Limited Brands, operator of the Victoria’s Secret, Pink and La Senza chains, has raised its full-year earnings guidance after more than doubling its second quarter profit.
The company, which operates 2,669 stores, said net income for the three months to 31 July was $178.7m or $0.54 per share. This marks a rise of 140.5% on the same period last year, when profit was $74.3m or $0.23 per share.
Excluding gains relating to the sale of shares in the Express clothing chain and its remaining interest in Limited Stores, earnings were $0.36 per share.
Net sales rose 8.5% to $2.243bn for the quarter, up from $2.067bn last year. Comparable store sales were up by 7%.
Looking ahead, the company expects third quarter earnings per share of $0.03 to $0.08 compared to $0.02 per share last year. It also lifted its August same-store sales forecast to a rise in the mid to high single digit range.
For 2010, the company increased its earnings forecast to $1.68 to $1.83 per share, from earlier predictions of $1.60 to $1.80 per share.
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By GlobalDataThe sterling performance marks the end of a three-year transition which has seen the company move away from clothing toward more profitable intimate apparel, personal care and beauty products.
