(Filed Under Financial and General Interest News). Limited Brands, Inc. reported a 29 percent increase in net income as full-price lingerie sales rose at Victoria’s Secret stores.
Second-quarter net income came in at $231.2 million, or 73 cents a share, up from $178.7 million, or 54 cents a share, one year ago. Reported revenue was $2.46 billion, up 10 percent from $2.24 billion in 2010. Sales in stores open for at least one year increased 9 percent.
"We’re pleased with our second-quarter performance," stated Leslie H. Wexner, chairman and chief executive officer of Limited Brands. "Our focus on managing inventory and expenses conservatively and staying agile yielded more full-priced selling and record results. As we enter the fall season, we will remain focused on our customers, and we see opportunity to continue to do better."
In response to the quarter’s financial success, Limited Brands increased its full-year guidance to a range of $2.35 to $2.50, up from $2.25 to $2.45. The company expects third-quarter earnings per share to be in the range of 17 to 22 cents, up from a record 18 cents per share last year.
Limited Brands, Inc. operates 2,626 specialty shops in the United States, including Victoria’s Secret, Bath & Body Works, La Senza and Henri Bendel stores.
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