Limited Says Quarterly Earnings Rose 62%
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Limited Inc. said first-quarter profit rose 62% on lower costs, and the second-largest U.S. clothing retailer changed its name to Limited Brands to reflect its apparel, lingerie and cosmetics businesses.
Net income increased to $49.9million, or 10 cents a share, the owner of Limited and Express stores said. Revenue fell 4.7% to $2.03 billion, reduced by the sale of the Lane Bryant chain in August.
Limited kept inventory lean, brought in new goods more quickly and slowed hiring. The company also trimmed costs and gained sales as it bought back the 16% of Victoria’s Secret parent Intimate Brands Inc. it didn’t own.
Limited said it will meet analysts’ second-quarter earnings forecasts. Shares of Columbus, Ohio-based Limited fell 75 cents to $21.50 on the NYSE.
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