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L Brands’ Q1 Profit Up, Beats Projections

The operator of Victoria's Secret, Bath & Body Works, La Senza and Henri Bendel expects continued earnings growth this year.

L Brands Inc., formerly known as Limited Brands Inc., posted a 14.4 percent increase in first-quarter net income, which helped it top Wall Street’s projections Wednesday afternoon.

This story first appeared in the May 23, 2013 issue of WWD.  Subscribe Today.

The company, which operates Victoria’s Secret, Bath & Body Works, La Senza and Henri Bendel, said profit for the period ended May 4 totaled $142.5 million, or 48 cents a diluted share. This compared with year-ago profit of $124.6 million, or 41 cents a share.

Net sales for the quarter rose 5.3 percent to $2.27 billion from $2.15 billion a year earlier.

Wall Street anticipated earnings per share of 46 cents on sales of $2.26 billion.

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The retailer said it expects second-quarter earnings to be in the 50-to-55-cent range and annual earnings to be between $2.95 and $3.15 a share.

Analysts are looking for second-quarter EPS of 53 cents and yearly earnings of $3.14.

The retailer will host a conference call Thursday morning to provide more details on its financial results.