August 17, 2011 / 9:08 PM / 7 years ago

Limited Brands raises profit, August sales outlook

NEW YORK (Reuters) - Limited Brands Inc LTD.N reported a higher than expected profit as it sold more lingerie at full price and the company raised its August same-store sales and full year profit forecasts, sending its shares up nearly 4 percent.

A view of the Victoria's Secret store in the Twenty Ninth Street shopping district in Boulder, Colorado in this June 13, 2007 file photo. REUTERS/Rick Wilking/Files

Limited Brands said on Wednesday that net income for the quarter ended July 30 was $231.2 million, or 73 cents per share, up from $178.7 million, or 54 cents per share, a year earlier.

Excluding one-time items, it earned 48 cents per share, beating Wall Street forecasts of 46 cents, according to Thomson Reuters I/B/E/S.

For the full year, Limited now expects a profit of $2.35 to $2.50 per share from a prior forecast of $2.25 to $2.45 per share. Limited sees August same-store sales rising by a high single digit percentage, rather than the low single digit percentage increase it previously forecast.

Sales for the second quarter rose 9.6 percent to $2.46 billion a year earlier, while sales at stores open at least a year rose 9 percent.

Its shares were up $1.26 at $35.60 in after-hours

trading.

Reporting by Phil Wahba; editing by Andre Grenon

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