L Brands Inc. (LTD), formerly known as Limited Brands, Wednesday reported an 18 percent increase in first-quarter profit, aided by higher sales that was partly offset by a decline in gross margins. Earnings and sales for the quarter topped Wall Street estimates.
Moving ahead, the women's apparel and personal care products retailer raised its earnings outlook for fiscal year 2013.
Limited Brands is a specialty apparel retailer focused on lingerie, beauty and personal care products through the Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel chains.
The Columbus, Ohio-based company reported quarterly net income of $142.5 million or $0.48 per share, compared with $124.6 million or $0.41 per share last year.
On average, 24 analysts polled by Thomson Reuters expected earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose 5 percent to $2.27 billion from $2.15 billion a year ago. Twenty-two analysts had a consensus revenue estimate of $2.26 billion for the quarter.
On a same-store basis, sales increased 3 percent in the quarter, on the back of a 7 percent growth a year ago.
Gross margin for the quarter slid 40 basis points from last year to 41.5 percent.
For the second quarter, L Brands has forecast earnings of $0.50 to $0.55 per share, while analysts currently expect $0.53 per share.
For fiscal year 2013, the company now expect earnings in the range of $2.95 to $3.15 per share, up from its prior range of $2.92 to $3.12 per share.
Analysts currently expect earnings of $3.14 per share for 2013.
The company's stock closed Wednesday at $51.47, down 0.92%, on a volume of 2.8 million shares on the NYSE. In after hours, the stock gained $0.14 or 0.27%.
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