Published January 14, 2015
Fashion retailer Limited Brands Inc.'s (LTD) third-quarter earnings fell 40 percent because of fewer one-time gains, the company reported Thursday.
The operator of Victoria's Secret (search) and Bath & Body Works (search) earned $78.3 million, or 16 cents a share, in the quarter ended Oct. 30, compared with $129.7 million, or 25 cents a share, in the third quarter of 2003.
Sales increased slightly to $1.89 billion from $1.85 billion a year ago.
Limited Brands' third-quarter results include a gain of 6 cents per share related to the initial public offering of New York & Company stock and a 3 cents per share tax benefit.
Excluding one-time items in both periods, the company made $49.7 million, or 10 cents a share, compared with $44.3 million, or 8 cents a share a year ago. Analysts surveyed by Thomson First Call had predicted earnings of 10 cents a share for the latest quarter.
Sales at stores open at least a year, or same-store sales, increased 1 percent in the third quarter and 6 percent for the first nine months of the year, compared with the same periods a year ago.
For the first nine months of the year, Limited Brands earned $323 million, or 66 cents a share, compared with $329 million, or 63 cents a share in the year-ago period. Sales increased to $6.1 billion from $5.7 billion.
The company also announced that it was comfortable with earnings estimates of $1.35 to $1.42 per share for the year and 85 cents to 92 cents per share for the fourth quarter.
Limited shares were down 33 cents to $26.77 in trading Thursday on the New York Stock Exchange. The stock has been trading near its 52-week high of $27.89.
Limited Brands operates 3,972 stores across the country, employing about 10,000 workers.
The company's stores also include Express, Express Men's, Limited Stores, White Barn Candle Co. and Henri Bendel (search).
https://www.foxnews.com/story/limited-brands-earnings-tumble-but-meet-expectations