of the biggest same-store sales among U.S. retailers as consumers are spending more on items like lingerie and body creams.

The retailer, like peers such as Saks Inc, has also been careful not to amass too much inventory, reducing the need to mark down any unsold merchandise.

Limited expects higher sales this month, and on Wednesday raised its forecast for August same-store sales. The company now estimates high single-digit percentage sales growth, instead of in the low-single digits.

The company also raised its full-year profit forecast and now expects a profit of $2.35 to $2.50 per share from a prior forecast of $2.25 to $2.45 per share. Wall Street analysts were expecting $2.46, according to Thomson Reuters I/B/E/S.

Limited reported net income for the quarter ended July 30 of $231.2 million, or 73 cents per share, up from $178.7 million, or 54 cents per share, a year earlier.

Excluding one-time items, such as giving its shares in Express Inc to its charitable foundation, Limited earned 48 cents per share, beating Wall Street forecasts of 46 cents, according to Thomson Reuters I/B/E/S.

A number of other chains, including Target Corp, Chico's FAS Inc and Abercrombie & Fitch, reported better-than-expected second-quarter results.

For the current quarter, Limited expects a profit 17 cents to 22 cents, compared to the average estimate of 22 cents.

As previously reported, sales for the second quarter rose 9.6 percent to $2.46 billion from $2.24 billion a year earlier, while sales at stores open at least a year rose 9 percent.

Limited's shares rose $1.16 to $35.50 in after-hours trading.

(Reporting by Phil Wahba; Editing by Andre Grenon and Richard Chang)

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