Limited Brands profit falls 47%
From Times Wire Services
Limited Brands Inc. posted a 47% drop in fiscal first-quarter profit because of disappointing sales and margins at Victoria’s Secret and its other brands, sending its shares down in extended trading.
The Columbus, Ohio-based company, which this month announced plans to shed its underperforming apparel businesses, said net income was $52.9 million, or 13 cents a share, for the quarter ended May 5, compared with $99.4 million, or 25 cents, a year earlier. Sales rose 11% to $2.3 billion.
Limited shares were down 2.6% at $25.76 in extended trading from their close of $26.46, up 48 cents.
