By  on August 17, 2011

Limited Brands Inc. on Wednesday said both profits and revenues rose in the second quarter ended July 30, due to inventory and expense management and more full-price selling. Comp-store sales at the company, which operates Victoria’s Secret and Bath & Body Works, among other retail formats, increased 9 percent over last year’s second quarter. Net sales at Limited Brands rose 10 percent to $2.6 billion for the quarter, from $2.2 billion last year.

Second-quarter adjusted EPS were 48 cents, compared to 36 cents for the prior year’s quarter. EPS exclude certain significant items in both years, the company said. Adjusted operating income for the second quarter was $307 million, compared to operating income of $236.5 million last year, and adjusted net income of $150.7 million, compared to $120.6 million in the same 2010 quarter.

Including the 2011 and 2010 significant items, reported second-quarter EPS were 73 cents, versus 54 cents last year. Operating income was $193.5 million in the quarter, versus $236.5 million last year. Net income rose 29 percent to $231.2 million, from $178.7 million in the prior-year period.

Limited Brands said it expects earnings per share of 17 cents to 22 cents in the third quarter, compared to record EPS of 18 cents last year. The company raised its guidance for August comps to an increase in the high-single-digit range, from the previous low-single-digit increase. Limited Brands increased its full-year adjusted EPS forecast to $2.35 to $2.50, from $2.25 to $2.45 previously.

Shares of Limited Brands on Wednesday closed at $34.34, down 49 cents, on the New York Stock Exchange.

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