Limited Brands (NYSE:LTD) reported first-quarter earnings of $124.6 million, down from adjusted profits of $129.8 million during the same time last year.
The company posted adjusted EPS of 41 cents, down from last year, but narrowly topping Wall Street analysts’ who predicted EPS of 40 cents for the first quarter, Reuters noted.
The company forecast current quarter-earnings at between 40 cents and 45 cents a share, which disappointed analysts who predicted 50 cents. Last year’s adjusted second-quarter earnings were 48 cents a share.
Investors weren’t pleased with the results. Limited Brands’ shares tumbled more than 3% in Thursday trading.
Operating income at the parent of Victoria’s Secret was $293.2 million for the quarter, up from adjusted operating income of $266.8 million in 2011.
Same-store sales during the first quarter rose 7%. Overall sales were down slightly to $2.154 billion, from 2.217 billion last year. However, last years results contained $214 million in sales from a third party apparel sourcing business, which was sold during the fourth quarter.
For the year, Limited Brands anticipates earnings of between $2.63 and $2.83 a share.
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