Specialty retailer Limited Brands, Inc. (LTD) on Monday raised its third quarter earnings outlook but lowered its forecast for October same-store sales.
The Columbus, Ohio-based company said it now expects third quarter results to range between breakeven and a loss of $0.04 per share, compared to its prior expectations of a loss of $0.07 to $0.12 per share.
Analysts polled by Thomson Reuters currently expect the company to report a loss of $0.05 per share for the third quarter.
Limited Brands also said it now expects free cash flow for the full year 2009, to be $500 million to $600 million, compared to its earlier estimate of $350 million to $450 million.
However, the operator of the Victoria's Secret and Bath & Body Works chains said it now expects October same-store sales to fall in the negative low-to-mid single digits. Previously, the company expected October same-store sales to be roughly flat with last year.
Earlier this month, the company had reported 1% rise in September same-store sales, helped by strong results at its Bath & Body Works chain.
Limited Brands currently operates 3,015 specialty stores through Victoria's Secret, Pink, Bath & Body Works, C.O. Bigelow, La Senza, White Barn Candle Co. and Henri Bendel chains.
The company provided these updates Monday ahead of its investor meeting, which is scheduled for Tuesday, October 27.
Limited Brands said it will provide fourth quarter earnings guidance on its third quarter earnings call on November 19.
Limited Brands shares, which have traded in a range of $5.98 to $19.99 over the past year, closed Monday's regular trading session at $19.49, up 27 cents or 1.40%. The stock is currently losing $1.74 or 8.93% in after hours trading.
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