Limited Boosts 3Q Profit View As October Sales Beat Estimates
04 November 2010 - 10:44PM
Dow Jones News
Limited Brands Inc. (LTD) sharply boosted its fiscal
third-quarter profit target as it reported October same-store sales
jumped a bigger-than-expected 9%.
The results come as the parent of Victoria's Secret and Bath
& Body Works has been seeing a resurgence of late after
struggling during the recession. Analysts, surveyed by Thomson
Reuters, were expecting same-store sales for last month to rise 6%
after a 4% decline a year earlier.
As such, Limited now expects earnings for the quarter ended
Saturday of 15 cents to 17 cents a share, compared with August's
view of 3 cents to 8 cents. Results for the period will be released
Nov. 17.
The quarter's sales increased 12% to $1.98 billion--analysts
were expecting $1.95 billion--as same-store sales climbed 10%.
Shares closed Wednesday at $29.84 and were inactive premarket.
The stock has surged 55% this year.
-By Kevin Kingsbury; Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com
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