Limited Brands Inc. posted third-quarter results after the markets closed Wednesday, and raised its forecast for adjusted earnings per share for fiscal 2012.
This story first appeared in the November 15, 2012 issue of WWD. Subscribe Today.
For the three months ended Oct. 27, net income fell by 22.2 percent to $73.4 million, or 25 cents a diluted share, from $94.3 million, or 31 cents, last year. On an adjusted basis, excluding in part charges in the current period for La Senza store closures and earnings attributable to a sourcing business that was sold a year ago, net income dipped 2.5 percent to $75.6 million, or 26 cents a diluted share, from $77.6 million, or 25 cents, last year.
Net sales in the quarter declined 5.7 percent to $2.05 billion from $2.71 billion. The company said comparable-store sales rose 5 percent in the quarter.
The company expects fourth-quarter EPS to be between $1.62 to $1.77 a share. It also raised its adjusted EPS forecast for fiscal 2012 to between $2.78 to $2.93. That’s the second time the company raised fiscal 2012 guidance. On Aug. 15, when the company posted second-quarter results, it projected full-year EPS at between $2.73 to $2.88, up from its previous forecast of $2.63 to $2.83 on May 16, when the firm posted first-quarter results.
Limited Brands operates 2,626 specialty stores under the nameplates Victoria’s Secret, Pink, Bath & Body Works, La Senza and Henri Bendel.